The man who married Putin's daughter and then made a fortune
Their wedding celebrations took place
in February 2013, at Igora, a small ski resort that combines beauty and
discretion, five people who were there told Reuters. Set amid woodland
with a picturesque lake, the resort is co-owned by the family of Yuri
Kovalchuk, another old friend of Putin, and a Cyprus company with
undisclosed shareholders.
One person who attended the event said
staff were told the bride and groom were named Kirill and Katerina, and
that guests wore white scarves embroidered with the letters "K&K"
in red thread. When shown a photograph of a woman known as Katerina
Tikhonova, the source identified her as the bride. Tikhonova is Putin's
younger daughter, as Reuters confirmed in November.
"Guards were behind every corner, (they) didn't let anyone close to the celebration," said a staff member at the resort, which has a luxurious spa complex. "But we knew it was Kirill and Katerina - Putin's daughter - celebrating marriage."
At the time of the wedding, Kirill - a
tall, dark-haired man with rimless glasses - was a rising star of
Russian business, but still only 31. His fortunes began to skyrocket
soon after his wedding to the president's daughter, a competitive
acrobatic dancer who is now helping to oversee a $1.7 billion expansion
of Moscow State University.
Within 18 months, Kirill acquired a
large chunk of shares in a major Russian oil and petrochemical processor
called Sibur - a stake now worth an estimated $2.85 billion, based on
the value of recent share deals. He also quit his job as a business
manager and set up a company to run his personal investments.
How did such a young businessman go so
far, so fast? A Reuters examination of Shamalov's career shows that in
the summer of 2013, months after he married Putin's daughter, Kirill
opened discussions about buying shares in Sibur from one of the
president's wealthiest friends.
A year later, he was able to borrow
more than $1 billion, judging by the published accounts of his
investment company. The loan came from a bank headed by another longtime
associate of Putin, and where Shamalov's brother holds a senior
position. The money was used to make an investment in Sibur that within
months proved highly profitable for Kirill.
Asked about his business deals and the wedding, Kirill Shamalov and Sibur declined to comment.
The trajectory of Kirill's fortunes
sheds new light on how people close to Putin have taken commanding
positions in key companies - and how such opportunities are now being
extended to a new generation. Like the wedding, much of this transfer of
riches has occurred away from public scrutiny.
Vladimir Milov, a former Russian
deputy energy minister and now an opposition campaigner, said Putin's
friends had acquired major assets with the help of lenders with links to
the state, such as Gazprombank.
"It's extremely non-transparent, so it is hard to get to and judge the specifics of the loan agreements," Milov said. "They consider Gazprombank their pocket bank."
He added: "They are looking to pass on their power and privileges to a new generation."
Asked about the wedding celebrations
and business deals, Dmitry Peskov, spokesman for the Russian president,
said: "Putin's daughters are not involved in politics or business. The
businessman, Shamalov, is well known. As far as we are aware, all his
activities are in line with the laws of the Russian Federation. For many
years he has been in the management of the company Sibur, and along
with other senior managers is a shareholder. His career and business are
not within the sphere of interest of the Kremlin. We do not give
comments on the private lives of Putin's close relatives."
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