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The bond linking Vladimir Putin and Sergei Rołduginem starts in youth. Friends, almost brothers, rode through the streets of Leningrad, sang, and sometimes even participated in fights.
When Putin came to power, and Rołdugin was famous cellist and conductor, remained close. Rołdugin performed for important guests at the residence of the president and gave interviews in which soften the image of Putin as a formidable ruler. Leakage from the office Mossack Fonseca shows another hidden side of their friendship. The documents show that Rołdugin is a link in a secret network of friends led by Putin, who turned at least $ 2 billion. through banks and companies in tax havens. On documents they worked daily “Süddeutsche Zeitung” and the International Consortium of investigative journalists (ICIJ), which owns 109 editors worldwide, including “Gazeta Wyborcza”.
The documents Rołdugin is listed as the owner registered in tax havens tax companies that received payments for tens of millions of dollars from other companies. One associated with the cellist, the company had an impact also on the largest Russian truck manufacturer, another controlled a big chunk of the Russian pie advertising.
It is possible that Sergei Rołdugin – who more than once publicly announced that he is not an entrepreneur – it is not true beneficiary of these riches. Evidence suggests, however, that he was a key figure for a network of people dedicated to Putin and perhaps for Putin himself. He did not respond to specific questions. Reporters from the organization OCCRP (Organized Crime and Corruption Reporting Project), which is one of the partners of the International Consortium of Investigative Journalists, met with him shortly after the concert in Moscow last week. Rołdugin told them that he needed more time to review the questions and decide what can say.
The documents, leaked from a Panamanian law firm Mossack Fonseca, described nearly 100 transactions made by a chain of companies affiliated with the Kremlin. Payments were made and hidden in various ways. The securities are shares in companies exchanged back and forth in one day. Documents are backdated. Rights to the multi-million dollar loans are sold to companies registered in exotic countries on the dollar. But in almost every case, the result is the same: money and power are moving in the direction of a network of companies and friends associated with Putin. Hidden transactions allowed the network in a variety of ways to receive money in the form of very favorable loans from the bank controlled by the Russian government. Mossack Fonseca recorded some of the companies Rołdugina the British Virgin Islands and other tax havens and helped manage.
Reports of Putin’s hidden fortune appear for years. Whistleblowerzy (signalmen) talk about the fact that the Russian head of state include several foreign companies, the palace and turned the yacht. Various media describe as earned people from the president’s entourage, but a detailed picture of the financial rights of Putin remained elusive.
Documents reveal what until now circulated as rumors: as buddies Putin quietly doing business. As pawns and pillars create structures that allow you to hide and transfer wealth. These documents include e-mails, bank forms, loan agreements, transactions in shares and copies of passports. Dates, amounts and conditions of the contracts in detail.
The network was based on loyalty and old friendship. This circle of trusted Putin. Many men, whose names surfaced in the files, it associates of Putin, and the history of their relationship begins decades ago in St. Petersburg, formerly known as Leningrad. Among them are: Rołdugin, the godfather of the eldest daughter of Putin; Yuri Kovalchuk, a banker, who became friends with the President, when he was still an official of the city; and Arkady Rotenberg, a childhood friend who became a billionaire thanks supported by the state construction contracts for pipelines and other facilities.
Many of belonging to the network, including Putin himself, is still something beyond common history. They are affiliated with the St. Petersburg Bank Rossiya, which the US government considers a personal piggy bank Putin. From the documents it is clear that Bank Rossiya built the network. His employees favored ago, working on the establishment of companies, prescribing them Rołdugina and others, and making sure the transactions passing through banks in Russia, Switzerland and Cyprus.
The mechanism of distribution of profits in an environment Putin also trace their origins to St. Petersburg. In the 90s, Putin and the owners of Bank Rossiya cooperative was founded on a gated community, where all had homes. The cooperative had a joint bank account, to which everyone can deposit and withdraw money.
The documents Mossack Fonseca name of the Russian president and former KGB spy does not appear even once. With recordings and witnesses that even if the closest trusted Putin privately talked about financial matters, they used nicknames or pointed at the sky, rather than replace the name of the president. Karen Dawisha, an American political scientist, author of books about Russia, believes that it is inconceivable that such a network could exist without the knowledge and support. – He gets what he wants. When the president of Russia does not need a contract in writing. Sam stanowisz law – says Dawisha.
After receiving detailed questions from ICIJ and its partners Kremlin spokesman Dmitry Peskov at a press conference called emerging articles and bujdami attack. He added that “many businessmen Putin in life to never seen.”
– Multiple denying or commenting on something that does not concern us, is just silly – said the spokesman.
The friendly ties
on YouTube you can find a record, showing Arkady Rotenberg, a former judo instructor, who was a billionaire. It stands in the little group of men next to Putin goes in the environment protection, but Rotenberg can not see. Not breaking stride, the president pats businessman’s hair like a child or a dog.
This document describes the reason for the imposition of sanctions briefly: “to promote senior government official” of the Russian Federation. The year before the announcement of sanctions one of the companies Arkady won a potentially lucrative contract to build a $ 40 billion. pipeline linking Russia with Europe. The documents show that at about the same time three unknown companies had transferred funds to the network Putin. According to the act Mossack Fonseca two of these mysterious companies, and perhaps all three are controlled by Arkady Rotenberg. Loans from these companies a total value of 231 million dollars. They went to the registered in the British Virgin Islands Company Limited Sunbarn created by Rossiya Bank. They had no repayment schedule.
Arkady Rotenberg did not respond to a request for comment.
In the case of Rotenbergów office documents Mossack Fonseca indicate the hidden interests of Putin and his old friends. In turn, the figure of Sergei Rołdugina falsely is described in the records as politically irrelevant, making the role of music in the whole system has been blurred. As for the fact that Putin and Rołdugin are close friends, there is no doubt. Newspapers define him as the best friend of the president. At the beginning of the 80s musician he organized the date on which Putin met his future wife, Lyudmila. Putin chose him as the godfather of his first daughter Maria, and this holiness in the Russian Orthodox tradition. Photo Putin holding a baby surrounded by his wife and Rołdugina can be easily found on the internet.
It seems that Mossack Fonseca and bankers from Switzerland ignored evidence of friendship, which could easily be obtained. The law obliges Swiss banks to control people setting up accounts and check whether they have political connections, to prevent use accounts for inappropriate purposes. In slang such persons is called PEP-ami (politically exposed person, the Polish can be translated as “a person important politically”).
The files Mossack Fonseca is a request made to Gazprombank Switzerland in 2014. To open accounts for the company on behalf of Rołdugina. In rubryczce asking whether a person has a relationship with a PEP-s or VIPs, appears the answer “no.” – The Bank has a legal duty to verify the data of such forms – said Mark Pieth, a former head of the department. Combating organized crime in the Ministry of Justice of Switzerland. – Through a close relationship with the head of state Rołdugin is a person politically.
Gazprombank declined to comment.
In a statement to ICIJ firm Mossack Fonseca pointed out that it applies “properly developed rules and procedures” to capture cases involving politicians and their associated persons. He considers such cases as being at “high risk” and therefore subjected them tested, and more intense. “We conduct a detailed study (due diligence) of all new and potential customers, often with a vengeance meets the standards that apply to us” – says.
Probably a friendship with Putin put Rołdugina in the exclusive club of shareholders of Bank Rossiya. In 2010. Russian news agency revealed that its portfolio is more than 3 percent. action. In 2014. The cellist said “New York The Times” that “a few years ago,” needed the money, and according to the agreement got the shares. It is not known what he had to do to get it. In the history of Bank Rossiya regards the cooperating shareholders.
Lake money
Yuri Kovalchuk and Putin drew attention on Rossiya Bank in 1991. when its largest shareholder was still Leningrad branch of the Communist Party. Then Putin was deputy mayor, the person responsible for contacts with foreign investors and entering into public-private partnerships.
By Karen Dawishy (author of the book. “Kleptocracy Putin, or who it belongs to Russia”) after the collapse of the USSR December 1991. Putin signed the documents transferring ownership of the bank’s newly created by Kovalchuk and any other company. – The task of Putin was the legalization of something that would otherwise be illegal – explains Dawisha.
Kovalchuk became the majority shareholder and member of the supervisory board of the new version of Bank Rossiya, and in 2014. – Announcing sanctions – the US government has described him as one of the “tellers” Putin. In the mid-90s Kovalchuk and several other shareholders of the bank have cottages several hours drive from Leningrad, the lake Komsomolskoje. Putin found the money to purchase real estate. The men formed a cooperative Oziero (Lake), which entered the eight residents of the estate. According to the documents Mossack Fonseca, the principles on which built Oziero survived among the members of the cooperative and the Bank Rossiya over a decade.
Near-hour drive from Ozierany it is a luxury ski resort, which according to media delighted in Putin. Bank Rossiya openly supported its construction in February 2013. – According to Reuters – the resort in great secrecy was married younger daughter of President Katieriny Tikhonova.
Tikhonov married Kirill Szamałowa son Nikolai Szamałowa, a member of the cooperative Oziero and shareholder of the Bank of Russia. Eighteen months after the wedding her twenties husband got a loan of $ 1.3 billion. Gazprombank in the purchase of 21 percent. one of the largest petrochemical companies in the country – Sibur. According to Reuters over a year later, the package was already worth $ 2 billion.
Ski formally belongs to the company Ozone, Ozone is a co-owner of Bank Rossiya. Since 2009. Ozone received loans worth 11.3 million dollars. of the company’s key network of friends Putin’s apparent from the documents Mossack Fonseca. Interest rate: 1 per cent. One of them is worth $ 5 million. was extended several times, the conditions for repayment of changed and it was finally conversion to rubles. A exchange rates and amendments to the agreement seriously reduced the value of the amount due.
Lawyer Kovalchuk did not respond to questions ICIJ. He said that the information about the Bank Rossiya is available to the public, and added: “I do not understand why skierowaliście these questions to Mr. Kovalchuk.” Rossiya Bank did not respond to questions about his participation in the case.
War and Peace
At the beginning August 2008. Russian troops invaded Georgia and began a five-day war. The soldiers moved around Kamaz trucks. Putin has long supported the company, its while visiting the factory, and even sitting in front of the cameras behind the wheel of the truck rally. Five months earlier on documents leaked, it was seen as a cellist Sergei Rołdugin secretly trying to take some control Kamaz – a company whose turnover in 2007. Reached 3.51 billion dollars.
According to the documents Mossack Fonseca, in March 2008 secretly offered one of the companies Rołdugina the option to purchase through the company Avtoinvest minority stake in Kamazie. CEO and principal owner of the bank that handled Avtoinvest – big shareholder Kamaz – was the adviser to the Russian president Ruben Wardanjan. According to press reports Wardanjan wanted in 2008. Consolidate a majority stake in Kamazie, but he needed help. The owner of a significant part of shares in the company were the authorities of being a part of the Russian Federation’s Republic of Tatarstan, it was necessary to convince them to sell the package.
According to the contract the found documents Mossack Fonseca, in return, the company Rołdugina had to lobby for a “project” known as gain by Avtoinvest majority stake. At the end of April 2008. Tatarstan signed an agreement to sell its stake Avtoinvestowi at a price which, according to media reports was below their market value.
In the next month, Putin handed over the presidency of Russia hitherto Prime Minister Dmitry Medvedev – the next trustee accompanying him yet since the time of St. Petersburg. He took over from him as Prime Minister. Despite the name change his position there was no doubt that Putin has kept the fullness of its power. During attributable to the 2008-12 presidency of Medvedev Rossiya Bank’s balance sheet has grown from less than 4 billion to over $ 8 billion. Surroundings Putin broadened activity.
At the time of Putin’s resignation from office Kamaz flourished and concocting ambitious plans. The company announced that by 2012. Will spend on modernizing and doubling the size of the production of $ 1.5 billion. I began to probe the possibility of selling up to 42 percent. shares of the foreign shareholder. It was then that the collapse of the global financial markets hard-hit by the Russian automobile industry. Kamaz shortened work week to four days and significantly reduced production.
Rołdugina never realized options to purchase shares of Kamaz. In December of 2008. This has been a German concern Daimler, but it was 42 per cent., But 10 percent. For the acquisition of the package Daimler paid investment bank Wardanjana who owned Avtoinvestu, $ 250 million.
Wardanjan refused to answer questions, explaining that it would involve the disclosure of “confidential information relating to the issue of ownership,” the what has not been authorized. However, he added that “the project involved a market transaction between independent entities and legal advisers and business to ensure its compliance with the law.”
Kamaz did not respond to a request for comment.
Backstage systems
in September 2009. inspector in Mossack Fonseca drew attention to the payment of 103 million dollars. on account of Sandalwood Continental Limited. Manager of Bank Rossiya, which it was prepared, he wanted to accept the directors Mossack Fonseca. The scale, however, aroused anxiety.
Sandalwood was a pillar of the whole system associated with Putin. It seems that one of the tasks of Sandalwood was borrowing money from acting in Cyprus Russian Commercial Bank (RCB), for which, in turn, became established in the Moscow state bank VTB. These 103 million. It was supposed to be a loan Sandalwood by RCB. According to the form, open a bank account in RCB owner of Sandalwood Oleg Gordin – operating on a small scale entrepreneur who formerly worked in “law enforcement”. Gordin was also authorized to use part of the bank accounts of the company Rołdugina.
Gordin did not respond to a request for comment.
In the years 2009-12 Sandalwood credit line at the bank RCB amounted to 800 million. In 2009. This company borrowed approximately $ 600 million., And in 2010. – At least 350 million dollars. As for bank loans Sandalwood by RCB were something special. The money was going to a company that had no clear business model guaranteeing their return. They had no protection. In most cases there was no repayment schedules, but promises that the sum will be refunded in full after a certain period of time.
“To suppose that the RCB is called. Pocket for the high Russian officials, not the slightest scratch and certainly has no relation to the actual state of things “- wrote in response to questions the International Consortium of Investigative Journalists (ICIJ) and belonging to him, the media Michael Maratheftis responsible for contacts with the media in RCB. He announced that the bank has always acted in a “transparent manner”, but according to the law he can not answer questions regarding “third parties.” He added that he had passed questions ICIJ Cypriot authorities that they have made “independent investigation”.
Sandalwood was a link in a chain of companies returning each other’s loans. He acknowledged the right to reaching millions of dollars on interest payments, among others, one of the companies Rołdugina who paid $ 1. to obtain annual interest of 8 million dollars. Two experts from banking said – after examination made by Sandalwood loans and assignment of the loan – that the documents raised serious doubts and it does not seem that this activity made sense from an economic point of view.
“It seems that the these transactions stand evasion of taxes, fraud and / or other intentional activities aimed at money laundering “- rated David Weber, scientist in charge of fraud prevention program at the University of Maryland, and b. special adviser to the US Bureau of Monetary Supervision. Maratheftis of the RCB indicates that the bank “has always acted in accordance with the rules on combating money laundering”.
According carried out by ICIJ and its partners analyzes data from Mossack Fonseca in the years 2008-13 by the system flowed around $ 2 billion., the majority by Sandalwood Continental. The company also served as a kind of credit card, providing loans of more than twenty companies affiliated with the system. The loans ended up in various places, from the ski resort Igor the hotel is located near the border with Finland. When lending to foreign entities repayment date was set up for 20 years.
The above-mentioned loan in the amount of 103 million dollars. Sandalwood enlisted in RCB and immediately donated the money to the Cypriot company Horwich Trading. Supervising the transaction manager with Bank Rossiya wanted to Panamanian directors Mossack Fonseca quickly signed on behalf of Sandalwood loan agreement with Horwich Trading. One of the partners Mossack Fonseca suggested that the first they received from the law firm letter of security, perhaps in order to avoid hold accountable for acting against RCB.
Then said Jurgen Mossack, co-founder of the law firm: “I think it’s a delicate matter” – he wrote in Spanish in an e-mail. He feared that “we may be witnessing the payment of dubious origin and purpose.” Manager of Bank Rossiya explained that the loan was constructed so as to take advantage of the tax treaty concluded between Cyprus and Russia. I delivered the letter security and other documents, as well as created a repayment plan. It is only mentioned in the documents of loans by RCB Sandalwood, which has a schedule. It is also the only documented case in which Mossack Fonseca objected.
Changes to the dissatisfaction Mossack Fonseca. Panamanians also reassured that, in preparing documents for the network of Bank Rossiya helped the Swiss law firm Dietrich Baumgartner & amp; Partners. “For several years working with this client supported by the Russian bank with a good reputation, and legal matters supervises the famous Swiss office, so I think that we can accept the explanation and to proceed further,” – wrote the lawyer of the branch Mossack Fonseca in Liechtenstein. Firm Dietrich Baumgartner & amp; Partners declined to comment.
Later mail detailed the accrued Sandalwood by Mossack Fonseca fees that depend on the amount of the loan. For help in preparation of documentation for the loan worth 103 million dollars. law firm earned $ 2,030 dollars.
Mikhail Lesin was one of the main facilitators in taking control of the Russian media, Putin and Rossiya Bank. Lesin is the first minister. Media to give Putin, and during the second presidency held the position of presidential adviser and oversaw a propaganda offensive power. Career Lesina on government positions coincide in time with the development of the media empire of the bank.
As a member of the cabinet Lesin played a key role in negotiating the agreements that led to the takeover of the media critical of Putin’s circle by maintaining close ties with the Kremlin. As a result, criticism of the Russian authorities stopped. When Medvedev replaced Putin as president, Lesin left the government and was employed in Russia’s largest private media group Gazprom-Media, where control was exercised Rossiya Bank.
Gazprom-Media was the only part built by Rossiya Bank media conglomerate . It was so large that the bank president Yuri Kovalchuk began to call Russian Murdoch. In 2005. Rossiya Bank bought a small stake in the television network, which then did Putin stations nationwide, expanding its reach and revenues. He took over the station Ren-TV, muting its criticism on the air and reducing its journalistic investigation concerning the actions of government.
Now in documents Mossack Fonseca you can see that in the media business Lesina and Bank Rossiya was also part of the implicit. Lesin was acting in the British Virgin Islands company Gloria Market Ltd. According to financial documents leaked, formed it in 2011. To collect money from advertising.
In the late 90s Lesin helped vocation Video International, a broker of television advertising, which at one time controlled two-thirds of revenues in the state television. As the documents show, when the Rossiya Bank was officially 16 percent. Action Video International, created in secret by the bank foreign company Rołdugina had additional 12.5 percent. shares. With bank forms from 2014. It showed that the company International Media Overseas had an annual income of $ 10 million.
The lawyer representing the Video International declined to answer specific questions, explaining that these data are not Russia publicly available. International Media Overseas Rołdugina not only had shares in the media. In 2011. Backdated entered into an agreement with a foreign company registered in the Cayman Islands. Revenues ended up in Switzerland, where backdating is legal. Between the shareholders separated identical pools share a mutually equilibrate, in effect, the shares do not have to change owners. Instead, the company agreed to the exchange, and then paid a profit. In 2011, the. International Media Overseas has grown in this system 463.8 thousand. dol., and in the years 2008-11 Sandalwood Continental for such transactions earned on purely nearly $ 4 million.
Crisis Management
The actions circle of friends and acquaintances Putin pursued by two principles: discretion and control. They hate risk. Putin has already shown that in order to ensure the confidentiality and protection of joint property is ready for aggressive actions.
In December 2011,. The financial system of Cyprus, where Continental Sandalwood perform most of its operations, was in trouble. The authorities of the island began to negotiate with Russia a loan rescue. At the end of that year Sandalwood, who had their accounts in the RCB Cyprus, he began to transfer their loans to Ove Financial – another company registered in the British Virgin Islands. In 2012. He ceded the dollar or even free dozens of their loans, sometimes reaching hundreds of millions of dollars for Ove Financial. This, in turn, is one of the shareholders belonging to Mikhail Lesina’s Gloria Market.
Ove Financial used the services of the bank in Luxembourg, which is not threatened by the crisis. The company also used another operating in Panama law firm tax – Morgan & amp; Morgan. In e-mail correspondence appeared complaint suggesting that the leadership of Bank Rossiya was not satisfied with the cooperation with Mossack Fonseca, since the transfer of documents took too much time or preparation of documentation differed from the findings.
The system had to work on, but without Mossack Fonseca or Sandalwood Continental. As a result, Sandalwood closed in 2013.
Co-Putin made other attempts to save the property. The role of the owner of the company involved in the Kamaz Rołdugina replaced by a new person. Sam musician is not always able to discharge their duties. It happened that the manager of Bank Rossiya complained in an email to Mossack Fonseca that supply to obtain the artist’s signature on the documents was a challenge. Then it ceased to be a problem.
At about the same time, members of the cooperative Oziero began to rewrite part of their vast fortunes on children. The documents, leaked, that Arkady Rotenberg made his son Igor owner of some secret companies managed by Mossack Fonseca.
Transfer of assets to the next generation is a sign of the birth of a new Russian aristocracy. Rotenberg and other billionaires who got rich under the protective umbrella of Putin, today affect the shape of the Russian economy. According to the report, Credit Suisse 10 percent. richest Russians is 85 per cent. all the assets of Russia. On the other hand, 83 percent. the population has a net worth of not more than 10 thousand. dol. As highlighted in the study, inequality in Russia are so great that they require the creation of a separate category.
In 2014. Lesin withdrew from Gazprom-Media. Russian media said about his conflict with Kowalczukiem and Bank Rossiya.
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