Meet the man who married Putin's daughter and then made a fortune
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."
