special report-the man who married putin\'s daughter and then made a fortune

In December 17, Igor, Russia (Reuters)-
The wedding party dominates a ski resort, located about an hour\'s drive north of the Holy Mountain. Petersburg.
No fee is waived and everyone is sworn in to keep it secret.
A staff member who described the scene to Reuters said the happy couple were riding a traditional Russian sled pulled by three white horses.
The bride is wearing a long pearl.
Another person attending the wedding said the groom was wearing a dark coat.
The couple are Russian President Vladimir Putin\'s youngest daughter, Catherine, and Mr. Putin\'s old friend\'s son, kiershamalov.
Their wedding celebration took place on February 2013 in Igora, where five people told Reuters that Igora is a small ski resort that integrates beauty and caution.
The resort is located in picturesque Lake woodland
Owned by the family of another old friend of Putin, Yuri Kovalchuk, and a Cyprus company whose shareholders are unknown.
One of the participants said that the staff was told that the bride and groom were named Kirill and Katerina, and that the guests were wearing white scarves embroidered with \"K & K\" letters with red thread
When presenting a photo of a woman known as Katerina Tikhonova, the source said she was the bride.
Reuters confirmed on November that Tikhonova was Putin\'s youngest daughter.
\"There are guards in every corner ,(they)
No one was approached to the celebration, \"said a staff member at the resort, which has a luxurious spa.
But we know it\'s kieryl and Catherine.
Putin\'s daughter
Celebrate marriage
At the wedding, Kirill-a tall, dark-
Hair man with frameless glasses
Although it is a rising star in Russian business, there are still only 31 people.
Shortly after his wedding with the president\'s daughter, his wealth began to soar, and the daughter, a competitive acrobats, is now helping supervise a $1 actor.
Moscow State University expanded 7 billion.
Within 18 months, Kirill acquired a large stake in a major Russian oil and petrochemical processor called Sibur.
An estimated $2 stake now.
85 billion, based on the value of recent stock transactions.
He also quit his job as a business manager and set up a company to manage his personal investment.
How can such a young businessman go so far and so fast?
Reuters survey of samalov\'s career shows that in the summer of 2013, a few months after his marriage to Putin\'s daughter, Kirill began to discuss buying Sible from one of the President\'s richest friends.
A year later, according to the accounts published by his investment company, he was able to borrow more than $1 billion.
The loan came from a bank led by Putin\'s other long-term partner, whose brother had held senior positions.
The money was used to invest in Sible, and in a few months, Kirill made a big profit.
Asked about his business deals and weddings, Kirill Shamalov and Sibur declined to comment.
Kirill\'s fate trajectory provides new clues to how people close to Putin dominate key companies --
How this opportunity is extended to a new generation.
Like weddings, most of this wealth transfer takes place far away from public supervision.
Vladimir Milov, a former Russian deputy energy minister and current opposition activist, said Putin\'s friends had secured key assets, such as Gazprombank, with the help of lenders linked to the country.
\"This is very non-
So it\'s hard to understand and judge the details of the loan agreement, \"said Milov.
\"They think Gazprombank is their Palm Bank.
He added: \"They want to pass on their power and privileges to a new generation.
Asked about wedding celebrations and business deals, Dmitry Peskov, a spokesman for the Russian president, said: \"Putin\'s daughter is not involved in politics or business.
It is well known to the businessman samalov.
As far as we know, all his activities are in compliance with the laws of the Russian Federation.
For many years, he has served as the management of Sibur, a shareholder with other senior managers.
His career and business are not within the interests of the Kremlin.
We do not comment on the private lives of Putin\'s close relatives.
When Kirill Shamalov grew up in the 1990 s, his father, Nikolai, was a colleague
Together with Putin and others, we created an Ozero (Lake)
Cooperation, about 100 km (60 miles)north of St. Petersburg.
Members of the zero development group continue to occupy an important position in Putin-led Russia.
Nikolai Shamalov became a shareholder of a small bank called Rossiya Bank, which has developed into one of Russia\'s most influential banks in the past 15 years.
Kovalchuk, the co-
The owner of the Igora ski resort is Russia\'s largest bank shareholder.
In 2014, after Russia occupied Crimea, the United States approved the Russian bank, which it called the private bank of the Russian elite.
The European Union has approved close ties between Kovalchuk and Nikolai Samarov with Putin. The U. S.
The Ministry of Finance also approved Kovalchuk as a member of Putin\'s core circle.
Nikolai shamarov has two sons: Yuri, born on 1970, and Kirill, born on 1982.
Both men were prosperous during Putin\'s reign.
According to Yuri shamarov\'s official business biography, after studying naval engineering and foreign trade at the university, he served as a staff member of the St. shamarov Council on Foreign Economic Relations
St. Petersburg City Council.
The committee was chaired by Putin.
On the eve of 2000, Putin became Russia\'s president and began to establish authority in Russia\'s economy.
One company he is particularly concerned about is the gas giant Gazprom.
The assets of Gazprom include the petrochemical company Sibur and a loan company called Gazprombank.
With Putin consolidating power, Yuri and kieryl shamarov continue to play an important role in these and other institutions.
According to Yuri\'s corporate biography, Yuri became the president of Gazfond in August 2003. Gazfond is a large investment fund that controls pension recipients at Gazprom.
By Yuri, after Gazfond obtained the financial subsidiary of Gazprom) and Gazprombank.
Yuri later became one of the vice-chairmen of the bank.
Gazfond actually bought a state-owned asset and turned it into a private bank controlled by people who hold state-owned assets for a long time.
Got in touch with Putin
At the same time, Kirill Shamalov is also making rapid progress.
According to a biography on Sibur\'s website, in 2002 he was appointed \"chief legal adviser to foreign economic activities\" for Gazprom \".
He is only 20 years old and has yet to graduate from his legal studies.
National University of St. Petersburg
Three years later, with a degree in law completed, Gazprombank Shamalov became the \"chief legal counsel\", then a subsidiary of Gazprom.
Then, in June 2008, Kirill joined Sibur as deputy
President of Business Administration.
This is a very small world.
Cyril\'s brother Yuri is already a director of Sible and vice chairman of Gaza bank.
The chairman of the bank is Alexei Miller, who was in saint when he was in his 1990 s. Petersburg.
When Putin became president, his trust in Miller was enough for him to take charge of Gazprom.
In addition, Yuri samalov, the president of the Garth side, has a lot of influence in Sible and the Bank of gasma.
In the same month, Curry joined Sibur financial declaration, Gazfond and became the final owner of Sibur by manipulating Gazprombank.
Gazprombank declined to comment and Gazfond did not answer the question.
In addition to their family relationship, the Shamalov brothers have a deep connection with the rest of Putin\'s elite, who have reshaped Russia\'s economy in the 2000 th generation and gained personal wealth from it.
First, gennaji Timchenko became the shareholder of the bank, the Russian state news and Nikolai Shamalov.
Ticchenko has known Putin for more than 20 years.
In the 1990 s he began to be holy.
While Putin was a rising politician, Peterborough continued to work together.
Found Gunvor, a company that grew up as one of Russia\'s largest oil traders.
Last year, the US governmentS.
Although the government did not provide any evidence, it claimed that Putin had a personal interest in gunwall.
Gunvor denied the charge.
Timchenko is a key point of contact for Kirill Shamalov because of oil
The trading giant later became a major shareholder in Sible.
2010), a 95% stake in Gazfond Sibur held by Gazprombank and Yuri Shamalov.
That year, they reached an agreement to sell Sible to a company owned by Timchenko and one of his business partners, an energy entrepreneur named Leonid Mikhelson.
The transaction is complicated, but Gazprombank funds at least half of the purchases by lending to Mikhelson and Timchenko, thus paving the way for the transaction.
Mikhelson eventually owns 57.
2%. Sibur and Timchenko 37. 3 percent.
The remaining 5 are owned by 5 managers and former managers. 5 percent.
The managers include Kirill Shamalov.
By 2014, Kirill has expanded his personal stake to 4, according to Sibur\'s statement.
3%. Sibur.
Once Mikhelson and Timchenko have control of Sibur, the only way for anyone to acquire a major stake in the company is for one of them to agree to sell some of the shares.
Fortunately for Kirill Shamalov, Putin\'s friend Timchenko is willing to sell him.
Timchenko and the new son of the Presidentin-
According to Kirill\'s interview with the Russian business people\'s daily on 2013, the law began to be discussed in the summer of August.
A few months before the talks began, Kirill had a wedding with Putin\'s daughter.
Kirill resigned from Sibur\'s managerial position in March 2014.
However, he retained his shares and continued to serve as a member of the board.
Four months later, August.
He registered a new company called Yauza 12, which is wholly owned by him.
In the second month, Yauza 12 purchased 17% pounds of Sibur from Timchenko.
This brought Kirill\'s stake in petrochemical company to 21. 3 percent. Putin’s son-in-
Today, Lao is the second largest shareholder of Russia\'s leading natural gas and petrochemical product processors.
Earlier this year, a spokesman for Timchenko told Reuters that his sale of Kirill Shamalov was carried out after negotiations with several potential buyers at market prices.
The sale, the spokesman said, reflects a policy of Timchenko holding company Volga Group, namely, diversity of assets.
This month, a spokesman for the Volga Group told Reuters: \"all transactions made by Mr. Timchenko\'s structure with Sibur\'s shares --
Acquire shares of the company and sell part of the equity structure to K. Shamalov -
According to the market valuation of the company, it has market features.
How did the people at that time32-year-
Can old Kirill afford something like this?
Reuters\'s review of the 12 accounts submitted by Yauza at the end of 2014 shows that the company has borrowed 78.
9 billion roubles (about $1.
3 billion at that time).
The money came from the bank where his brother served as vice chairman.
Funded \"The assets guaranteed from Gazprombank belong to me . \" The special rapporteur replied that business people reported.
Yuri Shamalov did not respond to requests for comment.
The terms of the loan are not clear, but Kirill\'s company seems to have borrowed the money at a low price.
According to the Yauza 12 account, the interest he paid after obtaining the loan amounted to 0. 343 billion rubles by the end of 2014.
This is equivalent to about 1 interest rate per year.
3% if the loan starts with the acquisition of Sibur shares in Moscow by Yauza 12
Credit analysts said.
Analysts added that since the loan maturity date is unknown, it is not clear whether the interest rate is different from the market interest rate.
Kirill Shamalov and Gazprombank declined to respond to the Reuters Loan.
With a borrowed $1.
3 billion, Kirill is able to purchase a 17% stake in Sibur.
In addition to saying it was a market price, he and his spokesman declined to specify how much he had paid.
On October, three independent analysts told Reuters that Kirill\'s total holdings were 21.
$ 3% is worth at least $2 billion.
This is probably conservative. On Dec.
On the 11 th, Sinopec, a Chinese oil company, agreed to pay $1.
34 billion accounted for only 10% of the company.
This valuation means Kirill\'s overall 21.
Sibur currently holds $ 3%. 85 billion.
Kirill Shamalov, who had a secret wedding at the Igora ski resort, was in good financial condition and outlined key aspects of Russia today.
The foundation of the Putin era is holy.
The place where the president started his political career.
His friend is from the Ozero dacha Co-op and he is in St.
As Putin consolidated power, the mayor\'s office of Peterborough continued to have wealth and influence.
Now, Kirill joins the billionaire elite around the president.
However, these connections are prudent.
When Kirill and Katerina Tikhonova celebrated their wedding, the security guard was very tight and, according to those present, only about 100 people were on the guest list for the wedding.
Guests were asked to leave their mobile phones in the skating palace, a magnificent building that hosts figure skating, ice hockey competitions and concerts.
Organizers do not want photos leaked on social media, and VIPs will not be protected by official resort staff.
The choice of the venue is also emphasized.
Around Putin, his friends are holy.
Peterborough and their children.
The Igora ski resort is about 30 km from the Ozero dacha cooperative.
The resort and surrounding plots are owned by companies that have been or are now connected with samalov, Kovalchuk and tichenko.
According to the public record, the owner of Igora itself is a local registered company called Ozon LLC.
Mr. Putin\'s old friend, Kovalchuk, and his wife and son, have 25% euros;
Another 75% of the shares are owned by a Cyprus company.
According to the resort staff, Putin is a frequent visitor to Igora.
Although always carefully stay in the adjacent compound behind the high fence.
According to the land records, the residence belongs to another company and one is wholly owned by the Kovalchuk family.
There are two plots next door.
These are Gazfond managed by Wang Lider-
The company is run by Kirill\'s brother, yuri Shamalov.
As a result, the wedding celebration captures one important aspect of Putin\'s Russia: wealth and closeness
Weave the elite in the game, away from the eyes of ordinary Russians.
Recreational amenities include indoor ice cubes.
Skating display, laser lights and models
According to one participant, there are performers and cultural exhibitions in Russian villages.
Another worker said that on one occasion, a sign was projected on the snow showing the names of Kirill and Katerina.
But the worker added: \"We are not allowed to talk about it.
I can get fired.
You know whose daughter it is.