Katerina Putin, younger daughter of Russian President
Vladimir Putin got married to Kirill Shamalov, son of an old
friend of Putin.
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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