Sergei Pugachev

Sergei Pugachev
Born Sergei Viktorovich Pugachev
(1963-02-04) 4 February 1963
Kostroma, Soviet Union
Nationality French
Occupation International Investor, Public Figure, Politician
Spouse(s) Divorced[1][2], Alexandra Tolstoy (common-law marriage) [3]
Children Four sons and one daughter
Website www.pugachevsergei.com

Sergei Viktorovich Pugachev, also spelled Sergey Pugachyov, (French: Sergueï Pougatchev, Russian: Серге́й Викторович Пугачёв; born 4 February 1963 in Kostroma, USSR) is an international investor with interest in public activities and politics. He is a citizen of the French Republic. He is a Doctor of Technical Sciences, and a full member of the International Engineering Academy. He is the writer of three monographs and 40 research papers.

From 1991 to 1994, Pugachev resided in the U.S.A. From 1994 to the present, he has lived primarily in France, though he lived in London, United Kingdom, until 2015. He has major projects in the United States, France, Luxembourg, Russia and the United Kingdom.

The billionaire Pugachev is a highly influential figure in Russian politics. From the end of the 80's he took an active business role.

In the 90's, he was a member of the inner circle of the first President of the Russian Federation, Boris Yeltsin, and was one of the leaders of his campaign staff in 1996. Based on these events, in 2003, the American director Roger Spottiswoode made a film ("Spinning Boris"), which included well-known actors such as: Jeff Goldblum, Anthony LaPaglia, Liev Schreiber, Sean McDonald); the prototype of the hero became S.V. Pugachev, played in the film by Gregory Hlady.

Early life and business career

Pugachev was engaged in entrepreneurial activity since the end of the 1980s. According to repeatedly published in the press documents of the Vasileostrovsky District Court of Leningrad, Pugachev was wanted by the police for fraud since 1984. On 26 May, 1986 he was sentenced to three years’ imprisonment conditionally for fraud with confiscation of property and attraction to compulsory labor. He was serving his sentence at the construction sites of the Yaroslavl region. [4][5]

From the Konstantin Shirshov’s deputy request to the Prosecutor General Yu. Chaika: Pugachev borrowed 5500 roubles from his mate and colleague Egorov, promising to buy a new car. According to Pugachev, his father had the opportunity to buy the car. Egorov saw neither the car, nor the money. By coincidence, the day after the sentence was pronounced, Egorov was attacked by unidentified persons. [6]

According to the documents [7][8], one can doubt not only all three diplomas of the Senator Sergei Pugachev, but some facts of his biography and his employment record book as well. Thus, in the period between 1983 and 1991 Sergei Pugachev did not work a single day in the Krasnogvardeysky branch of Stroibank of the USSR[9] , as it is stated in his employment record book, since at that time he was serving a sentence in the ‘Kresty’ Prison of Leningrad.

In 1991, S.V. Pugachev established one of the first cooperative banks in the USSR, the Northern Commercial Bank. In 1993, he sold his share.

In 1992, he organised one of the leading banks in the RF — International Industrial Bank. At the end of the 90's, he acquired Yenisei Industrial Company, holding an exploration licence for the region of the Ulug-Khemsky District in Southern Siberia. In the process of exploration and experimental production together with the world's leading mining companies, the largest coking coal deposit in the world was opened up. In 2000, Yenisei Industrial Company obtained a licence for exploration and production of coal at the Elegest deposit.[10]

The investment government commission of the Russian Federation allocated to financing of infrastructure of this project from the Federal budget a sum of 1.5 billion dollars, which was a record amount of state investment in the development of the private company.[11]

At the end of the 90's, he invested in the creation of the largest shipbuilding complex in Europe at the St. Petersburg shipbuilding base of Baltiyskiy Zavod and Severnaya Verf and in 60 engineering companies.

At the start of the 2000s, he consolidated his assets under the management of the United Industrial Corporation; according to independent estimates for 2008—2010, the total value was more than 12 billion US dollars.

In 2004, the company controlled by Pugachev signed an investment agreement for an ambitious project for reconstruction and development of the Middle Trading Rows in Red Square.

From 2010 to 2014, all of the Senator's Russian assets were expropriated, after which he was subject to political persecution.

In 2011, at the request of Sergei Pugachev, criminal proceedings were instituted in France concerning extortion and threats from the senior staff of DIA.

In 2012, he notified the Russian authorities about the preparation of the claim in the International tribunal in The Hague.

In December 2013, the Russian government filed a claim about the accountability of Pugachev for subsidiary responsibility in the Moscow Court of Arbitration.

In 2013, criminal proceedings were instituted against Pugachev in the Russian Federation.

In June 2014, the Russian Federation appealed in the London High Court concerning interim measures in support of a subsidiary civil suit in the Moscow arbitration court.[12]

On 11 July 2014, Judge Henderson ex-parte (i.e. without prior notice and calling of the defendant) ordered the freezing of Pugachev's assets on English territory and forced him to disclose any of his private assets, owned directly or indirectly, in the world, in support of the claim concerning subsidiary responsibility, submitted by the Russian government at the Moscow Arbitration Court on 7 July 2014.[13]

According to the law-enforcement bodies of the United Kingdom, the Russian government illegally performed continuous surveillance of Sergei Pugachev and his family in England through use of hired detectives.[13]

At the end of 2014, the Russian Interpol bureau posted on its site information about Sergei Pugachev being wanted.[14]

On 2 March 2015, Judge Smith prohibited Pugachev from travelling outside England and Wales and ordered all his passports and travel documents to be transferred to the firm Hogan Lovells (representing the interests of the Russian government).[15] Despite this, Pugachev, in violation of the order, left the jurisdiction of England and Wales and returned to France.

In May 2015, Scotland Yard personnel found explosive devices under Pugachev's car. Investigation of this case was taken on by the Counter Terrorism Command, SO15, and Pugachev and his family were provided with government protection (at present the investigation into attempted murder is being carried out by French investigating authorities within the framework of international orders). Sergei Pugachev has repeatedly been targeted by attacks, both in Russia and abroad. By 2010, a few attempts had been made on his life. As a result, several security personnel were injured. All these actions had one goal - they forced Pugachev to leave London.[16]

On 21 September 2015, a Hague International tribunal filed a claim by the French citizen Sergei Pugachev against the Russian Federation concerning the expropriation of his assets for a sum of 12 billion US dollars. For preparation of the claim in the interests of Pugachev, he engaged the American legal firm King & Spalding (New York City).[17]

After dealing with the complaint of his French lawyers at the Interpol Central Bureau, on 15 October 2015 the Interpol commission recognised the request of the Russian Federation as untenable due to political motivation, after which Pugachev was excluded from the Interpol database, and no longer wanted by Interpol.

On 22 December 2015, Judge Rose sentenced him to a term of imprisonment of two years for contempt of court. In the judgement, the Judge nevertheless mentioned that Pugachev had good reason to believe that his life was in danger and under threat from agents of the Russian government.

Returning to France, Pugachev filed a claim against the Russian Federation within the framework of the Franco-Russia agreement on protection of investments concerning the expropriation of his assets, which became a subject of general interest and irritation for the Russian authorities.

In April 2016, Sergei Pugachev's lawyer Karinna Moskalenko filed a complaint with the European Court of Human Rights concerning the facts of violations committed with consideration in Russia of a civil claim for subsidiary responsibility.

Since 2016, Pugachev's interests are represented by the French legal firm Lazareff Le Bars.

On 17 June 2016, Sergei Pugachev's lawyers appointed Professor Thomas Clay as arbitrator at The Hague International Tribunal for consideration of his arbitration proceedings against the Russian Federation.

On 5 July 2016, the European Court of Human Rights registered the complaint and reported that the Court will proceed to consideration of this complaint as soon as it is technically possible.

On 15 July 2016, the Russian Federation informed the President of The Hague International Tribunal and the lawyers of the plaintiff (S. Pugachev), that it accepts this jurisdiction and will take part in this process.

On 24 July 2016, the Russian side missed the procedural deadlines for being able to select one of the international arbitrators.

On 8 August 2016, the General Secretary of The Hague Tribunal took on the responsibility in accordance with the arbitration rules of the UN Commission under International Commercial Law, adopted by the UN General Assembly in accordance with Article 7(2) (В) of UN Resolution No.31/98 of 15 December 1976 on appointment of a second arbitrator, due to the Russian Federation's loss of the right to selection of a second arbitrator as a consequence of having missed the procedural deadline.

On 19 August 2016, the General Secretary of The Hague Tribunal appointed Bernardo M. Cremades as the second arbitrator.

Political career

From the start of the 1990s, he was an adviser to the head of the Russian Federation President administration, built a close relationship with the leadership of the country, was well acquainted with Viktor Chernomyrdin, Oleg Soskovets, Alexander Korzhakov, Andrei Vavilov, Valentin Yumashev, Alexander Livshits, and Viktor Gerashchenko.

In 1995, a scandal broke out concerning the IIB established by Pugachev, having issued Eurocard credit cards for the head of the government President B. N. Yeltsin and members of his family. Pugachev himself did not comment on these events.[18]

In December 1995, he was a candidate for deputy of the RF State Duma on the Federal list of the electoral union of the Russian Unity Party with approval of Sergei Shakhrai, honoured lawyer and writer of the Russian Constitution.

In 1996, he was one of the leaders of the election staff for the Presidential candidate, B. N. Yeltsin.

According to Pugachev, his connections with America played a crucial role in Yeltsin's re-election in 1996, which was opposed by rigid communist opposition. Thanks to connections with a lawyer from San-Francisco Fred Lowell, who was close to the Republican Party, Pugachev brought to Moscow a team of American political consultants and PR managers headed by a leading strategist of the then governor of California Peter Wilson, George Gorton. Housed in the Moscow "President Hotel", Gorton's team, in collaboration with Yeltsin's daughter Tatyana Dyachenko, initiated an American-style campaign, presenting Yeltsin in the best possible light and emphasizing the danger of a return to power of Communists.[19][20]

In June 1996, he was awarded a Commendation by the President of the Russian Federation B. N. Yeltsin "For a major contribution to the development of Russian democracy, participation in preparation and carrying out of a campaign for the national elections of the President of the Russian Federation in 1996".

In October 1998, Mikhail Zadornov included the private banker Sergei Pugachev in the Russian delegation sent to the next annual session of the IMF and the World Bank in Washington. Zadornov together with the newly appointed (or rather returned) head of The Central Bank, Viktor Gerashchenko also took Pugachev to bilateral meetings with the heads of the IIB and WB. Pugachev was represented as leader of a "successful" and, despite everything, a "working" bank. Pugachev even presented a memorandum to the President of the WB, James Wolfenson, about the recovery of the Russian banking system.

Wolfenson stated in October 1998, that the IIB and the state VTB were selected by the World Bank group as authorized banks for wiring WB loans. The total loan portfolio of the WB for Russia has reached $14 billion, but the amount used for a Russian initiative is no more than $7 billion.

As in the 1990s, an already highly influential politician and well-known figure, it was he who put forward the idea to make Putin a potential successor to the Yeltsin family.[21] The Financial Times checked the facts and made sure that Pugachev was a friend of Tatyana Dyachenko, her husband Valentin Yumashev, who at that time headed Yeltsin's administration, and also many influential members of President Yeltsin's team. Pugachev helped Putin to climb the ladder of power, presenting him to B. N. Yeltsin. In 1999—2000 he was one of leaders of the campaign staff for V. V. Putin.[19][20]

In November 2000, he was elected as a member of the board Russian Union of Industrialists and Entrepreneurs (RSPP). From November 2000 to January 2003 he was Vice-President of the Russian Union of Industrialists and Entrepreneurs.

He was the organiser of meetings between representatives of big business and President V.V. Putin.

From the start of the 2000s, he was a member of the Franco-Russian government commission. On 24 December 2001, he was elected as a Senator of the Russian Federation.[22]

On 26 December 2001, he was approved by the representative of the Tuvan government in the Federation Council of the Russian Federation. His candidacy was supported by 80% of Tuvan deputies. In this post, S.V. Pugachev served for 9 years and 11 days, until 4 January 2011.

He was the initiator of the acquisition by the Russian Federation of a licence for production of the French Mistral helicopter carrier.

On 23 November 2009, the first Deputy Chief of Staff of the Russian Navy, Vice Admiral Oleg Burtsev came to St. Petersburg, having earlier told RIA Novosti that the command of the Navy considers it necessary to purchase in France one of the Mistral type helicopter carriers, and also a licence for construction of four ships of a similar class.

In December 2009, a delegation from the French Ministry of Defence, led by the general armaments engineer Alain Costa, familiarized itself with the production capacity of Baltiyskiy Zavod, included in the United Industrial Corporation (OPK) controlled by Senator Sergei Pugachev, for construction of ships of the Mistral helicopter carrier type.

The French delegation inspected the slipway, hull processing and machine shop, but also the diesel-electric icebreaker "St. Petersburg" built and delivered to the customer this year. As a result of this visit, negotiations began for the possible purchase of a licence for construction by the OPK shipyards of a large amphibious helicopter carrier of the Mistral series, for the Russian Navy.[23]

A joint statement by the Presidents of Russia and France about the purchase of two ships of the Mistral class and an option for construction of another two at one of the Russian shipyards was announced in December 2010. The preliminary contract for construction of the Mistral was signed in 2010. The agreement on the Mistral was signed on 25 January 2011 in Paris.[24]

On 4 January 2011, under pressure from Putin, he was forced to resign as a Senator of the Russian Federation. To resolve this issue Putin instructed the first deputy head of the President's Administration, V. Surkov (the formal basis was the existence of Pugachev's French nationality).

Investment

In 1991, S.V. Pugachev established one of the first cooperative banks in the USSR, the Northern Commercial Bank. In 1993, he sold his share. In 1992, he became one of the co-founders of the JSC "International Industrial Bank" (Pugachev owned 25% of shares), which was one of the first to receive a licence to perform foreign exchange operations.[25] The IIB was not similar to the usual "oligarchical bank". Unlike the "Capital" KB, the Menatepbank or Most-Bank, Pugachev's bank did not hunt for investors and customers from the street.

The International Industrial Bank, originally formed as a "venture investment fund". The bank was looking for problematic but long-term assets, invested in their development and then sold. A dynamic private bank since the beginning of the 90's, The International Industrial Bank became one of the 10 largest banks of the Russian Federation and was the largest credit institution in the country in terms of capital (175 billion rubles), and was also a principal member of the international systems Visa International and MasterCard Worldwide and had its own processing centre. The branch network of the Bank consisted of 7 branches, located mainly in the capitals of federal districts. In contrast to the "oligarchic" banks, the International Industrial Bank survived the crisis calmly.

In December 1998, when the house prevailed in both politics and the economy, but Russian businessmen were stashing money abroad, the IIB took an extraordinary step: it increased its authorised capital to 10 billion rubles. A year later, the shareholders poured another 15 billion rubles into the IIB, so that on 1 January 2000 in the authorised capital row of the IIB balance there was already the figure of 25 billion rubles, just under $1 billion by the then exchange rate. For the banking system this was some kind of record: in other credit organisations authorised capital rarely reached 1 billion rubles; The IIB almost caught up with Sberbank on the scale of its own funds and became the largest private bank in the country.

In January 2002, Pugachev resigned his post as chairman of the board of Directors of the International Industrial Bank, which was transformed from an LLC to a JSC in December 2001. According to some reports, after the election of the Senator, Pugachev no longer owned shares in the bank (according to other sources of information, it was alleged that he had less than 5 percent of assets).[26]

According to the Jones Day report, from 2002 the owner of the bank was D. Henderson-Stewart. The board of directors of the bank included: Bert Vos, Didier Dekonenk, Bernard Jean-Paul Dessertin, Serge de Palen, Gustav Stenbolt, the chairman of the board of directors was Gerald Kovalsky.

In 2003, it was mentioned that the official average yearly income of Sergei Pugachev came to more than 7 million rubles. According to data released in 2010, he earned 3 billion rubles, significantly ahead of all other Russian Senators.[27] As a Senator, Pugachev transferred all of his assets to the control of the JSC "United Industrial Corporation". Under OPK control (The chairman of the board of directors was A. V. Gnusarev, the now working advisor to the President of VTB Kostin) there were assets in various sectors of the Russian economy. According to various estimates, their value amounted to more than 15 billion US dollars.[28]

Among the most famous development projects, Pugachev singled out the development project on 1160 hectares of land on Rublevky, 70 hectares on Vasilevsky Island in St. Petersburg, the project "Red Square, 5" for construction of hotels and apartments, construction of a hotel in Sochi for the 2014 Olympics, the company "Russia Coal", the oil companies "Aki-Atyr" and the "White Nights", and also the "Yenisei Industrial Company" (EPC), which owned the licence for development of the coal deposit in Tuva, the shipbuilding businesses Severnaya Verf, Baltiyskiy Zavod and the Central Design Bureau "Iceberg" and others.

Shipbuilding assets

At the end of the 1990s, Pugachev started to actively buy up shares in shipbuilding and engineering businesses in St. Petersburg. In the end the Severnaya Verf Shipbuilding plant JSC, the Baltiyskiy Zavod JSC and the Iceberg Central Design Bureau all came under the control of "OPK". According to Pugachev, acquisition of Severnaya Verf was offered to him by Boris Kuzyk (President Yeltsin's assistant for military-technical cooperation and a friend of Aleksandr Kotelnik, the managing director of Rosvooruzhenie from 1994 to 1997), he represented the owners of Severnaya Verf and asked for help with financing. Pugachev expected to get a contract for construction of two destroyers for China, with a value of more than 1 billion dollars. This was considered to be settled, but someone else decided to fight for this contract - the owner of Baltiyskiy Zavod, Aleksandr Nesis. A competition was announced and held quickly, which was won by Baltiyskiy Zavod.

The competition result was overturned, and the contract for the destroyers was given back to Severnaya Verf, with Sergei Pugachev becoming the owner of the shipyard. According to media information, Pugachev at that time was already a majority shareholder in Baltiyskiy Zavod and was in the process of closing a deal for the purchase of the remaining shares up to 100%. Analysts have estimated the new assets of Pugachev with a portfolio of orders of $700 million. Pugachev, transferring the main capacity to the Severnaya Verf site, started implementation of the largest development project in St. Petersburg with development of 70 hectares in the centre of the city on Vasilevsky Island.

The project for construction of a residential area on the former site of Baltiyskiy Zavod was supported by the Federal Government and governor V. Matvienko was included in the development plan, was supposed to build up to 4.5 million square meters of housing. Implementation of the project was led by his company OPK-Development. Analysts contend that at Baltiyskiy Zavod and Severnaya Verf, he was responsible for building 9 Corvettes, 5 Frigates, 8 Supply Ships and "the largest icebreaker in the world". It was he who invented and launched construction of the first floating nuclear power plant in the world (PATES).[29]

After a 35-year hiatus, construction was resumed on a series of diesel-electric icebreakers "St. Petersburg and Moscow" and also nuclear-powered icebreaker "50 years of Victory".[30][31][32]

The complex released more than 70% of the surface combat ships for the Russian fleet. One of the first projects of the shipbuilding complex began the reconstruction and construction of the "Russia" yachts for President Putin.[33]

In 2008, the Russian Federation Federal Service for Defence Orders awarded the plant the status of sole supplier of ships in the classes of "corvette" "frigate" and "Comms Boat". In 2010 the backlog of orders (according to information of the Ministry of Industry and Trade of the Russian Federation, Minpromtorg of the RF) amounted to: corvettes (Russian Navy, Russian Federal Security Service) — 20 units, frigates (Russian Navy) — 7 units, destroyers (Russian Navy) — 1 unit, communications vessels (Russian Navy) — 8 units, helicopter carrier (Russian Navy) — 3 units. Orders in future periods of civil shipbuilding: floating nuclear power plant (PATES MM) ("Rosenergoatom") — 8 units, nuclear-powered icebreaker pr.22220 (Rosatom) — 2 units, diesel-electric icebreaker with capacity of 25 MW (Rosmorrechflot, Rosmorport) — 8 units, supply ship and provision of drilling platforms, anchor-positioned (Sovkomflot, Gazprom, Rosneft) — 80 units, floating desalinator and system ("Rosenergoatom") — 1 unit, ice class gas carrier (155 thousand m3) (Sovkomflot, Gazprom) — 8 units, technological platform (FPU/FPSO) — (Gazprom, Rosneft) — 2 units, drilling platform (PPBU) — (Gazprom, Rosneft) – 10 units, pipe layer (Sovkomflot, Gazprom) – 2 units.

Pugachev, as a citizen of France and a member of the Franco-Russian commission for international cooperation, personally lobbied for a contract for acquisition of a licence for construction of Mistral helicopter carriers in France, with the value of the deal amounting to 1.5 billion euros.[34]

In the field of civil shipbuilding, the orders made were connected first and foremost to the construction of vessels for oil platform supply for both Russian and foreign customers. In particular, in 2006-2009 the shipyards built 2 saturated ship hulls for project VS 470 PSV for the Norwegian company Skipper II AS and highly saturated ship hulls for supply off offshore oil platforms of project VS 485 PSV for the Norwegian Solvic Hull Supplies AS.[35]

Pugachev failed to provide the business with work. In June and November 2002 at Severnaya Verf, destroyers were built in project 956-EM for China. In December 2005 the lead destroyer, bearing number 693 was accepted by the Commission and transferred to the Chinese Navy, where it was named "Taychzhou" (b/n 138). The second ship was officially launched on 23 July 2004.[36]

In 2002, by request of the Portuguese shipyard Estaleiros Navais de Viana do Castelo S.A. Baltiyskiy Zavod built the body of a car and passenger ferry. In summer of 2003 and in spring of 2004, Baltiyskiy Zavod delivered to the customer, the German company "Transocean Ship management", two chemical tankers built by the company.

In 2003-2004 Baltiyskiy Zavod completed the implementation of the largest international order, at that time, in the field of surface shipbuilding - the construction of the frigate series for the Indian Navy. The company transferred three modern warships: the frigates "Trishul", "Talwar" and "Tabar". The cost of the contract amounted to about 1 billion dollars.[37]

In 2003-2006 at Baltiyskiy Zavod, six bodies of river chemical tankers were built for Dutch customers.[38]

In 2004, at Severnaya Verf a new reconnaissance vessel was started for Navy Russia — a ship for special purposes "Yuri Ivanov" for project 18280. If in 2004 revenues amounted to 550 million rubles, then in 2005 it leaped up to 13 billion rubles. Pugachev was able to return an order for construction of two similar ships to Severnaya Verf, although it had previously been moved to Baltiyskiy Zavod.

Similarly, in 2005, Severnaya Verf won a competition run by the Ministry of Defence for creation of a frigate, warships for the far sea zone, with a value of $320–400 million. Similar ships were first built in Russia for the last 15 years. This competition played a significant role in the fate of Severnaya Verf: over time the company became the sole supplier of all surface fleet vessels for the Navy.[39]

In 2005 FGUP "Rosoboronexport" instructed JSC Severnaya Verf for repair of Algerian Navy ships. In 2007 Severnaya Verf began the repair and modernisation of two frigates of the Algerian Navy.[40]

In 2005, the entities of Sergei Pugachev acquired a controlling share in Baltiyskiy Zavod.[41]

In December 2006, Baltiyskiy Zavod launched the ship for transport of trailers. This second roll-on roll-off ferry was built for the Norwegian company FMV. First at that moment was already working on European routes.

In March 2007, Baltiyskiy Zavod delivered to the customers the world's largest nuclear-powered vessel — the icebreaker "50 years of Victory". In May 2007 the icebreaker was visited by the President of Russia Vladimir Putin.[42]

In September 2008, the JSC "Baltiyskiy Zavod" successfully completed tests of the uninhabited deep-water equipment. The unique underwater vessel built at the plant for a customer in Russia, capable of diving to depths of up to 10 thousand metres. The device is intended for research purposes.[42]

In November 2008, the Baltiyskiy Zavod JSC concluded an agreement with the "Atomenergoprom" JSC for production of two sets of devices for detection of core melt, intended for the first and second blocks forming the Leningrad Nuclear Power Plant (LAES-2).[43]

In December 2008, the country's first domestic diesel-electric icebreaker — Moscow - was transferred to FGUP "Rosmorport". In July 2009 the Head of the Government of Russia, Vladimir Putin, took part in the flag raising ceremony on the new icebreaker "St. Petersburg", which took place at Baltiyskiy Zavod.[44]

In February 2009, a contract was signed with Concern Energoatom JSC, which involved construction at the Baltiyskiy Zavod, launching, completion, testing and transfer into operation of the lead floating power unit of project 20870 for the world's first low-capacity nuclear power plant. In June 2010, the lead power unit was launched.[45] In 2009, Baltiyskiy Zavod cast 42 bells with a mass from 10 kg to 5.5 tonnes.[46]

In 2009, the boat "Serafim Sarovsky" was built, which was a continuation of the series of communications boats, the construction of which engaged the C3 JSC Severnaya Verf from 2001. The lead boat "Buverestnik" served as part of LenVMB. The boat "Albatross" was transferred to the hydrographic service of the Caspian flotilla. The "KSV-57" was part of the group of boats for provision of the Northern fleet. In 2009, work was started on construction of the frigate "Fleet Admiral Kasatonov" for project 22350. In spring of 2010, Severnaya Verf launched the first of a series of Corvettes of project 20380 "Soobrazitelniy".[47]

In 2010, the shipyard produced new masts for the legendary British military cruiser "HMS Belfast", participated in delivery of goods to the USSR during the Second World War and performed thorough reconstruction of the ship. As has been revealed, the repair was implemented with personal funds of Pugachev, a budget amounting to 3 million pounds. It is well-known that the Belfast is owned personally by the Queen and her only nephew, David Linley, was Pugachev's business partner.

In October 2010, at Severnaya Verf the launch took place of the lead frigate whose construction started in 2006 for project 22350 "Soviet Union Fleet-Admiral Gorshkov". This is the first of a series of similar ships, which will be put into service of the Navy after the collapse of the USSR. In 2009 construction of the second frigate of this series was started.[48]

In November 2010, Baltiyskiy Zavod signed a contract for construction of four tankers. In April 2011, at Severnaya Verf the third of the "Boikiy" Corvettes was launched, third of the series of Corvettes of project 20380, constructed for an order from the Ministry of Defence of the Russian Federation.[49]

In September 2011, at Baltiyskiy Zavod, the lead ship of the series of four self-propelled oil tankers was launched, for project 2734, constructed for an order from the Group of companies, the "Baltic Fuel Company" (BTK).

Pugachev invested significant resources in the acquisition of additional participation in Severnaya Verf, Baltiyskiy Zavod, and also acquired the "Iceberg" design bureau, engaged in the design of ships for construction in shipyards. Before the expropriation Pugachev owned 75.82% of Severnaya Verf, 88.32% in Baltiyskiy Zavod and 64.82% in the "Iceberg" Design Bureau.[50]

After implementation of the deep modernisation in cooperation with the engineering company IMG at the shipbuilding companies base the largest surface shipbuilding centre in Europe. Becoming a profitable, modern and modernised business, taking a huge market share in both military shipbuilding, and civil shipbuilding, have attracted the attention of the Russian authorities and were expropriated by the state without paying Pugachev any compensation.

Expropriation of shipbuilding assets

In 2007, The Government created the United Shipbuilding Corporation (OSK) for the purpose of consolidating its own equity participation in the shipyards. OSK is 100% owned by the state.[51]

In 2008, the Board of Directors of OSK was headed by Deputy Prime Minister I. Sechin.[52]

Up to 2009, OSK acquired from Rosimuschestvo a minority share in "Iceberg" KB from (24.49%) and in Severnaya Verf (20.96%).

In November 2009, President Putin invited Pugachev for a personal meeting. During the meeting Putin said to Pugachev, that the RF wished to acquire the share in the shipyards belonging to Pugachev. He made it clear that Pugachev should agree to the sale. The Russian Federation Minister for Finance, Deputy Prime Minister Kudrin made a proposal for allocation of funds from the Federal budget to a sum of 5 billion US dollars for this deal.[53]

At this time, there was also a restructuring of parts of the shipyards. Part of the restructuring strategy was the movement of certain production units of the Baltiyskiy Zavod to Severnaya Verf and restructuring of the unused space at the shipyard as a residential and shopping complex by OPK-Development. For implementation of the project the shipyards received a loan of about 500 million US dollars from VTB. After a meeting with the President, Pugachev understood that the restructuring would have to be interrupted in order to implement President Putin's instructions.

At the request of the OSK, the Russian Ministry of Industry and Trade prepared a report on the shipyards. In a prepared statement on February 3, 2010 on the instructions of the Deputy Prime Minister I. Sechin, Denis Manturov, the Russian Federation Minister of Industry and Trade, it concluded that the acquisition of these State assets was considered appropriate.

The government developed a plan for acquisition by the RF of the shipyard shares. A key figure in this process was Mr Sechin, known to many as the organiser of the destruction of the Yukos oil company. In May 2008, in an interview, in the British newspaper The Sunday Times, Mikhail Khodorkovsky accused "former KGB officer" Igor Sechin of organising both the first and second criminal cases against him: the first for "greed" and the second for "cowardice". Former leaders of the defeated oil company were confident that, mainly under Sechin's authority in June 2003 ideological justification was produced for the Yukos affair - within the paradigm of the supposed seizure of state power by the Khodorkovsky group.

The Russian Government was not interested in whether the sale had a transparent structure, that would entail financing the acquisition of shipyards by providing funds from the Federal budget, which had to be approved by Russian Parliament. Russian government officials discussed several options for acquisition - through the RF budget (Federal property agency Rosmuschestvo), VEB (state corporation Vneshekonombank, with Chairman of the supervisory Board, V. Putin).

In the end Putin, in agreement with Medvedev, instructed Ignatiev, the head of the Central Bank, to acquire shares in Pugachev's shipbuilding assets, with first Deputy Prime Minister Kudrin specified as curator of the deal. Nevertheless, from the correspondence between Ulyukaev and the Government, it is clear that the curator of the deal was first Deputy Prime Minister Sechin, who attempted to put pressure on The Central Bank with the aim of ensuring that the assets would be under-valued.

Throughout the period of negotiations, within the framework of which the shares were subject to evaluation, there was close coordination between the Central Bank, as organiser of the acquisition by the government of the shipbuilding company and OSK as the state organisation, that supposedly would eventually be owning and running shipyards.

According to the estimate by the company BDO, the value of the share in the shipyards amounted to 101.36 billion Russian rubles (3.5 billion US dollars). The estimate was produced in September for 1 July 2010, under pressure from the Government assessment of contracts for future periods was not included.[54]

As the Financial Times stated, the international auditing company BDO estimated these assets at $3.5 billion, but the investment bank Nomura valued them at up to 4.2 billion rubles. In 2011, there was a meeting with the Deputy Prime Minister of the Russian Federation Dmitri Kozak, as a consequence of which the Deputy Prime Minister gave instructions to the parties concerned to work out proposals for the conclusion of a settlement agreement between the RF Central Bank and Pugachev on the issue of the sale of shares in shipbuilding businesses and by 13 October 2011 to reach an agreement. The Central Bank issued a mandate to representatives of the influential Japanese investment bank Nomura to negotiate in order to reach a settlement agreement. The source from the Nomura investment bank reported that the Central Bank used them as a cover in the process of expropriation of assets. According to information from the Vice-President of the Central Bank, Shevtsov, at the time of the expropriation there was a visit by the head of Nomura to the Kremlin and a meeting with President Medvedev regarding the issue of the placement of foreign reserves of the Central Bank with Nomura. [55]

The negotiations dragged on. At the start of 2011 the President expressed his impatience regarding the completion of the transfer of the shipyards. At a press conference, President Putin said that the owner of the shipyards (Pugachev), was responsible for the failure to transfer ownership of the shipyards to the state and expressed a threat that he would intervene, if Pugachev's holding company, OPK, did not show "good sense".[56]

Under the conditions of increasing pressure from President Putin and the Russian Government with a view to completing the transfer of the shipyards, the Central Bank has applied to the Moscow arbitration court for transfer of the shipyards into trust. In the end the Russian court delivered an unprecedented illegal decision on the transfer of the shipbuilding shares in Pugachev's company into Central Bank trust management without the consent of the owner.[57]

During the consideration of the shipyards President Putin visited, on December 2, 2011, the Baltiyskiy Zavod (owned by Pugachev) and personally informed the employees that Baltiyskiy Zavod would become bankrupt, and the staff would be restructured in the new organisation. The legal proceedings were classified and Pugachev lost the opportunity to take part in the legal process.[58]

The plan developed therefore and implemented by Sechin, who at that time was Deputy Prime Minister of the Russian Government and Chairman of the Board of USC Directors, the President of USC Trotsenko, Ignatiev, Chairman of the Central Bank of the Russian Federation, Miroshnikov, the first deputy general director of DIA, led to the expropriation of equity participation in the shipyards. In the auctions of 2012 shares in Severnaya Verf, Baltiyskiy Zavod and the "Iceberg" Design Bureau were acquired by OSK for 12.7 billion rubles.[59][60]

This includes 70 hectares of land on Vasilyevsky Island, on which there is the largest development project in the north-west, implemented for 8 million US dollars.

In October 2011, Sechin resigned from his post as Chairman of the Board of Directors of the OSK, leaving his successor Vladimir Lisin.

On 6 October 2011, Lisin was appointed Chairman of the Board of Directors of OSK. The case for the Russian industry is unprecedented. After all, this is not about former officials, academics, investment bankers, or even Western managers (enough examples), but about the richest businessman in Russia.[61] According to media information, Pugachev met Lisin in London to discuss issues of regulating the expropriation of the shipyards, but the meeting never took place. Trade in expropriated assets was closed to the public in violation of the legislation.

RF Rosimuschestvo concluded an agreement on organisation of trade with sale of shipbuilding assets to a certain company "Camelot" LLC. According to the Federal Tax Service of the Russian Federation, "Camelot" LLC is registered at a mass registration address in Ivanov. The managing company and sole owner of the "Camelot" LLC was the LLC "Management and Business", the directors and the sole holder of the LLC "Management and Business" was a citizen of the Russian Federation, Oleg Viktorovich Borobyev, who was a head of another 390 Russian companies. In May 2013, "Camelot" LLC made the decision on accession to the "Krug" LLC and on 17.09.2013 joined this company. 30.10.2013 — The "Krug" LLC took the decision for liquidation. 18.03.2014 — The court finds "Krug" LLC bankrupt. 23.09.2014 — The bankruptcy of the "Krug" LLC terminated recording of the liquidation of the company in EGRYuL. "Camelot" LLC released its shipbuilding company assets to a value of 12,978,603 thousand rubles. Consequently, trading was carried out by one-day firms, registered to a natural person registered in the Ivanovo region, by analogy with the sale of Yukos assets by the Baikal Finance Group.

At this point the media distributed the only version of the expropriation by Russia of the assets of Pugachev, a technical leader who acted as Deputy Prime Minister Sechin.

Yenisei Industrial Company

Sergei Pugachev's assets also included Yenisei Industrial Company (EPC), which acquired the licence (up to 31 May 2020) for the development of the Elegest highlands in Ulug-Khem coal basin in Tuva, a remote region in the southern central part of Russia on the border with Mongolia. The Russian Government later gave permission for construction of the railway, which needed to be used for movement of coking coal from the deposit.[62]

At the time of acquisition of the deposit, it was impossible to calculate whether the investment in EPC was profitable, it was necessary to finance the geological surveys. As a result of the surveys after acquisition of EPC by Pugachev, it was established that the coal deposit was the largest in the world for reserves of coking coal and contained about a billion tonnes of coking coal of the high quality.

In 2008, EPC signed an agreement on the technical and economic foundation and rights to acquisition of 25% of shares at the market price and the option of up to 49% of the Japanese conglomerate Mitsui, in accordance with which Mitsui financed the geological exploratory work, on an irrevocable basis.[63]

After the expropriation of Russian shares that started in 2010, Pugachev took the decision to sell EPC. In August 2010, OPK-Mining hired the company Credit Suisse for the EPC assessment to determine the list of potential applicants for purchase According to the KMPG assessment in 2011, the value of EPC amounted to 5 billion US dollars. After the signing of the mandate, Credit Suisse conducted а global road show around the world and presented a list of 40 potential buyers, which also includes the Mitsui group, and Arselor Mittal, under the control of Lakshim Mitall.

Given the fact that EPC will be sold to a foreign company, Putin warned Pugachev about the sale of the company. Pugachev was forced to stop negotiations with all foreign applicants. Putin suggested, as potential buyers of the company, EvrazHoldings, Abramova and Abramovich and Severstal, according to information from the media, belonging to Yuri Kovalchuk. Nevertheless, in the end, it was decided that the only possible Russian EPC buyer was the "Russkaya Mednaya Company" of Igor Altushkin. This deal was agreed with Putin.

EPC expropriation

In 2011, an agreement was signed for the sale of EPC to "Russian Mednay Company" between the companies Basterre Business Corp. (for the seller) and Devecom Ventures Ltd. (for the buyer). Under this deal, Pugachev received 2.4 billion US dollars and part of the profits from the company's development over the next 6 years. Altushkin confirmed to Pugachev that Putin agreed the deal. Under pressure from the government, Pugachev was forced to agree to the sale.

The American company Gerald Metals, representing Altushkin's interests, valued the company at more than 5 billion dollars. In order to remove the company from the market, Altushkin was given the first payment for the deal to the amount of 150 million US dollars and under the conditions of the deal, before the payment of the purchase price, Altushkin's business partner had to be appointed chairman of the board of Directors of EPC. The business partner turned out to be a well-known friend of the President of the Chechen Republic Ramzan Kadyrov, Ruslan Baisarov.

In 2011, the government intervened in the deal. Altushkin used these events as an excuse for violating his obligation to pay for EPC shares. Given the positions on the board of directors and the senior management positions the company was already under the control of Baisarov and Altushkin. In 2012, in his letter from the company of the same name, non-existent at that time, EPC LLC to President Putin, Baisarov asked to remove the licence from EPC and transfer it to his private company. According to media information, this agreement took place between Putin and Kadyrov (the President of the Chechen Republic) at the time of the inauguration.[64]

Putin instructed the first Deputy Prime Minister Shuvalov to remove the licence and transfer it to Baisarov's organization. On 4 September 2012, at a meeting at Government Baisarov asked to find a way to cancel the licence of the EPC JSC. It is noteworthy that those present at this meeting included Miroshnikov, the Deputy Leader of the Deposit Insurance Agency and one of the main authors of the attack on Pugachev in Russia and abroad.

On 28 December 2012, the Government withdrew the EPC licence that was valid until 2020.[65] The basis for withdrawal of the licence was the failure of EPC to fulfil its obligations, with EPC at that time controlled by Altushkin and Baisarov.

The licence for development of the Tuvan Elegest deposit was transferred to the Tuvan Energy Industrial Corporation, registered to Baisarov.[66]

Altushkin refused to make payments for the agreement he signed with Pugachev due to the expropriation by the Russian Federation of this asset. As a result of the deal the Government, Altushkin and his Chechen business partner Baisarov, the EPC licence was expropriated without payment of compensation to its owner. 1.5 billion dollars from the EPC budget, allocated for the infrastructure project, were transferred to Russian Railways (Yakunin). It is not known what happened to this money.

Hotel in Red Square (Middle Trading Rows)

In 2000, the Administration of the President of the Russian Federation announced a project for restructuring of certain historical buildings, adjacent to Red Square in Moscow ("Buildings in Red Square"). For this purpose, a state enterprise was created under the name "Kremlevsky", with the rights to manage these buildings.

In 2004, Putin asked Sergei Pugachev to provide the Ministry of Defence with 1.5 billion rubles for construction of housing for military servicemen. Money was allocated, and as compensation for Management of the affairs of the President for his personal instruction of an investment agreement signed with Pugachev's covering the reconstruction and development of the Middle Trading Rows. Upon completion of the reconstruction, it was planned to open the five-star "Kremlyevsky" hotel complex.[67]

The project was presented by managers to Kozhin. At the presentation, he said that the main difficulty in choosing the investor for "Kremlevsky" was the strict conditions involving compensation to the former owner in the form of the Ministry of defence of the amount of about $60 million on a full advance payment and the impossibility of registration in the property of the story of part of construction (more than half the total area of the complex of buildings). Kozhin also said that these conditions are accepted only by United Industrial Corporation (OPK), and became 100% owned by the investor of the project. According to him, the Ministry of Defence has already paid compensation to Pugachev from its own funds.[68]

In London, the value of similar apartments amounts to about 100 thousand dollars per square metre. In Kremlevsky this maximum may be exceeded. For creation of the "Kremlevsky" hotel complex, the architect Jean-Michel Wilmott was invited, as a major specialist in decoration and interior design of architectural monuments. Luxury interior decoration cannot be appreciated by everyone, with a nightly room rate beginning at 10 thousand dollars, as not everyone could measure their financial power trading on the diamond exchange as proposed here.[69]

As Putin insisted in 2007, the Crown Prince of Saudi Arabia Alwaleed Bin Talal Bin Abdul Aziz Alsad was approved for management of the hotel complex by the Raffles company. Pugachev obtained the right to ownership of the residential part (about 40 thousand square metres) on Red Square after completion of their construction, and 2 hectares of land, as well as a concession for the "Kremlin" hotel management operation in the perimeter building at the same address. In addition to its obligations under Financing in accordance with the Investment Agreement, Pugachev's company transferred 1.5 billion rubles to the Ministry of Defence, as indicated above.

According to data from the Accounting Chamber, the money allocated by Pugachev for construction to the military services of the Ministry of Defence for the most part has been taken. At the date of the evaluation, according to the data of the Ernst and Young assessment, only an investment agreement during the economic crisis was estimated at 950 million US dollars.[53] This evaluation was conducted for the purpose of raising loans for implementation of project. After the Decree of President Putin, approving the terms of the Investment Agreement for Red Square on 14 February 2005 Pugachev's company OPK Development initiated reconstruction of this property. Completion of the reconstruction was scheduled for 2009—2010.

Expropriation of Middle Trading Rows

In August 2008, when Alexei Kudrin, who was at that time in the post of Finance Minister, informed Pugachev that Putin wanted to take on the project to build a five-star hotel and residential complex in one of the most prestigious areas of the capital on 5 Red Square. Pugachev agreed to concede the project, at market price. Initially, the Government provided payment of compensation for the Middle Trading Rows, the responsibility was even included in the form of amendments to the Law "On the Federal Budget for 2009" of 28 April 2009, recognizing its obligations regarding compensation, the remainder of the decision was made for inclusion in the 2010 budget.[70] In accordance with Putin's instructions, the responsibility for market value compensation of the losses incurred in connection with the nationalisation of Pugachev's project, the first vice-premier of the Russian Government was appointed – V. Zubkov.

In 2009, the President's Administration terminated the contract and transferred the matter to the Federal Guard Service, with construction frozen, without any compensation, yet the story of the hotel project is not over.[71] In March 2011 Pugachev's company the "Middle Trading Rows" LLC tried, through the court, to withdraw 41 billion, but the attempt was unsuccessful, filing a claim against the Ministry of Finance and demanding compensation for the abandonment of the project, and also for expenditure on this development project.[72]

As a result of the expropriation by the Russian Government of the project on Red Square without paying compensation, in October 2013 the Moscow Court of Arbitration filed for bankruptcy of the company STR. Despite the fact that all the credit liabilities of the company were fulfilled by the company. Pugachev fulfilled all the STR obligations, paying from his own resources. Nevertheless, the DIA challenged these payments in court, and did not include this liability in the register or creditors.

On 14 September 2016, the Moscow Court of Arbitration considers the application for liquidation of the Trade and Development Board.

The "Gribanov" development project

One of the jewels among Pugachev's developments was the project for development of 1162 hectares of land in the Krasnogorsk region and the Odintsovo region.

The project intended to develop land plots of elite properties, the development of the concept involved the office of the well-known French architect Jean-Michelle Wilmotte, and the construction of the golf courses involved the world-renowned architect Arnold Palmer.

In 2009, in consultation with Putin and Medvedev, the VTB Chairman Kostin proposed early payment of the loan for the land, under mortgage to VTB, with the market value of the 1162 hectares estimated at more than 4 billion US dollars.[73]

To implement the project, Pugachev's organizations had been able to borrow from VTB to a sum of 1 billion US dollars. The Pugachev-controlled company OPK-Development had to manage the construction of the real-estate projects of the Gribanov project. According to media information, one of the sites located in the region of the Presidential residence Novo-Ogarevo, acquired by Pugachev (1162 hectares), turned out to be in the ownership of the Federal Protective Service. The media reported that this was the payment for implementation of this project by Pugachev.[74][75]

Expropriation of the "Gribanov" development project

In 2009, individual members of the Leninskiy Luch collective farm filed a petition in the Krasnogorsk court for cancellation of the original deal with the Dmitrov State Farm in 2003. This petition was rejected by the court due to the expiry of the validity period.[76]

In 2012, there was another attempt to challenge the original deal with the State Farm. At that time the Leninsky Luch collective farm as a legal entity brought proceedings in the Moscow Court of Arbitration against the state farm and company Optic-Trade (owner of the land controlled by S. Pugachev) with a request for recognition of the ownership rights of the collective farm for 167 plots.

Concerning the fact that the company Optic-Trade was not informed about the court proceedings and was unable to state his defence of the expiry of the limitation period in 2013, the Moscow Court of Arbitration ruled in favour of the collective farm, declaring them the legal owner of the land plots, purchased from Optic-Trade. The company only learned of the court proceedings of the Leninsky Luch collective farm after receiving the notice of appeal, filed by the Dmitrov state farm. Optic-Trade filed its own appeal against the decision of the Moscow Court of Arbitration concerning the fact that it was not given the opportunity to take part in the proceedings, but the appeal was dismissed.

The Federal Court of Arbitration of Moscow district upheld the legality of the decision of the Tenth Arbitration Appeal Court, denying the "Optic-Trade" the right to appeal.[77]

As a result of the anti-corruption fund of Aleksei Navalny, the owners of the land became entities controlled by the family of the general Prosecutor of the RF Chaika.[78]

Foreign assets

From the start of the 2000s, the media has regularly covered the acquisition by Pugachev of assets abroad: Businessmen started the Luxe TV channel project, broadcasting in various languages in 20 countries of the world.

In 2007, he acquired the well-known French grocery business Hediard (the oldest and largest chain of stores in the most expensive segment, owning 320 stores in 30 countries around the world. The analysts called this deal the "breakthrough of Russian capital into the world market" and compared it with the purchase of the Chelsea football club by Roman Abramovich in 2003).[79]

In 2008, an entrepreneur bought from his friend, the nephew of the English Queen Elizabeth II Lord David Linley, half of the company David Linley Holdings Limited, specialising in design of yachts, interiors and furniture.[80] Linley's company became famous for designing the largest yacht in the world, Lady Moura (for Saudi Arabian Prince Araviy Al-Rashid), and also the interiors of the hotel Claridges in London. The basic version is the acquisition by Pugachev of the Linley company for development, design and decoration of the Kremlevsky hotel at a Red Square address d.5.

In August 2009, it became well-known that the purchase by Pugachev of an American pharmaceutical company, the Biopure Corporation, the stock exchange value of which reached 3.5 billion US dollars.[81]

In 2000, Pugachev organised production of one of the most expensive watches of the BLU brand, together with the well-known watches of the master Laderrer. At the auction in Monaco, part of the "Gagarin" series were sold for 360 thousand euros. According to various information, it was the active investment by Pugachev in foreign assets that was the source of conflict with Putin. At a meeting at the Kremlin in 2002, Putin suddenly suggested to Pugachev to come up with a legislative initiative for returning the capital exported abroad.[82]

With the aim of obtaining visible "legality" of the expropriation of assets, and in order to help Sergei Pugachev in effectively protecting violated rights of the Russian state used the legal possibility of persecution of businessmen, not only in Russia, but also abroad.

In December 2013, 3 years after the time of withdrawal of the licence from the International Industrial Bank, the Deposit Insurance Agency brought a claim to the Moscow Court of Arbitration regarding the subsidiary responsibility for the debts of the IIB (declared bankrupt in December 2010) to the former head of the IIB – Aleksandr Didenko, Aleksei Zlobin, Marine Illarionova and also to Sergei Pugachev, declaring him a "de facto owner of the bank" determining the decisions taken by the bank.[12]

The criminal proceedings of Pugachev are characterised by serious violations and abuse of power by the Russian authorities. Despite the fact that the main motive of the investigating authorities is the International Industrial Bank, due to the fact of bankruptcy for which criminal proceedings were initiated in 2011, claims against Pugachev occurred only in 2013. Key members of the leadership of the IIB, such as the chairman of the board of directors Gerald Kowalski, did not provide witness statements in the process, and consequently presses charges, mainly in the form of guided statements of the owner of the IIB D. Henderson Stewart and the former director of the Bank Alexandr Didenko, who signed the agreement concerning cooperation with the investigation.

Shortly after filing a lawsuit in a Moscow court, Deposit Insurance Agency submitted an application to the High Court in London with a claim for interim measures in support of the Moscow claim. The interests of the Deposit Insurance Agency are represented by the firm Hogan Lovells. It should be noted that in the London courts, there were no independent claims against Pugachev and the Deposit Insurance Agency processing was associated with security measures, rather than independent claim requirements.

At the end of 2014, the Russian Interpol bureau posted on its site information about Sergei Pugachev being wanted. After dealing with the complaint of his French lawyers to the Central Interpol Bureau Pugachev was excluded from the investigation base in connection with the political motivation of statements from the Russian side. The Russian Federation refused to enter Pugachev on the Interpol wanted list.[83]

On 22 September 2015, the Hague International tribunal officially registered the complaint of Pugachev against Russian Federation (12 billion US dollars).[84]

Leaving Russia

Pugachev became a French ciitzen in 2009.[85] By 2011, Pugachev was under investigation by the Russian government for embezzling loans from the government to Mezhprombank.[85] Pugachev argued the charges were politically motivated and left Russia to live in London, where he has a house with his partner Alexandra Tolstoy and their children.

Despite living in the UK, Pugachev was not free from his legal battles, as the Russian government used the London courts to target him. Most of his $15 billion fortune was frozen in 2014, under a worldwide freezing order issued by the Chancery Court and upheld by the Court of Appeal.[85] In June 2015, despite a court order to stay in Britain, Pugachev fled the country and turned up in Nice, France.[85]

Social activity

During his time as a Senator, Pugachev has financed construction of hotels, an airport, construction of a complex, construction of a museum and placing of it in the unique relics of Scythian burial mounds Arjaan-1 and Arjaan-2 in the Republic of Tuva to the amount of about 10 million dollars.[86]

It is due to the dedication of Sergey Pugachev that the resources were available to build and deliver a modern sport complex "Subedei".

In December 2008, Sergei Pugachev presented a unique collection of scythe gold.

The opening of the exhibition at Tuva's National Museum was attended by the British Queen's nephew and the chairman of the board of Directors of the auction house Christies, Viscount David Linley and his wife Serena, Princess Salima, well known for her charity work, and Lord Bruce Dundas, managing director of the British company Asprey, supplier of luxury goods.[87]

Galina Pugacheva organized the charity fund "Dar" to benefit orphanages.

It is well known that Pugachev defended 2 dissertations. His defence of the thesis "Methods and investment policy of the management model of the bank" took place at the Russian Academy of Sciences.[88] In October 2000 in Moscow, Pugachev defended the dissertation of "development of information technology for management of financial resources of credit organizations"[89] According to official data, he was awarded a degree as Doctor of Technical Sciences. In addition, it is believed that Pugachev wrote three monographs and was the author of more than forty research papers.

Pugachev is a member of the International Engineering Academy (successor to the USSR Academy of Engineering), engaged in "active work on the connection between science and production". From 1993, he repeatedly attracted the Academy staff to expertise among the various projects.

At the start of the 2000s, Pugachev had the reputation of the most influential agent of orthodox ideas in Russian President Vladimir Putin's entourage: as presented by some of the media, in particular, Novaya Gazeta, it was he who introduced the President to his spiritual father, the governor of the Moscow Sretensky Monastery, Archimandrite Tikhon (Shevkunov), and other senior clerical figures.[90]

Business timeline

Family

He was born into a military family.

His grandfather on the paternal side (Fyodor Kuzmich Pugachev, 1892), an officer of the Tsarist army, fought in the First World War from 1914–17 as staff Officer of the 4th Nesvizhsky Grenadier Regiment of Field Marshal Prince Barclay de Tolly. In the Soviet era, he held command positions in the Red Army. From July 1918, the Commander of the 1st Don Soviet Infantry Division, led the fighting against the troops of General Krasnovo on the northern side of the Tsaritsyn Front. Cavalier of the order of the Red banner. Not involved in the ranks of the Communist party. Later held positions of command in the Red Army. In his 30's, he was arrested. On 19 November 1941, he was appointed as commander of 22nd Separate Infantry Brigade as part of the second Shock Army of the Volkhov Front. He died on 25 June 1942 near the station Myasnoi Bor.[97]

His grandfather on the maternal side (Konstantin Timofeevich Klochkov, 1906) held command positions in the Red Army. He was Commissar of 60 guards 20 guards in the rifle division. He died on 9 September 1942.

His father, Viktor Fyodorovich Pugachev (b. 29 May 1930), was from 1943 the first year student in first issue of the Kiev Suvorov Military School. Commander of the order of Red Star, he held command positions in airborne troops. From 1973, he was the first commander of 21st Paratrooper brigade. He retired as Deputy Chief of the department of general tactics and operational art of the Military Academy. He died in 2010 in France.[97]

Sergei Viktorovich Pugachev is presently divorced, with 2 adult sons from his marriage with Galina Pugacheva and 3 children from a British citizen Alexandra Tolstoy (the daughter of the British historian and politician Nikolai Tolstoy), in addition to 5 grandchildren.[97]

Awards

References

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  2. ↑ "Экс-сенатор Пугачев сообщил об обыске в доме его жены". rosbalt.ru. Retrieved 13 March 2017.
  3. ↑ Александра Толстая и миллиардер Сергей Пугачёв
  4. ↑ lenta.ru
  5. ↑ АиФ
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  8. ↑ Ответ на запрос в СПбГУ
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