Some still incomprehensible movements are happening around the former head of Russian Railways Yakunin. Just last Friday, we read the news that the license of Millennium Bank, a pocket bank of Russian Railways, where Vladimir Ivanovich’s wife Natalya Yakunina was on the board of directors, had been revoked. On the same day, searches were conducted at the home of Sergei Mikhailov, a former member of the board of directors of Russian Railways, who has been holding advertising and PR contracts for Russian Railways for a decade. Well, calling FBK employees to testify.

I don’t want to turn into a psychic political scientist and guess what is behind all these events, who jumped on whom, and how much the conditional security forces had a fight with the conditional liberals, or a specific Yakunin with a specific Putin. Is there a possibility that old man Yakunin, our longtime favorite and constant hero of investigations, is really being taken seriously? Of course it exists.

Yakunin is a symbol of corruption in Russia. If someone decided to draw a coat of arms of corruption, it would show Vladimir Ivanovich in a fur coat and watch, in the house of the gatekeepers or the home chapel, entwined in a network of endless offshore companies and spiritual bonds.

It would seem, how much can one person, or family, steal? How many times can the same scheme, working on the same principles, be pulled off with the help of the same people? And how long can such a model last?

We have written a lot about how the Yakunin family business, led by their eldest son Andrei Yakunin, is inextricably linked with Russian Railways. First we found a network of station hotels, then for trains and a reservation system, and then for a billion rubles.

At some point, the penetration of Yakunin Jr. into Russian Railways acquired some unimaginable proportions - it is offered to book a room at Andrei Yakunin’s station hotel through the Andrei Yakunin payment system, having previously purchased a train ticket also through the Yakunin payment system. There are commissions and service fees everywhere, everything is registered in the same offshore company.

In fact, we did more investigations, and some of them remained in the archives of the FBK after the resignation of the fur power. Now let's blow the dust off some of them. Fortunately, investigating the business of Yakunin and his circle is simple and pleasant. His offshore empire is so uncomplicated that any fifth grader, not to mention an investigator from the Ministry of Internal Affairs, could triumphantly expose him.

As most of our readers remember, the business of Yakunin’s eldest son Andrey is registered in two Cyprus offshore companies - VERLYS NOMINEES LIMITED And V.R.L. NOMINEES LIMITED. This is not any guesswork or speculation, just study the list of his “projects” on the VIY Management company website, check the owners of legal entities, and you will find our old friends from Cyprus - the Lyssiotis family of lawyers. Yakunin’s estate in Akulinino is also registered in an offshore company that formally belongs to them.

Upon closer inspection, these offshore companies have several more interesting assets. You won’t believe it, but they are all again connected with Russian Railways.

For example. Anyone who has ridden Sapsan has definitely seen this magazine:

It is a monthly publication with a circulation of 80,000 copies. A million magazines a year. Although the magazine is free for passengers, they charge quite decent money for advertising:

The publication of this magazine is carried out by Reklamotiv LLC. He also publishes the magazine “SACVOYAGE SV”, the monthly circulation of which is 400 thousand copies. Distributed in compartments and SV carriages.

http://bd-event.ru/ru/events/

Since 2012, this company has organized practically nothing except various railway and other transport rallies.

Here is Yakunin himself at the “1520 Strategic Partnership” forum organized by Business Dialogue:

In the last year alone, Business Dialogue LLC won tenders for 1 billion rubles, the bulk of this money - 677.5 million - was made up of one competition from Russian Railways for the right to organize the participation of Russian Railways JSC in exhibitions and conferences, as well as the organization, holding and provision of exhibitions and conferences of JSC Russian Railways from 2015 to 2017.

It would be strange if such a wonderful thing as organizing events passed by the tenacious paws of the Yakunin family and their immediate circle.

Yakunin Vladimir Ivanovich

Vladimir region, RSFSR

Public figure. Ex-president of JSC Russian Railways (RZD), former first deputy minister of railways and deputy minister of transport of the Russian Federation.

Chairman of the Board of Trustees of the St. Andrew the First-Called Foundation and the Center for National Glory, Chairman of the Supervisory Board of the Dialogue of Civilizations Research Institute.

Heads the board of trustees of the charitable foundation for social assistance to children "Spread your wings!"

Doctor of Political Sciences, Head of the Department of Public Policy, Faculty of Political Science, Moscow State University. M. V. Lomonosov.

He has state awards, including medals "For Military Merit", the Order of Honor and the Order of Merit for the Fatherland, 1st degree, as well as awards from a number of foreign countries.

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Family

Spouse - Natalya Viktorovna Yakunina. An engineer by profession, we met in the ninth grade and got married in the fourth year. Currently engaged in charitable and social activities.

In July 2013, Vladimir Yakunin and his wife co-founded and headed the endowment fund of the World Public Forum "Dialogue of Civilizations", registered in Geneva.

The Yakunins have two sons and three grandchildren.

Son - Andrey Vladimirovich Yakunin- (born in 1975) graduated from the Faculty of Economics of St. Petersburg State University. He worked at the Pribaltiyskaya hotel complex in St. Petersburg, was a co-founder of Tristar Investment Holdings, and served as director of the British investment company Venture Investments & Yield Management (VIYM). According to his father, Andrei Yakunin has “brilliant analytical skills” and is a “workaholic.” Gives a course of lectures at St. Petersburg State University. Has a son and daughter.

In 2009, the Regional Hotel Network (RGN), owned by Andrei Yakunin, signed a strategic agreement with The Rezidor Hotel Group to open 20 hotels under the Park Inn by Radisson brand in major Russian cities. By July 2016, hotels of this brand had already been built and operating in Kazan, Astrakhan, Izhevsk, Yaroslavl, Volgograd, Sochi and Novosibirsk.

The youngest son of Vladimir Yakunin - Victor Yakunin(born in 1978) graduated from the Faculty of Law of St. Petersburg State University, continued his education at a European university, since the mid-2000s he worked in the Russian office of the trading company Gunvor, since 2007 he served as director of legal affairs, overseeing the legal support of Gunvor projects in Russia. He is the head of the infrastructure investment department at his older brother VIYM. His wife Darina owns the Polyandria children's literature publishing house.

Biography

Subsequently, he recalled that he was in this village only two times in his life: when he was born and the second time - when he visited his grandparents.

He spent his childhood until he was 14 years old in Estonia, in Pärnu, where his father, a border troops pilot, served. Mother worked as an accountant. He considers his hometown to be St. Petersburg, where the family moved in 1964 after his father’s demobilization.

In Leningrad, Vladimir Yakunin graduated from secondary school No. 366.

In 1972, he graduated from the Leningrad Mechanical Institute (Voenmekh, now the Baltic State Technical University named after D.F. Ustinov) with a degree in Aircraft Manufacturing, a mechanical engineer, specializing in the design and maintenance of long-range ballistic missiles.

After graduating from university, Yakunin worked at the State Institute of Applied Chemistry, which at that time was a closed structure working for the needs of the military-industrial complex. In 1974, he entered service in the USSR KGB Directorate for Leningrad and the Leningrad Region. From 1975 to 1977 he studied at the faculty of the KGB Higher School named after. F. E. Dzerzhinsky.

In 1977, he was sent as an active reserve officer to the State Committee for Economic Relations under the Council of Ministers of the USSR. In 1982, he received a transfer to the 1st Service of the KGB for Leningrad and the Leningrad Region.

In 1982-1985 - Head of the foreign department of the Physico-Technical Institute named after. A.F.Ioffe USSR Academy of Sciences.

In 1985 he switched to diplomatic work. Second, and then first secretary of the Permanent Mission of the USSR to the UN.

In 1991, he left government service and started entrepreneurial activity. Together with a group of former colleagues, he created the International Center for Business Cooperation. At the same time, he participated in the creation of Rossiya Bank. Subsequently, he was vice-president of NPP Temp and general director of CJSC Bikar.

In 1996, together with Vladimir Putin and six other shareholders founded the Ozero cooperative.

In 1997-2000 - Head of the North-Western District Inspectorate of the Main Control Directorate of the President of the Russian Federation (since March 1997, the GKU, after moving from St. Petersburg to Moscow, was headed by Vladimir Putin).

From October 2000 to February 2002 - Deputy Minister of Transport of the Russian Federation, oversaw the development of the merchant fleet and the activities of seaports of the Russian Federation.

In February 2002, Yakunin became First Deputy Minister of Railways.

On October 24, 2003, the board of directors of Russian Railways OJSC unanimously approved the candidacy of Vladimir Yakunin as first vice president of the company. In the company, he oversaw the financial and economic block.

In 2005, by order of the Government of the Russian Federation, Vladimir Yakunin was appointed president of Russian Railways OJSC.

In 2008, 2011 and 2014, Yakunin’s powers were extended by the Government for three-year terms.

In 2012, he was appointed to the post of Chairman of the International Union of Railways for a period of two years, and in 2014 he was reappointed.

The main goal of Vladimir Yakunin at Russian Railways was to reform the railway industry.

He had to transform the former ministry into an efficient commercial company, attractive to business and convenient for passengers.

In accordance with the tasks assigned to the management of Russian Railways by the government, the company was radically restructured. Private companies entered the industry for the first time, both in the cargo and passenger sectors.

By completing a deal to buy out 75% of the shares of the logistics operator Gefco, Yakunin made Russian Railways a full-fledged participant in the European transportation market.

Under Vladimir Yakunin, forgotten Soviet projects at the Eastern training ground came to life again.

Thus, the construction and modernization of the Baikal-Amur Mainline continued. The project involves the construction of 13 new railway lines. Over the past 10 years, the capacity of the Trans-Siberian Railway has increased significantly. This was achieved through the electrification of a number of sections of the highway and the completion of second and bypass tracks. The project for the construction of a backup link between the Chinese Railways and the Trans-Siberian Railway has been completed.

All this made it possible to reduce the passage of cargo. So, from Germany to China the train takes 11-15 days versus more than a month by sea. The route speed of container trains also increased one and a half times - by 2016 it reached almost 1000 kilometers per day compared to 650 kilometers per day in 2006.

In the northwestern direction, Yakunin pursued a policy of creating Russia’s logistical independence from Baltic transit. Over the course of several years, railway approaches to the port of Ust-Luga, located in the Leningrad Region, were built, which became one of the main centers of maritime cargo transportation in the region.

Passenger transportation was reformed. Thus, during Yakunin’s leadership, daytime express trains appeared on the railways - trains with seats for short routes lasting 3-8 hours. The rolling stock has been updated. New high-speed and high-speed trains have entered service: "Sapsan" on flights between Moscow and St. Petersburg, "Allegro" - between St. Petersburg and Helsinki, "Swifts" - between the capital and Nizhny Novgorod and Berlin.

More than ten Lastochka routes connect several Russian cities at once. "Swallows" transported spectators of the Olympics in Sochi and operate on the MCC. Brand new double-decker trains have appeared on busy routes. Old German carriages of international trains were replaced with new domestic ones.

Yakunin paid great attention to the localization of railway equipment.

So, if it was impossible to launch the production of Sapsan in Russia due to a small purchase batch, then in the case of Lastochka (a modification of the German Siemens Desiro train adapted to Russian conditions), it was possible to achieve the production of most of the components and assembly of the trains in Russia. Today these trains are produced near Yekaterinburg at a plant in Verkhnyaya Pyshma.

In 2007, the company rebranded. The corporate colors replaced green with red and gray. The company was able to avoid significant rebranding costs by incorporating new colors into routine work: rolling stock and infrastructure were repainted during scheduled maintenance for several years.

Over the past decade, the company has renovated most of the capital's and large regional stations. The station space was also subject to modernization - shawarma was replaced by food courts, gadget charging stations and free WiFi points were installed in the waiting rooms.

One of the last major projects created with the participation of Vladimir Yakunin at Russian Railways is the Moscow Central Circle, an analogue of the elevated metro, which has become the largest interchange hub in the capital. On August 20, 2015, Vladimir Yakunin resigned early from his post as president of Russian Railways.

Yakunin refused the seat offered to him in the Federation Council and devoted himself entirely to social activities.

In July 2016, in collaboration with the former Secretary of the Council of Europe W. Schwimmer and professor at the University of Göttingen P. Schulze he founded the Dialogue of Civilizations research institute in Berlin, whose goal is defined as reducing tensions in world politics.

Today Vladimir Yakunin is also the chairman of the board of trustees of the St. Andrew the First-Called Foundation.

He is engaged in scientific activities - he heads the Department of Public Policy, Faculty of Political Science, Moscow State University.

Vladimir Yakunin is a visiting professor at the Stockholm School of Economics and Peking University. Honorary Doctor of the Diplomatic Academy of the Russian Foreign Ministry.

On Yakunin’s initiative, together with the Faculty of Political Science of Moscow State University, in 2016, an educational program was launched to increase the prestige of political science education, PolitIQ, within which students have the opportunity to intern at the most famous universities in the world.

Yakunin promotes the idea of ​​Russia's integration into the "New Silk Road" - a transit route between Europe and China. Promotes the concept of the Trans-Eurasian Development Belt (TEBD).

Income and property

Vladimir Yakunin earned his main fortune in the nineties.

He participated in a number of entrepreneurial initiatives - from the creation of the Bikar auto center to the development of Rossiya Bank. Later, the fate of Vladimir Yakunin was connected with the Stream holding, which was engaged in exports. Vladimir Yakunin became a wealthy man long before joining Russian Railways.

In 2006, according to the Vedomosti newspaper, Yakunin earned more than 21 million rubles as chairman of the board of directors of Transcreditbank alone.

Vladimir Yakunin revealed his salary as president of Russian Railways in 2015. It amounted to more than 4 million rubles per month.

Scandals, rumors

In June 2013, a message appeared on news agencies about the resignation of the head of Russian Railways. Alexander Misharin was appointed instead, media reported citing the press service of the Cabinet of Ministers.

However, soon news agencies refuted their own reports, pointing out that the government press service does not officially confirm “the fact of sending out a message about the resignation of the head of Russian Railways.” After some time, the agencies canceled the message about V. Yakunin’s resignation. Until now, the customers of the fake mailing have not been found.

On March 20, 2014, the United States imposed sanctions against key sectors of the Russian economy due to “violations of the sovereignty and territorial integrity of Ukraine.” The document also expanded the circle of Russian officials subject to visa and economic sanctions. The extended list, in particular, included Vladimir Yakunin. He himself denied his involvement in the events in Ukraine and Crimea.

The press service of Russian Railways stated that this decision is a consequence of the “inadequate reaction of the US administration to the free expression of personal civic position on an issue that has enormous public resonance in Russia,” and the denial of entry to Yakunin, who is the chairman of the International Union of Railways, means a refusal not only the head of a Russian state-owned company, but also the head of a large global organization.

Vladimir Yakunin was not included in the European Union sanctions list.

In 2017, he waived the right to take advantage of the law on compensation for Russians subject to sanctions.

Mount Jakobshorn offers a picturesque view of the Swiss city of Davos, where not the poorest tourists like to relax and ski and snowboard. Venture Investments & Yield Management (VIYM) manager Andrei Yakunin, the son of former Russian Railways President Vladimir Yakunin, flew to Davos in March 2017, but was in no hurry to put on his ski boots; he participated in the opening ceremony of the four-star Spenglers Hotel, named after the local doctor Alexander Spengler. This hotel is another VIYM development project in Europe.

Andrey Yakunin's team manages assets worth $1 billion - real estate and direct investments (including debt financing). Yakunin says that he organized the asset management business thanks to unrelated events and coincidences. In 2008, he moved to a new place of residence in London, where he received an Executive MBA from a joint program of the London Business School and Columbia University (USA). When choosing a specialization, he settled on private equity, which was facilitated by fascinating lectures by Glenn Hubbard, dean of Columbia University and member of the board of directors of the financial giant Blackrock (assets more than $5 trillion).

By that time, Yakunin had some experience in the direct investment market, although taking into account Russian specifics. He worked as the financial director of the largest hotel in St. Petersburg, the Pribaltiyskaya Hotel, when at the end of 2001, the head of the City Property Management Committee, Valery Nazarov (who later became a member of the board of directors of Russian Railways), transferred 51% of its shares to the Water Entertainment Center company without competition. This company undertook to build the Waterville water park on the adjacent territory and spent about $30 million on this. The remaining 49% of the Pribaltiyskaya Water Entertainment Center was bought from the city for $18 million. Yakunin says that the city did not have financial resources and he and other hotel managers made a management buyout. The hunt for hotels in St. Petersburg was serious - among the contenders for the “Pribaltiyskaya” was Mark Balazovsky, a confidant of St. Petersburg businessman Mikhail Mirilashvili. In 2006, Yakunin and his partners sold Pribaltiyskaya to the Norwegian company Wenaas Holding for an estimated $100 million. The names of Yakunin’s partners were not officially disclosed.

The investors of Venture Investments & Yield Management, Yakunin’s current business, are also unknown. He says these are wealthy private investors with ties to Israeli business but no connection to Russia. VIYM’s second partner, Yair Ziv, who had connections in Israel and London, helped attract them. He worked for the Israeli Foreign Ministry, the investment group Target Resources and Meridian Commodities. The main owner of Target Resources, where Yair Ziv was a minority shareholder and financial director, is Israeli entrepreneur Nissim Levy, who was a co-owner of the Austrian forwarding company Far East Land Bridge before the Russian Railways group became its main owner with a 75% stake.

Yakunin and Ziv initially had about $100 million in funds from private transactions, including their personal savings. They have chosen two areas for their company's investments - hotels and high-growth small and mid-cap companies. The partners formulated VIYM’s investment priorities: in private equity these are transactions from €5 million to €15 million with shares from 25% plus 1 share to 49% of shares with companies with revenues of $10 million or more, and in hotel properties - investments of $20–75 million c shares from 25% to 100%. Yakunin clarifies that the fund does not invest in companies operating in industries with strong influence or regulation of the state or one key consumer.

One of the first investment experiences for VIYM was a deal, estimated at about $10 million, with the St. Petersburg agricultural holding of Viktor Kozyrev. His company was provided with funds for the construction of a complex for processing and packaging cereals in the Krasnodar region. When leaving the project in 2015, according to Yakunin, investments doubled. Almost simultaneously, VIYM invested in the construction of the elite residential complex “Vodoley” in Sestroretsk, where the former head of the “Ozero” cooperative, Igor Ballandovich, became a partner.

After the first successful transactions, VIYM established two Luxembourg funds: in 2012, the VIYM Greater Europe Hospitality Fund, and in 2014, the VIYM Growth Fund for investments in companies in Russia, the Baltics and the CIS (management fee of 2% plus 20% fee for success). In 2016, the total volume of the funds was about $200 million. According to Yakunin, the investors of the funds are qualified investors who are ready to invest amounts from €10 million. Yakunin and Ziv also invested their own funds in VIYM, their share is at least 20% of the initial assets. “This is a condition that we have discussed with our investors. We dream of a time when we can raise funds by investing 1-2% of our own funds. In today’s realities, this is unattainable,” says Yakunin.

VIYM Growth Fund has invested in a dozen Russian companies. Among them, for example, are the Family Doctor medical clinic and the paper products manufacturer Syktyvkar Tissue Group (see all and). Now VIYM Growth Fund has $15–20 million of free money, enough for several more projects in Russia.

Yakunin's largest transactions are related to the hotel business. One of the latest projects is the sale of the Regional Hotel Network (RGN), which includes nine hotels with operators Park Inn, Marriott and Holiday Inn. In 2016, AFK Sistema bought RGS for 6.6 billion rubles (the company’s debt at that time was 4 billion rubles). RGS was created with the participation of railway workers: in 2009, Zheldoripoteka, a subsidiary of Russian Railways, sold plots of land for hotels to RGS.

The most famous project of Andrei Yakunin - a hotel - is located in the famous “house with lions” in the center of St. Petersburg, which in 2004 was rented for 49 years from the Administration of the President of the Russian Federation for 1.2 billion rubles (that is, 90 rubles per 1 sq. m per year). Yakunin manages it outside of the Luxembourg funds. The lease rights belong to the Tristar Investment Holdings company, Yakunin is its minority shareholder. The main beneficiaries are not disclosed. Investments in the Four Seasons Hotel Lion Palace amounted, according to Yakunin, to $250 million, part of the money was provided by VTB. VIYM is considering options to exit the project. The hotel is valued at $400 million.

Nevertheless, Yakunin is pessimistic about the prospects for the Russian real estate market. “The Central Bank’s actions with the cost and availability of credit resources have a huge impact on the real estate market,” says Yakunin. - It is difficult and expensive to hedge the ruble risk. I wouldn’t want to be left with naked currency risk given the inconsistent and unpredictable policy of the national macro regulator.”

However, European projects still take up most of Yakunin’s time and energy. The VIYM Greater Europe Hospitality Fund has invested in the Italian premium project Antognolla Luxury Resort and Residences - the reconstruction of a medieval estate in Umbria (investment will amount to €150 million), as well as in the Austrian four-star Park Royal Palace Hotel. The fund is also looking at hotels in Holland, Germany and other Western European countries.

What makes business development difficult? Andrei Yakunin remains, according to European standards, a politically influential person (PEP - politically exposed person), and investors and regulators pay attention to this status. In addition, in March 2014, his father Vladimir Yakunin was on the American sanctions list. Yakunin Jr. calls this “a reduction in rights without a judicial decision” and compares it with repressions in Europe in the 1930s and 1940s. But this did not prevent the sons of the former head of Russian Railways from gaining a foothold in Europe. Andrey received British citizenship, his brother Victor has a Cypriot passport in his pocket. It's no surprise that Andrei Yakunin spent £33 million on personal property in London.

The eldest son of the ex-head of Russian Railways spoke about his home in England, his relationship with his father and “risky” investments in Russian assets

Andrei Yakunin, the eldest son of the former head of Russian Railways, became famous after an investigation published by the Anti-Corruption Foundation (FBK) in which he was named “the only “official businessman in the Yakunin family” managing assets allegedly purchased using Russian Railways resources. The FBK materials were transferred to the Investigative Committee, and the head of VIY Management, Andrei Yakunin, in his first interview, spoke to Dengi magazine about business and relations with his father.

Andrey Yakunin was born in 1975, graduated from the Faculty of Economics of St. Petersburg State University, and later received an MBA from London Business School and Columbia Business School. In 2006, together with Yair Ziv, he founded Venture Investments & Yield Management (VIYM), specializing in the management of private equity funds in hotel real estate and real sector companies. VIYM currently manages two funds registered in Luxembourg, with assets of €200 million. Andrei Yakunin lives in London with his wife, son and daughter. Has two citizenships - Russia and Great Britain.

"I was on the other side of the deal"

The abbreviation of the name of your fund - VIY - are these the initials of your father, Vladimir Ivanovich Yakunin?

Of course. They also tried to decipher RGS (“Regional Hotel Chain”, one of the company’s projects, which includes nine hotels) as “easel hand grenade launcher.” In fact, of course, this has nothing to do with the father’s name. The name of our management company is Venture Investments & Yield Management.

Please tell us about the history of the creation of funds owned by your company, and to what extent your family’s money is involved in their creation.

If by my family we mean me and my wife, then our money, yes, is relevant. When the business started, which was ten years ago, I didn’t have much money; mostly client money was raised against assets. But as co-investment platforms and funds developed, the amount of team members’ own money began to grow. And then we received the status of a registered fund in Luxembourg. According to the conditions of existence of such funds, managers (AIFM) invest 100% of their own funds in the creation of a management company with an EU passport to attract investments in Europe. And directly in funds this figure can be significantly lower...

And how much of your money is in the funds now?

We have now invested about €100 million in the Hospitality Real Estate fund in Eastern and Western Europe and about €100 million in the size of the Growth Equities fund. At the same time, the share of the management team varies from fund to fund depending on the riskiness of the strategy and the consensus of investors on our share of skin in the game (the practice in which managers buy shares of their own companies - “Money”).

Who is “nami” anyway?

The co-founders of the investment advisor and management company VIYM are me and my partner Yair Ziv. Yair and I started this business together and continue to do so.

It is known that Yair Ziv is an Israeli, lives in London for a long time, and is involved in real estate investments. How did you meet?

I met through friends, as it happens. I worked as the director of the Pribaltiyskaya Hotel, the Waterville water park was built there, and it was decided that the project would be carried on by other people, with different profitability targets. Around the same time, I received an MBA from London Business School, one of the courses was on direct investment in emerging markets. And we decided to try to create a company that would look for investment opportunities with good returns. Yair had a fairly large established base of contacts with investors who, in principle, considered risky transactions in Eastern Europe and Russia.

The press wrote that you were not just the director of the Pribaltiyskaya Hotel, but its co-owner...

I don't know which specific source you are referring to, but having spent more than seven years of my life transforming a post-Soviet hotel into a modern hotel complex, I had the opportunity to participate in the realized investment profits upon exiting the project.

By the way, I now try to use exactly this principle when building motivation for managers and executives of all companies in which we have invested: a significant share of their remuneration in the project is tied not to the process, but to the final result.

During the first few years of the funds' existence, you acquired and built nine hotels. FBK investigations say that these hotels were located on the lands of Russian Railways, and the construction was financed by Russian Railways structures.

I wouldn't call it an investigation. If there is a lot of information, then by properly packaging it, one or the other aspect can be emphasized. Depending on the goal set and the audience to which the information product is aimed, based on the same facts, completely different pictures can be presented. My classic example: for example, we have a hotel in Astrakhan (“Park Inn by Radisson Astrakhan.” - “ Money"), which a respected admirer of my humble talents calls located next to the railway station. Fact, located. It is only part of the motor transport station complex. And we bought the site from the bus workers, and not from the “locomotive”. Why is no one interested in the fact that this hotel is located not just next to, but in the same complex with the bus station? There are sites that were purchased through Zheldoripoteka when there was a downsizing, a sale of property and plots associated with one well-known corporation. So what?

Well, probably the fact that these sites were bought without tenders or at suspiciously low prices...

I was on the other side of the transaction, and it was important to me that we were doing this according to the rules established by the seller of the property. And that this does not create risks for me, of course. If a competition was required, we took part in it. If external assessment was required, we followed this path. And we did not appoint appraisers - the seller had an approved list, and, in principle, we did not care which of them would do a specific job.

But this external assessment was often a little strange. For example, a historical mansion, the famous “house with lions” in the center of St. Petersburg, where your Four Seasons hotel is now located, the fund received 90 rubles. per sq. m...

You see, if the Russian Society of Appraisers (ROA) filed a claim against one of its members that this assessment was carried out with gross violations of standards, it would be one story. If we had five comparable trades and four of them were significantly higher or lower, that would also be a very interesting thing to talk about. I don’t quite understand what to talk about in this particular case.

Do you know what the “house with lions” was like at the time of the assessment? Firstly, the lack of ownership rights means, even today, a long-term lease. Secondly, this building, to put it mildly, was not in the best condition. During its post-war history, it managed to be a potato storage facility, a school and a design institute. For some main load-bearing structures, wear was more than 80%. And there was a restriction on use. And at that time nothing was bought in St. Petersburg except residential real estate. And so we received this assessment.

"We live in another part of London"

No matter how you feel about Navalny’s investigation, his materials have already been transferred to the Investigative Committee...

It probably makes sense to address the corresponding question there. I personally do not know that law enforcement agencies are interested in the activities of our management company or the companies that were the objects of our investments.

Does your relationship with your father affect your business at all?

According to existing standards, I am a PEP, politically exposed person (in this case, a relative of a politically exposed person.- "Money"). This is a fact, and it causes some inconvenience. But it’s also a definite plus, I’ll tell you. Once we have received AIFM status for the fund, investigations can be carried out by anyone, although you can dig deeper than the CSSF (Luxembourg Commission for Surveillance of the Financial Sector.- "Money"), hardly anyone can. Because they are much more serious than if none of us were REPs, they checked all our sources of financing, investors and connections from the standpoint of international corporate governance standards. In addition, we have serious partners in all our hotel assets. At RGS, for example, we primarily work with the International Hotel Group, a public company, and, naturally, their compliance (internal control service.- "Money") we were checked in full, including regarding the risks associated with affiliation with our father. So, there are no such risks.

They say that you are going to sell hotels, and they even name the buyer - VAO Intourist, part of Vladimir Yevtushenkov's Sistema AFK.

We periodically, according to our investment strategies, withdraw from some projects. Agro-Alliance, for example, was sold simply because the time had come to sell and an offer that was profitable for us was received. If a crazy hotel offer arrives that suits us, naturally, we will not refuse. But now there aren’t a lot of such offers floating around... We work together with AFK Sistema on a very small hotel market, so we know each other and communicate, and we know that they might be interested in some of our projects. But things have not yet come close to concrete deals.

That is, it will not be possible to get out of Russian business in the near future?

Yes, we are not going to. This would be strange, because we simply have a Russian mandate for the Growth Equities fund, namely, the share of Russian assets is up to 80%, therefore, with the exception of some cataclysms, we are moving forward. Yes, we are also expanding our overseas portfolio; now we have facilities in Vienna, Switzerland and Italy, and by the end of the year, I think, another project will appear. But in Russia we will enter at least one more asset. So growth is happening in all directions.

The press is discussing a £23 million mansion in London, which you own along with properties in Austria, Switzerland and Italy...

I'm not entirely sure why this particular piece of property has generated so much interest. I do have some personal savings, and I do not invest all of my funds in the development and growth of VIY Management. In today's market, which is characterized by extremely low rates for Fixed Income (permanent fixed income.- "Money"), multidirectional movement of the main indices of shares of emerging markets and uncertainty in the American stock market, overexposure (here - increased interest, inclination.- "Money") to alternative investments is a valid and reasonable strategy that I personally consider to be fairly low risk. This mansion was purchased specifically to close a position on European real estate, since I always prefer direct investments to various REITs (Real Estate Investment Trust - real estate investment funds.- "Money") and similar instruments. Due to the current volatility in the London property market following the Brexit referendum, I am hopeful that there may be some interesting options for this position in the foreseeable future. Its closure is not associated with any personal difficulties for us, since we live in a different part of London and in a different house.

“My father has a colossal network of contacts”

Let's return to Russian investments. In your lobby you have a model of a huge new residential area on Rublevo-Uspenskoye Highway. Are you going to implement it?

The layout dates back to the times when Moscow real estate was at a premium. Fortunately, we did not have time to accumulate debts for the implementation of this project. We're at the planning permission stage now, so it's a little easier for us. With other projects, we are, as they say, stuck, we need to move forward. And here you have the opportunity to look at the market a little more carefully and simply not miss the moment when you feel that the downward trend has at least stabilized.

What other segments are you looking to invest in?

Now we find the industries related to services for the population very interesting. And here we look primarily at healthcare and education. In healthcare, we have a minority stake in the Family Doctor network of clinics. We will definitely be looking at another company in this direction. On educational topics, we think there is a very good segment in short courses and online learning platforms. We are now looking at two specific companies: one is in the FMCG (fast-moving consumer goods) industry. "Money"), the second is in the field of agro-industrial production, it is in the North-West.

How are objects for investment selected? Do you use family connections to find properties and for consultations?

We use classical methods of company valuation. At the same time, no one canceled the charm of the notebook. And of course, my father has a colossal network of contacts. And when you manage to meet someone, interesting stories can grow from this. But there is a downside to this: when you use someone's contact book, there is also a certain conceptual commitment, which in the same way affects any stories that may or may not arise from it. Moreover, in the industries in which we work, it turns out that our team has at least as good a contact network and we can find interesting partners. This is a natural process of growth and evolution.

How different are your views on politics and economics in our country with your father?

Views...We don't talk about it that much. We don't see each other that much. If these are family meetings, then the priority is grandchildren and family matters. As they say, if you want to ruin dinner, start talking about politics. But after lunch we talk. And it would be strange if our views on these things completely coincided.

What do you agree on?

I don’t really like conversations about politics; I mostly prefer to talk about economics. My father and I agree that it is impossible to build a normal business with a loan price of 18%. And the fact is that, probably, engaging in those businesses that can provide servicing of such loans is either illegal or unethical.

What do you disagree on?

Well, for example, I say that the shortage of money supply affects the inhibition of economic growth in the country, and my father is not very close to this reasoning. But I am not close to the idea that the creation of greenhouse conditions for the development of certain industries is a positive process for the national economy in the long term. Or I think that it is contrary to common sense to hope that the financial system of a country that makes up approximately 5-7% of the world economy can remain closed. Therefore, planning any processes that imply closure and hoping for a low impact of external shocks is a myth. My father and I also disagree on the extent to which it is permissible to use sovereign funds to cover gaps in current cash flows, again, to finance government spending. But I think that if you ask any random sample of father-son couples, in which the sons are 35-45 and the fathers are 65-75, the differences in these positions will be about the same everywhere.

But your couple is special. What views does your brother hold?

It's better to ask him.

Where does he work now?

It’s also better to ask him.

Are you in a quarrel?

No. We play tennis with great pleasure, but we decided not to talk about work after Victor decided to leave our company.

Does he no longer work at Gunvor?

He hasn't worked there for a hundred years. I know this for sure.

How has your social circle changed since your father retired?

You know, I always try very hard to divide people into those with whom I enjoy and find it interesting to communicate at work, and those with whom I find it pleasant and interesting to communicate with outside of work. And if some of the people who were related to the company where my father worked climbed mountains together, then we will climb the mountains in the same way next year. As for intersections at work, I kept a respectful distance from them, and to this day I don’t see at all why I should make any new connections and business interests there. He might have had some changes, but I simply don’t have the information to clearly comment on anything.

Are you related to the social activities of Vladimir Ivanovich?

Naturally, I know about this, but I personally do not participate, since I have something that interests me in my free time from work and family. For example, an initiative to develop the market for alternative investments and long-term capital in the country through the creation and development of an association of participants in the alternative investment market in the areas of hedge funds, private equity, venture capital and other asset classes (NAURAN). In the same way, we started a story with the creation of an association of graduates of St. Petersburg State University. This is what I'm interested in and what I do.

Maria Glushenkova, Ekaterina Drankina

Information has appeared in domestic and foreign media that Andrei Yakunin may become a defendant in investigations of various British services and departments. Read below for a review of the latest publications by our colleagues with links to sources.

At the beginning of summer, the ex-president of JSC Russian Railways Vladimir Yakunin unexpectedly gave an interview to the BBC. In a conversation with the host of the Hard Talks program, Steven Shakur, the former chief railway officer of Russia responded to the accusations made a couple of years ago in the FBK investigation of Navalny. Yakunin even remembered the famous “fur storage facility”, which, according to him, is "just a small room where furs were kept" .

Yakunin Jr. purchased a mansion in Foggy Albion for 5 million pounds.

If you think about it, what brought Mr. Yakunin to London and forced him to indulge in explanations in front of a BBC television camera - on a platform where figures close to the Kremlin are clearly not welcome? It is possible that the reason for this was “family matters.” After all, the ex-head of Russian Railways made excuses not so much for himself, but for his elder son Andrey, who lives in London, and with a British passport. The former head of the state monopoly confirmed to the BBC that Yakunin Jr. purchased a £5 million mansion in Foggy Albion, and his lifestyle “not much different from how other people live here” . But apparently not everyone in the British Isles agrees with this interpretation. Some would like to know more about Andrei Vladimirovich’s “lifestyle” and the sources of his income.

In March 2017, the British financial regulator FCA (Financial Conduct Authority) began an inspection of 17 of the country's largest credit institutions and their branches abroad in connection with the investigation of the “Moldovan scheme” - the largest shadow capital laundering operation in the post-Soviet space. As a result of the activities of “circuit engineers”, they were removed from Russia more than 20 billion dollars, although in reality the amount may be four times larger.

Almost half of the 600 million dollars transferred to this country through the Moldovan “laundry” ended up in Krapivin Jr.’s accounts in the Alpine republic.

The “scam of the century” was uncovered by experts from the international Organized Crime and Corruption Reporting Project (OCCRP), who named a Russian businessman among the final beneficiaries of the “Moldovan scheme.” Alexey Krapivin. This is son Andrey Krapivin, advisor to Vladimir Yakunin when he was the boss of Russian Railways. According to the Swiss publication Beobachter, Krapivin Jr.’s accounts in the Alpine republic contained almost half of the $600 million, transferred to this country through the Moldovan “laundry”.

According to Versiya’s calculations, by mid-2015, the portfolio of structures close to the Krapivins included orders from Russian Railways for at least 350 billion rubles. Including contracts for the most expensive construction project at that time - the project for the development of the BAM and Trans-Siberian Railway (the so-called Eastern Polygon). But this is the tip of the iceberg. Indeed, in addition to real structures, there were also fake ones among the partners of the railway monopoly.

The adviser to the head of Russian Railways allegedly assigned his people, who are closely connected with the Solntsevskaya criminal group, to good positions.

According to Russian media reports, Krapivin Sr. had affairs with a well-known billionaire colonel Dmitry Zakharchenko. The adviser to the head of Russian Railways allegedly assigned his people, who are closely connected with the Solntsevskaya criminal group, to good positions. An extensive scheme was organized from shell companies included in the list of real contractors, which stole billions of rubles from the monopoly. And it was the colonel who covered the criminal business. And accordingly he received his share. As a source in law enforcement agencies told Rosbalt, the briquettes found from Zakharchenko for 200 thousand dollars were “ordered” by two Russian banks that were closely connected with companies that were “contracted” by Russian Railways and its subsidiaries.

But European financial authorities may have questions not only about the Krapivins, but also about the Yakunins. Today Andrey manages the entire business of the family clan. According to Forbes, his team manages $1 billion in assets. Andrey Vladimirovich’s current business is concentrated in the company Venture Investments & Yield Management (VIYM). Second partner VIYM Yair Ziv Previously, he worked as a financial director at the investment group Target Resources. Its main shareholder is an Israeli entrepreneur Nissim Levy was a co-owner of the Austrian forwarding company Far East Land Bridge, which created with a subsidiary of Russian Railways "Transcontainer" joint venture.

The briquettes found from Zakharchenko for 200 thousand dollars were “ordered” by two Russian banks that were connected with companies that were “sat” in contracts with Russian Railways

Andrei Yakunin himself told Reuters that he has “absolutely nothing to do” with the Far East Land Bridge. However, the agency found out that one of the logistics operator’s websites was registered under Yair Ziv, and the structure used the same address as a number of other VIYM portfolio companies.

It is clear why Yakunin Jr. denies involvement in the Far East Land Bridge - this is a thread by pulling which one can establish involvement in the fraud surrounding Russian Railways. And who knows where the investigation of the British Financial Conduct Authority will lead and to whom it will lead. Isn't this a reason for parental worries?

Although, as practice shows, Western justice can be very loyal to Russian businessmen directly connected with Russian state-owned companies. This is clearly demonstrated by the example of a pre-trial agreement between the US authorities and our compatriot Denis Katsyv– businessman and son Vice President of Russian Railways Petr Katsyv.