He is shareholder in Polyus Gold and Uralkali. Within a year, he held 100% of the company’s shares.
Source: Polyus prospectus, page 252; Otkritie and MDM are now under bankruptcy management by the Central Bank, and the Bank of Moscow is part of VTB. In his political career, Kerimov was elected in 2008 to represent the Republic of Dagestan in the Federation Council, Russia’s equivalent of the US Senate, a position he was reelected to in 2016. The young Russian was a university student in Moscow at the time of the acquisition.
One ordinary share equals 2 GDSs. On 28 November 2016, the relevant trust arrangements were amended, such that the Foundation ceased to be a beneficiary and Said Kerimov remained the sole beneficial owner of PGIL.” Currently, 85% of Polyus is under Kerimov family control. VTB is also a major lender, and Gazprombank a minor lender. “None of the stake-building has ever been reported, say Kerimov associates, because the positions were created with the help of huge loans, mostly from western banks, and hedged through put and call options. RUSSIAN STATE BANKS BUY MORE THAN 90% OF POLYUS GOLD BULLION. VTB has extended a Rb40 billion credit line, and Gazprombank a credit of Rb6.1 billion. You can’t sell a house on the Cote d’Azur at the price Kerimov paid. They just execute orders.”. Suleiman Kerimov is owner of the Lurssen yacht Ice.
That story can be read here. The Polyus prospectus confirms that at the end of May of this year, the Polyus holding company in Jersey agreed to sell Fosun 12.6 million shares of the new Polyus issue (10% of the share capital), making the Chinese company the only significant investor to be counted outside the Kerimov family. His wife Firuza used to be a shareholder in his mining assets, as well as a borrowing agent for the group through an entity called FK Capital; click for details.
a controlling stake in Vnukovo airlines, one of Moscow’s three major airlines, and building a controlling stake in the same bank where he worked, which he subsequently sold for a profit. Polyus was one of several emerging market miners that made shares available on the London stock exchange with the commodities boom. Suleyman Kerimov does not own or in any way control or influence the shares in the Company held by his son, Said Kerimov. The Suleyman Kerimov Foundation is focused on improving the quality of life of disadvantaged communities – and within those particularly of young people – throughout Russia and the world, in collaboration with other global organizations. In 2014, Said [aka Abusaid] Kerimov was named as a second beneficiary under the trust arrangement. The prospectus is for the sale of ordinary shares and Global Depositary Shares (GDS) for Public Joint Stock Company Polyus, a Russian entity, which is listed on the London and Moscow stock exchanges. The Chinese buy-in price was equivalent to $35.30.
That’s been his business style.
The newspaper reported Kerimov’s net worth was impossible to calculate after his debts were counted. His annual income and asset disclosure required from him as a senator for Dagestan in the Federation Council reveals a car and part-shares of two small apartments; of foreign assets or income, none at all.
The Sberbank officials knew he was high risk, and they treated him like a slave. But now the market has turned like it did for his other assets. In 2015 Said Kerimov, the son of the Russian oligarch Suleyman Kerimov lead a US$5.4 billion bid to take on the top gold production company in Russia, Polyus Gold.
https://www.forbes.com/profile/suleiman-kerimov/, A prospectus for the Polyus group issued in London on June 30 is the latest financial disclosure available for Kerimov senior. It claims: “Mr. The arrest and indictment of Suleiman Kerimov in Nice last week on charges of tax fraud and money laundering have begun loosening the tongues of international bankers and commodity trade financiers who have done business with Kerimov in the past, and who have been guests at his Cap d’Antibes villa parties.
Kerimov net worth is $ 7 billion. CNN reported in 2012 that “oligarchs like Kerimov often obtain access to such leverage by pledging shares as collateral. The company produced as much as 1.7 million ounces per year during the time of the acquisition – a significant part of Russia’s gold reserves.
These houses are never worth what the papers are reporting but they are all Kerimov’s stuff.
The nine Polyus board members include two Americans and a Canadian, who are reported as independents. The market capitalization has climbed from $9 billion to $11 billion. But what is his secret? The Consortium has already obtained preliminary approvals from certain governmental authorities. In addition, Kerimov shifted his investment strategy to buying stakes large enough to influence the strategies of the companies he has invested in. The Russian state banks are also the dominant buyers of Polyus’s mined gold. His success stems from his unique ability to scout out underperforming assets with hidden potential, build them into thriving businesses, and then sell them on at a profit. In 2009, his holding company Nafta Moskva bought a 37% stake in Polyus Gold, Russia’s largest gold producer, from Vladimir Potanin. A smaller line of credit has been extended by a third state lender, Gazprombank. By contrast, he adds, “the US banks would give him 110 cents.” Leverage like that has triggered speculation in the markets that, according to the Financial Times, Kerimov “sometimes invests funds for other silent partners – in particular, the Kremlin.