Sergey Pugachyov
Encyclopedia
Sergey Viktorovich Pugachyov ' onMouseout='HidePop("32451")' href="/topics/Kostroma">Kostroma
, Soviet Union
) is a Russia
n "oligarch
", formerly also a politician.
, where he studied art. As a young man, he became a friend of Vladimir Putin
.
. On 26 December 2001 he was elected as a senator representing Tuva
in the Federation Council of Russia
. Pugachyov was described as "a member of Putin's inner circles" and a man "with strong financial and business ties to the hierarchy of the Russian orthodox church" by American think-tank the Jamestown Foundation. In 2006 he purchased Luxe.tv
, which transmitted in western Europe, Asia and Russia, but the company was wound up on 15 October 2010 in Luxembourg
. The May 2008 issue of Russian Forbes magazine listed him in its Golden Hundred of Russia's richest (Russians only) list at number 50, with an estimated fortune of $2,000 million.
On 31 March 2009 Sergey Pugachyov's investment holding company, Obyedinyonnaya Promyshlennaya Korporatsia (OPK), lost the rights to a major construction project for Red Square
in Moscow after his property was handed over to a State structure. According to the Jamestown Foundation this failed project could be a sign of disgrace for Pugachyov.
On January 4, 2011, it was reported that Pugachev was dismissed as a senator ahead of the end of his term in April 2012 for failing to fulfill his responsibilities appropriately and for his long absence from the republic of Tuva, which he represented in the Federation Council. Along with his senatorial seat, Pugachyov lose his immunity from prosecution.
due to fraud. On 30 November 2010, a Moscow court declared the insolvency of the bank. The Russian Investigative Committee has opened a criminal investigation into the intentional bankruptcy of the bank.
's Olympic Committee, Albert II
, is alleged by Robert Ellinger, his former intelligence adviser, to have accepted expensive gifts from Vladimir Putin, the Russian Prime Minister, and from Pugachev, in return for voting for Russia to host the 2014 Winter Olympics. Prince Albert is alleged to have received a dacha
, a Polar trip, a fishing trip and a state dinner. Pugachyov is alleged to have enquired about receiving Monaco residency.
, with whom he has two young sons, Alexis and Ivan.
Kostroma
Kostroma is a historic city and the administrative center of Kostroma Oblast, Russia. A part of the Golden Ring of Russian towns, it is located at the confluence of the Volga and Kostroma Rivers...
, Soviet Union
Soviet Union
The Soviet Union , officially the Union of Soviet Socialist Republics , was a constitutionally socialist state that existed in Eurasia between 1922 and 1991....
) is a Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
n "oligarch
Russian oligarchs
Business oligarch is a near-synonym of the term "business magnate", borrowed by the English speaking and western media from Russian parlance to describe the huge, fast-acquired wealth of some businessmen of the former Soviet republics during privatization in Russia and other post-Soviet states in...
", formerly also a politician.
Early life
The son of an army officer, Pugachyov was brought up in Saint PetersburgSaint Petersburg
Saint Petersburg is a city and a federal subject of Russia located on the Neva River at the head of the Gulf of Finland on the Baltic Sea...
, where he studied art. As a young man, he became a friend of Vladimir Putin
Vladimir Putin
Vladimir Vladimirovich Putin served as the second President of the Russian Federation and is the current Prime Minister of Russia, as well as chairman of United Russia and Chairman of the Council of Ministers of the Union of Russia and Belarus. He became acting President on 31 December 1999, when...
.
Career and business interests
Pugachev made a fortune through shipyards and property deals. Between 1992 and January 2002 he was the Chairman of the Board of Directors of the International Industrial BankInternational Industrial Bank
International Industrial Bank is one of the largest Russian banks founded in 1992 by Sergey Pugachyov and Sergey Veremeyenko...
. On 26 December 2001 he was elected as a senator representing Tuva
Tuva
The Tyva Republic , or Tuva , is a federal subject of Russia . It lies in the geographical center of Asia, in southern Siberia. The republic borders with the Altai Republic, the Republic of Khakassia, Krasnoyarsk Krai, Irkutsk Oblast, and the Republic of Buryatia in Russia and with Mongolia to the...
in the Federation Council of Russia
Federation Council of Russia
Federation Council of Russia ) is the upper house of the Federal Assembly of Russia , according to the 1993 Constitution of the Russian Federation...
. Pugachyov was described as "a member of Putin's inner circles" and a man "with strong financial and business ties to the hierarchy of the Russian orthodox church" by American think-tank the Jamestown Foundation. In 2006 he purchased Luxe.tv
Luxe.tv
Luxe.TV is a worldwide TV network broadcasting content related to "luxuries". The channel is based in Luxembourg but broadcasts across the world.-History:Luxe.TV was started by Jean Stock and his son Jean-Baptiste in June 2006...
, which transmitted in western Europe, Asia and Russia, but the company was wound up on 15 October 2010 in Luxembourg
Luxembourg
Luxembourg , officially the Grand Duchy of Luxembourg , is a landlocked country in western Europe, bordered by Belgium, France, and Germany. It has two principal regions: the Oesling in the North as part of the Ardennes massif, and the Gutland in the south...
. The May 2008 issue of Russian Forbes magazine listed him in its Golden Hundred of Russia's richest (Russians only) list at number 50, with an estimated fortune of $2,000 million.
On 31 March 2009 Sergey Pugachyov's investment holding company, Obyedinyonnaya Promyshlennaya Korporatsia (OPK), lost the rights to a major construction project for Red Square
Red Square
Red Square is a city square in Moscow, Russia. The square separates the Kremlin, the former royal citadel and currently the official residence of the President of Russia, from a historic merchant quarter known as Kitai-gorod...
in Moscow after his property was handed over to a State structure. According to the Jamestown Foundation this failed project could be a sign of disgrace for Pugachyov.
On January 4, 2011, it was reported that Pugachev was dismissed as a senator ahead of the end of his term in April 2012 for failing to fulfill his responsibilities appropriately and for his long absence from the republic of Tuva, which he represented in the Federation Council. Along with his senatorial seat, Pugachyov lose his immunity from prosecution.
Receivership
On 5 October 2010 official sources in Moscow stated that Pugachev's bank, Mejprombank, had collapsed into insolvencyInsolvency
Insolvency means the inability to pay one's debts as they fall due. Usually used to refer to a business, insolvency refers to the inability of a company to pay off its debts.Business insolvency is defined in two different ways:...
due to fraud. On 30 November 2010, a Moscow court declared the insolvency of the bank. The Russian Investigative Committee has opened a criminal investigation into the intentional bankruptcy of the bank.
Allegations
The President of MonacoMonaco
Monaco , officially the Principality of Monaco , is a sovereign city state on the French Riviera. It is bordered on three sides by its neighbour, France, and its centre is about from Italy. Its area is with a population of 35,986 as of 2011 and is the most densely populated country in the...
's Olympic Committee, Albert II
Albert II, Prince of Monaco
Albert II, Sovereign Prince of Monaco is the head of the House of Grimaldi and the ruler of the Principality of Monaco. He is the son of Rainier III, Prince of Monaco, and the American actress Grace Kelly...
, is alleged by Robert Ellinger, his former intelligence adviser, to have accepted expensive gifts from Vladimir Putin, the Russian Prime Minister, and from Pugachev, in return for voting for Russia to host the 2014 Winter Olympics. Prince Albert is alleged to have received a dacha
Dacha
Dacha is a Russian word for seasonal or year-round second homes often located in the exurbs of Soviet and post-Soviet cities. Cottages or shacks serving as family's main or only home are not considered dachas, although many purpose-built dachas are recently being converted for year-round residence...
, a Polar trip, a fishing trip and a state dinner. Pugachyov is alleged to have enquired about receiving Monaco residency.
Private life
Pugachev remains married to Galina, with whom he has two grown-up children. However, he lives with Alexandra TolstoyAlexandra Tolstoy
Alexandra Tolstoy FRGS is an equine adventurer, broadcaster and businesswoman, a fellow of the Royal Geographical Society...
, with whom he has two young sons, Alexis and Ivan.
External links
- David Linley wooed by ‘Kremlin’s cashier’. Billionaire friend of Putin set to buy stake in viscount’s furniture business. by Nick FieldingNick Fielding-Journalism:Nick Fielding is a former senior reporter on the Sunday Times and was chief investigative reporter on the Mail on Sunday. At the MoS he broke the story of the renegade MI5 officer David Shayler, and for the Sunday Times he covered the story of Richard Tomlinson, a MI6 whistleblower...
The Sunday TimesThe Sunday TimesThe Sunday Times is a British Sunday newspaper.The Sunday Times may also refer to:*The Sunday Times *The Sunday Times *The Sunday Times *The Sunday Times...
January 13, 2008