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Boris (Bidzina) Ivanishvili
The owner of the company Rossiisky credit

He financed the orange revolution


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Surname: Ivanishvili

Name: Boris (Bidzina)

Fathername: Grigorievich

Position: The owner of the company Rossiisky credit

Biography:

He was born on February 18, 1956 in Georgian village Chorvila. In 1980 he graduated from Tbilisi State University. In 1982 entered the postgraduate course in Moscow research institute of labor and social matters. In 1986 got the candidate of economic science degree.

In Moscow he met his future partner Vitaliy Malkin. In 1987 he became the senior staff scientist in the branch of Tbilisi research institute, dealt with computers selling and soon returned back to Moscow.

From 1988 to 1990 he was the Deputy Chief of all-USSR center of commercial information department (VCKI). In 1990 Malkin invited Ivanishvili to join the cooperative “Agroprogress” as the co-owner.

In the same year the partners registered the bank “Russkiy credit”. Ivanishvili became the president of the bank and bought the shares of biggest ore-dressing and processing enterprises.

In 1992 he was the member of "MarkPolBank" board of directors. In 1994 he became the first vice-president of “Roscredit”.

In 1993 Bidzina (Boris) Ivanishvili (67%) together with Vitaliy Malkin (33%) set up "Impeksbank".

In 1997 Ivanishvili set up the holding company “Metalloinvest” for industrial assets and real estate management. In 2000 he became the first deputy CEO of OJSC “Stoylenskiy ore-dressing and processing enterprise". In 2004 the functions of those assets management were transferred to management company “Unikor” (the owner – Ivanishvili). In 2002 he opened the chain of “Doctor Stoletov” pharmacies.

In 2004–2005 Iivanishvili and Malkin sold all their metallurgical assets for 2,2, billion dollars: in 2004 the enterpreneur sold the third biggest in Russia Stoilenskiy ore-dressing and processing enterprise to the structures of Novolipetsky metal complex owner Vladimir Lisin. In the beginning of 2005 he sold 97% of Mikhailovsky ore-dressing and processing enterprise shares to Vasiliy Anisimov and Alisher Usmanov.

In the beginning of 2006 the Raiffeisen International group bought the Impeksbank from Boris Ivanishvili and Vitaliy Malkin for 550 million dollars.

The most part of Ivanishvili’s resources are his own investments. The team of analysts is working for him but final decisions the billionaire takes himself. He spends about six hours daily in Bloomberg terminal researching the analysts’ reports. By the beginning of the market breakdown he managed to reduce shares in his portfolio but he didn’t succeed to avoid considerable losses.

Three years ago Ivanishvili began collecting paintings. One of his first purchasings was “Dora Maar with cat” by Pablo Picasso for 95 million dollars in May 2006 at Sotheby’s auction in New York. His biggest project in Russia is “Sadovie kvartali” – housing real estate construction in Frunzensky embankment area.

Ivanishvili ranked 12 among the 100 richest Russian businessmen in 2009. According to forbesrussia.ru Ivanishvili’s wealth in 2009 was estimated at 3200 million dollars. In 2008 - 6700 million dollars.

Boris Ivanishvili is married and has four children.

Sources: forbesrussia.ru, bfm.ru, kommersant.ru from 16.02.2010, realty.newsru.com from 26.01. 2007, finansmag.ru from 30.03.2009, nregion.com from 22.11.2007

 

Dossier:

 

 

Not for nothing that Boris Ivanishvili has been called the most mysterious Russian billionaire. His name was mentioned only in connection with some conflicts. And his role in those conflicts according to the printed media was not the main.

 

In 1995 Boris Ivanishvili was mentioned in media in connection with the conflict at "Norilskiy nickel" shares auction. It was announced that the “Rossiisky credit” bank’s daughter company was not allowed at the auction.

According to printing media, on November, 17 "Norilskiy nickel" together with other company was out up for auction for the right to credit the government in security for State owned shares. As the printing media reported the ONEKSIMbank became the winner of 38% "Norilskiy nickel"stock at the auction. The ONEKSIMbank offered credit in the amount 170,1 million dollars while the opening bid for lot was 170 million dollars. Two other participants offered 170 million dollars.

"Rossiisky credit" bank owned JSC “Kont” was not allowed at the auction although it intended to offer 355 million dollars credit to the government. The tender committee announced that "Rosiisky credit" couldn’t be the guarantee for JSC “Kont” because it’s own funds were 70 million dollars less than opening bid for lot.

The president of the bank Vitaliy Malkin declared in this connection that the state has lost considerable amount of money when declined the bid of “Kont”. According to printing media the “Rossiisky credit” board of directors’ member Boris Ivanishvili announced in a loud voice to State property committee acting chairman Alfred Koch about his intension to go to law. Later Alfred Koch shared with journalists: "You see, the normal banks put in their bids ex persona but “Rossiisky credit” did it on behalf of front organization. What would it mean#!" The media reported that "Norilskiy nickel" became the only failure of "Rossiisky credit". It also didn’t succeed to win at OC “Mechel” stock auction.


Source: «Kommersant» # 214 (932) from 18.11.1995

 

 

In 1997 Boris Ivanishvili got involved in a scandal with Krasnoyarsk aluminium plant (KrAZ). According to printed media the story began in 1992 when “Rossiisky credit” purchased at the voucher auction about 30% of Krasnoyarsk metallurgical plant shares. Krasnoyarsk metallurgical plant was located nearby the Krasnoyarsk aluminium plant and was oriented for production of products made from KrAZ aluminium. However as it was reported KrAZ sent the aluminium for export in the beginning of 1990 and Krasnoyarsk metallurgical plant stood out of production and didn’t attract investors. The miserable state of the enterprise didn’t stop Ivanishvili to buy it.

According to printed media after one year Vasiliy Anisimov became the client of “Rossiisky credit”. His company “Trastconsult” exported aluminuim.

At that time the media reported about a heated fight at KrAZ. The victims of that fight became some well-known enterpreneurs. At that moment 20 % of KrAZ shares were owned by State. In the end of 1994 the printed media reported that in the State property committee was lobbied a statement for merger of Krasnoyarsk metallurgical plant and the neighbouring raw materials supplier – Achinsk aluminous complex (AGK). As it was informed the Krasnoyarsk metallurgical plant was supposed to issue additional shares for the State. The government in exchange for these shares transferred 20 % of Krasnoyarsk aluminium plant shares and 20 % of Achinsk aluminous complex to the possession of Krasnoyarsk metallurgical plant. The scheme stipulated that the person controlling Krasnoyarsk metallurgical plant would become the owner of the biggest portfolio of the aluminium plant.

The participants of the battle at KrAZ had found out that Krasnoyarsk metallurgical plant got already the owner – Boris Ivanishvili. According to printed media it spelled the death of the project to own the Krasnoyarsk aluminium plant portfolio by granting it the Krasnoyarsk metallurgical plant and then to buy the Krasnoyarsk metallurgical plant at a low price.

In summer 1996, according to Ivanishvili, he got an anonymous call with the demand to sell the Krasnoyarsk metallurgical plant shares. Ivanishvili asked to call back the next day. When the he got a call the next day he named the price which he was ready to part with his shares for. He agreed to meet only with the official person – the director of KrAZ Yury Kolpakov. Soon Ivanisvili sold his shares on his conditions.

The next day, as the printed media reported, the FSS person acquainted with Ivanishvili warned him about supposed murder attempt on his life. Right at that moment Ivanishvili realized why Kolpakov offered some times less price for shares, that Ivanishvili named on the phone, before signing the contract. The organizers of the action got a problem and the director of KrAZ, according to Ivanishvili, thought that he had been scared to death and would give everything without haggle.

According to printed media in one year Ivanishvili became the shareholder of KrAZ . He said he did it to support Vasiliy Anisimov who already invested to KrAZ. After some time however, as Ivanishvili acknowledged, he got tired of uncertainty at the plant and offered to buy his shares. Vasiliy Anisimov bought his portfolio.


Source: «Russian Forbes», May 2005.

 

 

Boris Ivanishvili was mentioned in printed media in connection with the scandal over the sale of Mikhailovsky ore-dressing and processing enterprise. According to media reports in January 2005 Alisher Usmanov (the owner of “Ural steel” Ltd.) and Vasiliy Anisimov (former co-owner of the company “Trastconsalt” and the Head of Coalco) purchased from Boris Ivanishvili 97% of Mikhailovsky ore-dressing and processing enterprise, one of the biggest iron ore producers in Russia, for 1,65 billion dollars.

Media reported that Boris Ivanishvili expected to sell only half of the Mikhailovsky ore-dressing and processing enterprise and keep the control over it in his hands. Originally, within the frames of the agreement with Usmanov and Anisimov, Boris Ivanishvili sold them 47% of Mikhailovsky ore-dressing and processing enterprise and 30% of controlled by him SC “Tulachermet”, purchasing

50 % of “Ural steel” capital stock. Afterwards became clear that the partners would not be able to share the management of assets. According to printing media Ivanishvili expected to keep Mikhailovsky ore-dressing and processing enterprise in his hands by offering Alisher Usmanov only to participate in company’s profit. Usmanov however intended to take the full control in his hands. After all the partners signed the new agreement specifying certain details. In accordance with the agreement Mikhailovsky ore-dressing and processing enterprise and “Tulachermet” shares were transferred under “Ural steel” control.

The experts reported in printed media that Boris Ivanishvili could part with Mikhailovsky ore-dressing and processing enterprise only for two reasons. The first one was probable conflict for leadership in metallurgical holding with Alisher Usmanov. The second one was the lack of operational funds. At the moment of the deal “Rossiisky credit” bank controlled by “Unikor” bank had the liability to western partners in the total amount of around 1 billion dollars.


Source: «Kommersant» # 4 (3088) from 14.01.2005

 

 

Shortly after the deal came up the news that the sold portfolio had been arrested by arbitration court of Rostov region as a guarantee against claim of Bahama company Colchecter Group Trading. The claimant representatives stated that already in November 2004 Colchecter Group Trading made the agreement with “Terra-Soft” Ltd for purchasing of 97% ore-dressing and processing enterprise shares and paid 100 thousand dollars. The cost of the deal amounted to supposedly 3 million rubles. But Colchecter Group Trading hadn’t got the shares. As the printed media reported the shares had been released and it had been revealed afterwards that those shares didn’t belong to “Terra-Soft”. It so fell out that “Terra-Soft” tried to sell them illegally. The media reported that the judge who arrested the shares had been dismissed. The Investigating department of Internal affairs state governing body took the criminal proceeding on fraud case.

According to printed media information, in spring 2005 the Head of Universal savings bank Igor Zhlobitsky and the lawyer Oleg Voronkov were arrested. In August the former Head of “Renaissance Capital”, the member of Russian Union of Industrialists and Entrepreneurs Oleg Kiselev appeared amoung the figurants of the case. Oleg Kiselev was the Head of “Metalloinvest” holding board of directors in 2001-2002 and the Head of Mikhailovsky ore-dressing and processing enterprise.

According to the reports, one of suspected testified that Kiselev had been the organizer of the fraud. But the former Head of “Metalloinvest” board of directors was attracted only as a witness. After the only one conversation with the investigator Kiselev left Russia.


Source: www.newsru.com from 21.01.2005, 6.06. 2006

 

 

According to printed media, in October 2005 Oleg Kiselev was officially accused of fraud. The investigation considered that he organized the operation with the illegal arrest of 97% of Mikhailovsky ore-dressing and processing enterprise shares by arbitration court with the purpose to prevent their purchase by Vasiliy Anisimov and Alisher Usmanov.

In July 2006 Presnensky regional Moscow court criminated the executors of the actions – the owner of Universal savings bank Dmitry Klyuev, the Head of the bank Igor Zhlobitsky, the Chief Accountant Alevtina Steganova, the lawyer of “Roseltrans” OJSC Oleg Voronkov and the biologist Alexey Pechkin for threatened property damage. The court revised the incrimination from “Serious fraud” to less serious article “Property damage” (Criminal code of RF, part 3 of the article 165) and sentensed all five from two years on probation to 1 year and 8 month of deportation. The convicted persons were released almost immediately after the verdict.

In 2008 the printed media reported that Oleg Kiselev’s search was recalled and the criminal case was stopped due to decriminalization.


Source: «Kommersant» # 27 (3844) from 19.02.2008

 

 

In 2005 the row blew out around the name of Boris Ivanishvili. Some time before it the “Information about Roscredit owner” was published at compromat.ru with the link to www.flb.ru. It was pointed out that the information note was made in 1998 by the security department of “Most” group. The materials consisted of an information about the connections of “Rossiisky credit” and it’s shareholders with organized criminal groups, in particular with Georgian and Otari Kvantrishvili, about financial fraud, money laundering etc. It was reported that according to intelligence service some departments of “Rossiisky credit” bank controlled the Chechen criminal groups by financing them via front organizations. In addition “Rossiisky credit”, as it was stated in the note, was authorized to get money for Chechnya recovery. The chain of front organizations was supposedly established around the bank (the “Triada” system). The principle share in them belonged to the President of the bank Vitaly Malkin and Boris Ivanishvili. It was reported that those companies transferred money abroad to correspondent accounts of “Rossiisky credit” bank in Citibank, N.A. The Bank of New York, Chase Manhattan Bank.

In February 2005 the letter signed by President of “Rossiisky credit” bank Oleg Govorukhin was published at Compromat.ru. He stated that the published information about the bank and it’s shareholder Boris Ivanishvili was untrue. According to Govorukhin the facts from the materials were framed up by the security department of “Most” group – the competitor of “Rossiisky credit”.

It was also stated in the letter that the Freelance bureau (FLB.ru), which site was referred by Compromat.ru, made the journalist investigation and apologized to the bank and personally to Boris Ivanishvili for publishing untrue information. In addition to that Govorukhin said that the FLB.ru removed the mentioned article from the site. The President of the bank asked Compromat.ru to publish a disclaimer and to remove the scandal publication. Otherwise the bank would have to go to the court.

Compromat.ru didn’t honor the request and the “Information about Roscredit owner” is still posted on the site. But Compromat.ru published the letter signed by the President of “Rossiisky credit” and also the letter from FLB.ru editorial office with the disclaimer of untrue information about the bank and Ivanishvili and information about it’s removal from the pages of the site. In the letter the FLB.ru editorial office also asked to remove all the links to it’s site from Compromat.ru.

The information about claims of “Rossiisky credit” to the managemen Compromat.ru in the court was not published in the opened information resources.


Source: compromat.ru, novayagazeta.ru # 68 from 18.09.2000

 

 

In spring 2008 Boris Ivanishvili found himself in the centre of a scandal about financing of the “orange revolution” in Ukraine. The ex Georgian Minister of Defence Irakly Okruashvili gave an interview in Paris to the TV company “Kavkasia”. He stated that the “orange revolution” was partly financed by Georgian billionaire Bidzina Ivanishvili. According to Okruashvili the money were transferred to the organizers of the revolution by the Georgian government and Ivanishvili could not be informed about the purpose of the allocation. "Probably Ivanishvili didn’t know that, he just gave money that had been allocated for Ukraine revolution. It was a matter of several million laris, passed through the Georgian government”, Irakly Okruashvili stated in the interview.

Okruashvili reported that Ivanishvili gave money to the Georgian government several times. "He did everything for the convenience of the government. He bore considerable expenses on the request of the government, in particular, he financed the Defence fund on the request of Saakashvili. I’m sure that the part of Saakashvili’s election campaign was financed at his expense”, Okruashvili stated to journalists.


Source: regnum.ru from 06.03.2008

 



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