‘Pandora Papers’ reveal Vladimir Putin’s hidden wealth

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Russian President Vladimir Putin has enriched himself and his cronies by way of shell corporations within the Virgin Islands and elsewhere, a trove of newly leaked paperwork reveal.

Among the alleged beneficiaries is Putin’s longtime mistress, whose “shadow wealth” features a $4 million house in Monaco, a yacht, practically 12 million paperwork generally known as the “Pandora Papers” present, The Guardian said.

Svetlana Krivonogikh, 46, has been romantically linked with the Russian sturdy man since he was nonetheless deputy mayor of her hometown of St. Petersburg, and reportedly has a daughter with him.

In September 2003, an offshore firm known as Brockville Development Limited — by way of two different Panamanian corporations — purchased her the luxurious fourth-floor house in Monte Carlo.

Her internet value is now estimated at $100 million, which features a compound of properties within the Russian metropolis, the report reveals.

Krivonogikh is way from alone in benefiting from a long-standing relationship with Putin.

Russian President Vladimir Putin
Russian President Vladimir Putin’s interior circle is accused of hoarding tens of millions of {dollars} at luxurious flats in Monaco.
Alexei Druzhinin, Sputnik, Kremlin Pool Photo through AP, File

For years Russia’s interior circle has gravitated to Monaco, the place lax tax legal guidelines and insurance policies have made the waterfront metropolis a favourite for the rich.

“It has become Moscow-on-Sea. The mentality is to show off,” native lawyer Dominique Anastasis informed The Guardian. “Nobody asks where your money comes from. There’s no culture of checking. You don’t make a tax declaration.”

Among the wealthiest of the Russian-Monaco circle is Gennady Timchenko, a former Soviet bureaucrat who has been pals with Putin for the reason that Nineteen Nineties.

A former oil dealer, Timchenko was given an oil export license by Putin in 1991, and later co-founded a Swiss-based oil export firm named Gunvor — with the Russian president lengthy rumored to be a silent companion within the agency.

Forbes reported Timchenko’s internet value at $22 billion, the outlet stated.

Another member of Putin’s interior circle is Peter Kolbin, an outdated household pal, who took over as director of Leningrad-based International Petroleum Products in 2003 regardless of having few {qualifications} for the job.

Putin has denied ties to the profitable corporations detailed within the Pandora Papers.

But jailed Russian opposition chief Alexei Navalny has referred to Putin as “the world’s richest man,” in line with The Guardian.