пятница, 18 марта 2011 г.

Declaration of the Finnish resident


What is the fortune of Gunvor's founder, Gennady Timchenko – stays a sealed book. But now it is known at least how much tax the businessman paid in1999-2002, being a resident of Finland; that was 2.9 million euros.


Yesterday, Zamoskvoretsky court in Moscow received the copies of Timchenko's tax returns-  the lawyer Vadim Prokhorov presented them, representing the interests of Boris Nemtsov. On December, 17 Timchenko sued Nemtsov and Vladimir Milov, claiming to refute information in the report "Putin. Results. 10 years." Businessman angered that he had been attributed to "old friends of Putin, who"became dollar millionaires after the latter had come to power"

Arguments of the defendants are as follows: in 1999 revenues of Timchenko were about 326,000 euros, and in 2008 the general fortune of the businessman reached $ 2.5 billion (Forbes estimated). This growth is difficult to explain anyhow but with friendly relations with the leadership of the country, Prokhorov said.

 There are no billions seen in the declarations. In 1999, income from earnings of Timchenko was 326,929 euros according to the documents (hereinafter - taxable income). That year capital gains were 1514 euros, while total taxes and fees - 163,892 euros. The peak of income and payments occurred in 2001: income from earnings was more than 2.3 million euros, and from the capital - almost 2.6 million euros, overall taxes and fees - 1,970,000 euros. The sum of taxes for four years - 2.93 million euros [...]. And there are no more recent tax returns, Prokhorov said: Timchenko moved to Switzerland, and getting the documents from there is more complicated.

The representative of Timchenko declined to comment.

Most monetary assets by Timchenko, which is known, is oil trader Gunvor. For the first time its turnover came to be known only in 2007, the partner Timchenko by Gunvor - Torbjörn Tornqvist disclosed it . He told Reuters, that in 2006 revenues of Gunvor totaled $ 30 billion, and plan for 2007 was $ 43 billion (the most recent data for 2009 is $ 53 billion).

"The revenues are counted in the hundreds of millions of dollars, not billions," Tornqvist explained later, affirming at the same time long-standing rumors that Timchenko is a co-founder and principal owner of oil trader. And then Timchenko himself started officially disclosing his assets in Russia: the first was stake in Novatek (now – 23.49%, $ 8,000,000,000 on yesterday's quotes on the LSE), then almost 80% of Stroytransgaz and so on.

In 2008, Forbes estimated the fortune of Timchenko for the first time - at $ 2.5 billion; estimate for 2009 was $ 400 million, for 2010 - $ 1.9 billion

However, the turnovers of Gunvor 1999-2002 are unknown. Even though the company has been operating since late 1990's. Then Timchenko was co-owner of Gunvor Energy from the British Virgin Islands (together with partners in "Kineksu"); the company traded oil and petroleum products of "Surgutneftegaz", as it was noted in a recent decision of the High Court in London at the suit of Sovkomflot.  "Surgut" itself reported on contracts with ZAO "Kineks St. Petersburg ", noting that it was giving the trader a" big part of the proceeds." But "Kineks St. Petersburg" was a commissioner: specifically from the" Surgut " it received $ 43 millionin in 1999-2001, as it follows from the report of "Surgut". It is not clear whether Gunvor was buying all the raw materials from "Kineks" and whether its turnovers were running into billions already in 1999,.

There was even more.

after having been elected governor of Chukotka, Roman Abramovich got registered in Anadyr. And every district received from him about 1 billion rubles. (About 25 million euros at current exchange rates).

Vedomosti, 01.02.2011, No billions in declarations of Timchenko

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