Sergey Tigipko
This man absolutely hates paying his bills, even if they're meager compared to his enormous fortune. But he hates revealing the secrets of his phenomenal success even more, instead telling journalists fairy tales about himself. A successful businessman under any government, Serhiy Tihipko even today manages to transfer his capital from Ukraine to Cyprus without fear of public scrutiny or the government-declared anti-offshore company.
Metric errors
Officially, Sergei Leonidovich Tigipko was born on February 13, 1960, in the village of Dragonesti, Lazovsky (now Sîngerei) District, Moldavian SSR, to an apiary manager and a nurse at the local hospital. Sergei is the second son, but virtually nothing is known about his older brother, Valeriy, and younger brother, Alexander. However, his very first day of life was marked by a misunderstanding: according to Tigipko himself, he was born on the night of February 14, but during the morning shift change, doctors made a mistake and recorded the 13th in the documents. For some reason, the error was never corrected, and so he celebrates his birthday twice: officially on February 13, receiving congratulations from colleagues and subordinates, and then on February 14 with his family. A rather strange story, considering that his mother, Yulia Tigipko, was, after all, an employee of this hospital!
The second inaccuracy concerns his place of birth. In fact, the Tihipko family lived in the small village of Nikolaevka, located a couple of kilometers from Dragonesti. It was founded in 1902 by immigrants from Vinnytsia, including his grandfather, Sazon Tihipko. Therefore, the widespread assumption that Serhiy Tihipko is Moldovan (or a Moldovan Jew) is unsubstantiated. At least, this is what his biography, edited in 2008-2010 before the presidential elections in which Tihipko ran, claims. Previously very secretive, he took it upon himself to clarify his past for the media, lest journalists delve into it on their own initiative.
Sazon Tigipko and his family
The surname "Tigipko" supposedly comes from a Surzhyk expression, "tigipnut," which supposedly translates as "to hit on the head." Whether this is true or not, philologists simply shrug their shoulders, knowing nothing about "tigipnut."
In 1970, another strange story occurred. His father, Leonid Tigipko, the one who managed the apiary, died of either acute appendicitis (the neighbors' theory) or a perforated gastric ulcer (Sergey Tigipko's theory). Their fellow villagers later said they simply couldn't understand how this could have happened. After all, his wife, Yulia, wasn't just a nurse at the Dragonesti hospital; at home in Nikolaevka, she provided medical care to all the villagers: people came to her as if she were a paramedic. Why she ignored her ailing husband and why she couldn't arrange for his transportation and emergency surgery remains unknown. After this, she left Dragonesti with her children, selling their house, and moved to the outskirts of Chisinau, where she had relatives living. She found a job as a nurse at the city hospital and rented an apartment in an old building near the city dump, where Sergey Tigipko spent the next seven years of his life.
In 1977, after Yulia Tigipko's second marriage, their family separated. She moved to Odessa with her youngest son, Oleksandr, while Serhiy went to enroll in the Dnipropetrovsk Metallurgical Institute. Rumors later circulated that this choice of study was no accident: Serhiy Tigipko's stepfather allegedly once worked for the Dnipropetrovsk City Committee of the Communist Party of Ukraine.
Tyhypko in his youth
Dancing and tanks
At university, Sergei Tigipko distinguished himself not by his academic excellence, but by his intense social activism, becoming a member of the university's Komsomol committee by his third year. But instead of dazzling his classmates with Marxist-Leninist ideas, Tigipko used his position to his advantage: he organized the opening of a student discotheque, becoming its "manager." Soon, the stage with its amplifiers and blaring speakers was complemented by a small cafeteria, where you could buy not only lemonade but also the hard-to-find Pepsi.
At the time, such clubs weren't just mega-popular hangouts for young people; they also attracted the elite, informal groups, black marketeers, and other interesting and helpful individuals. One of the regulars at Tigipkin's disco was Igor Kolomoisky, a first-year student at the same Dnipropetrovsk Metallurgical Institute, who quickly became close with Sergey. This was the first meeting of the future strategic business partners, who shared a common interest that wasn't music.
In 1982, after graduating from college, Serhiy Tigipko joined the army. His official autobiography states that he served near Novomoskovsk in tank units as a deputy company commander for technical matters, and also became the regiment's Komsomol organizer. It is also claimed that Tigipko joined the army voluntarily, supposedly for an officer's salary—as young engineers at the plant were underpaid. Meanwhile, Skelet.Org has a different account: he was simply drafted after college as a two-year lieutenant, a category that was then being drafted into the Soviet Army due to a shortage of qualified "flyers." The emphasis on his military service as a dashing tanker was intended to counterbalance Viktor Yanukovych, who (for obvious reasons) did not serve in the army. And although people were brought out into the public, claiming to be his former classmates and colleagues, to describe what a hardworking, active, and responsive person the young Tigipko was, they often got confused in their "testimonies."
The photographs from Sergei Tigipko's "army album," which he posted online at the time, also raise questions. The problem is that he is wearing an old field uniform (tunic and wide trousers) from the 1946-68 model, which had long been decommissioned by the time of his service and was no longer issued even to "partisans" called up for retraining. Tank crews, meanwhile, wore 1970-style overalls, with different shoulder straps and a branch of service insignia above the right breast pocket flap.
Sergei Tigipko (left) and Soviet tank crews of the 80s (right)
The Dnepropetrovsk clan and the party's gold
Demobilized from the army in 1984, Serhiy Tihipko found a rather modest position as deputy director for educational work at the Dnipropetrovsk Mechanical and Metallurgical Technical School. As was his wont, he also became the school's Komsomol organizer. But two years later, Tihipko quit his unpromising teaching job and took his main job at the Dnipropetrovsk Regional Committee of the Komsomol, jumping straight into the chair of second secretary. For those who don't remember, back then, the second secretaries of the party and Komsomol committees also served as heads of the agitation and propaganda departments. Thus, Tihipko oversaw the entire system of brainwashing the youth of the Dnipropetrovsk region during the early years of perestroika, when the authorities were making their last attempt to rekindle the population's interest in the values of Soviet ideology.
In October 1989, Tigipko rose to the rank of First Secretary of the Dnipropetrovsk Regional Committee of the LKSMU, and handed over the position of head of the propaganda department to another ardent Komsomol member, Oleksandr Turchynov ( read more about him in the article Oleksandr Turchynov. Skeletons in the Closet of Ukraine 's "Bloody Pastor" ).
The late 80s were a golden age for Komsomol leaders, who launched a wide variety of "youth cooperatives" and oversaw the construction of youth housing cooperatives. In their work, they closely collaborated with all branches of government (party, state, and business), and became acquainted with many budding "cooperators." Thus, the influential "Dnipropetrovsk clan" was formed, which later splintered into competing factions. And Sergei Tigipko, who not only held the leadership position of first secretary of the regional Komsomol committee but also managed the "Komsomol treasury," played a key role in these processes.
Tihipko became close with the then-chairman of the Dnipropetrovsk Regional Council, Pavlo Lazarenko; the first secretary of the regional Communist Party of Ukraine, Mykola Omelchenko; the chairman of the city executive committee, Volodymyr Yatsuba; and his deputy, Valeriy Pustovoitenko. As early as 1988, through his colleague, Gennady Tymoshenko, head of the party and ideological work department of the Kirov District Executive Committee, Tihipko met Tymoshenko's son, Oleksandr, and daughter-in-law, Yulia Tymoshenko. He soon helped them open a chain of video stores, and then the youth center "Terminal." However, later, when "clarifying" his biography before the 2010 elections, Tihipko denied this collaboration, claiming that he first met Yulia Tymoshenko in the 90s, in a purely formal setting.
Through numerous "cooperators" working with Yuzhmash, the city's largest enterprise, Tihipko established a direct connection with its director, Leonid Kuchma. Further business contacts brought him together with Viktor Pinchuk ( read more about him in the article " Viktor Pinchuk: Ukraine's Richest Son-in-Law "), who had founded his own company, Interpipe, back in 1990. But Tihipko's closest ties were with his longtime acquaintance, Igor Kolomoisky, who by then had become an active businessman, importing and selling office equipment, consumer goods, and other imported goods.
The First Secretary's successful career was cut short after the State Emergency Committee and the abolition of the party and Komsomol bodies. In October 1991, Serhiy Tihipko, who had no formal economic training, retrained as a banker, becoming deputy chairman of the board of the Dnipro commercial bank. Rumor had it that the "cash desks" of the Dnipropetrovsk regional committees of the Communist Party of Ukraine and the Young Communist League of Ukraine, as well as the assets of the "small businesses" dependent on them, were merged into this bank. Similar banks were established throughout Ukraine in the fall and winter of 1991, in every region, and it's quite possible that this is where the missing "party gold" was funneled.
Combinations of the "Privat" group
In early 1992, Dnipro Bank was rocked by internal strife among its co-owners. Serhiy Tihipko left the bank, immediately meeting with Leonid Miloslavsky, the son of Dnipropetrovsk "workshop boss" Arkadiy Miloslavsky, whom he had met through a mutual friend, Igor Kolomoisky. Tihipko suggested Miloslavsky open his own bank rather than using the services of others. He was enthusiastic about the idea, which was supported by Kolomoisky's other partners, Gennady Bogolyubov ( read more about him in the article "Gennady Bogolyubov: What is Privat's other half keeping quiet about ? " ) and Oleksiy Martynov, but not by Tihipko himself. Kolomoisky resisted and haggled, declaring that he saw no point in spending money on his own bank, until Tihipko and Miloslavsky offered him a compromise: the money contributed to the bank's authorized capital would be immediately returned to him as a loan. Thus, on March 19, 1992, PrivatBank was established, with Serhiy Tihipko becoming chairman of the board.
Nothing concrete was reported about Tihipko's personal investments in PrivatBank's authorized capital. Initially, it was believed to be the "bank of four": Miloslavsky, Kolomoisky, Bogolyubov, and Martynov, who allegedly owned 25% of the shares each. However, one of the bank's co-founders was Vist Ltd, a firm later identified as Tihipko's. In 2001, information surfaced that Tihipko had sold his stake in PrivatBank to Kolomoisky—in other words, he was a co-owner, but then withdrew from the business. In any case, during Tihipko's tenure at PrivatBank (1992-97), its ownership structure changed. In 1997, Leonid Miloslavsky died in Austria, allegedly of a heart attack, and his shares went to his daughter, Marianna. A few years later, it became known that Marianna Miloslavskaya's stake amounted to just over 3%, while Martynov's had shrunk to 1,23%. Thus, PrivatBank became the property of two long-standing partners: Kolomoisky and Bogolyubov, who each held approximately 40% of the bank's shares (the exact figure varied from year to year).
But Tihipko's connections extended far beyond the Privat Group. When his longtime acquaintance Leonid Kuchma was elected president in 1994, he bestowed upon Tihipko the honorary title of freelance consultant on monetary policy. From 1995 to 1997, Olena Kuchma, a graduate of Dnipropetrovsk State University, worked in PrivatBank's economics department, having been placed there by Tihipko. And so it happened that in 97, Elena became close to another close acquaintance of Tigipko's, the aspiring oligarch Viktor Pinchuk, who later became her husband (after her divorce from Igor Franchuk, a rich kid and weakling—the son of the Crimean communist functionary, Prime Minister and Chairman of the Council of Ministers of the Autonomous Republic of Crimea Anatoly Franchuk from 1992-98, who controlled Chornomornaftogaz. Incidentally, she kept the surname "Franchuk" after marrying Pinchuk).
Such useful connections helped Tihipko protect the interests of the Privat Group from 1994-97 against the insatiable appetites of Pavlo Lazarenko, the Dnipropetrovsk governor (1992-1996) and then Ukrainian prime minister (May 1996 - July 1997), who demanded a share of Privat's capital. When Lazarenko's demands exceeded common sense, Tihipko, according to Skelet.Org, appealed to Kuchma – which contributed to the split in the Dnipropetrovsk clan between the "Kuchmaites" and the "Lazarenkoites." In April 1997, Kuchma made a bold move: on the advice of Oleksandr Rozumkov, he appointed Tihipko deputy prime minister for economic reform. The appointment of an amateur banker to this position deeply offended Viktor Pynzenyk, a doctor of economic sciences who worked on Ukrainian economic reforms in the 90s. However, it was said that Kuchma was thus assigning Tihipko to Lazarenko to "keep an eye" on the out-of-control prime minister.
Be that as it may, this appointment literally saved Serhiy Tigipko from arrest. In 1997, Kyiv suddenly became increasingly interested in the case of PrivatBank's connections to Latvian banks used for money laundering. A special Interior Ministry team was dispatched from Kyiv to Dnipropetrovsk to conduct a "large-scale investigation" of PrivatBank's activities and detain its management. This was clearly not the president's initiative.
Cement dust in the corridors of power
The scandalous resignation of Pavlo Lazarenko had no impact on Serhiy Tihipko's career: he remained in the government of another longtime acquaintance, Valeriy Pustovoitenko, as Deputy Prime Minister for Economic Affairs. One of his first "achievements" was the virtual hostile takeover by foreigners of a major cement company.
In the spring of 1997, the French company Lafarge, whose board member included Bernadette Chirac, wife of French President Jacques Chirac, began a flurry of activity in Ukraine. Lafarge was actively interested in Ukrainian cement and gypsum plants, but was unwilling to pay full price for them. Some were privatized for pennies, but there was a hitch with Mykolaivcement OJSC: it was already owned by Gradobank, one of the largest Ukrainian banks at the time. Suddenly, Gradobank was hit by a deafening scandal involving fraudulent use of foreign currency (Deutschmarks), which the German government had allocated to compensate Ukrainian Ostarbeiters. Gradobank head Zherditsky was arrested, and "delegates" approached his successor, Igor Didenko, with a proposal to "settle the problem" by selling Mykolaivcement shares on Lafarge's terms. Attempts to find protection in Kyiv were unsuccessful: Lafarge was sided with by Serhiy Tihipko, the new Prime Minister Pustovoitenko, and, in the shadows, Leonid Kuchma. The deal went through, although Gradobank was never able to recover afterward.
Afterward, Serhiy Tihipko continued to provide Lafarge with all kinds of patronage. According to the former head of the State Property Fund, Valentyna Semenyuk ( murdered in August 2014; read more about her in the article "Fatal" Turboatom: What Secrets Led Semenyuk-Samsonenko to the Grave ), this resulted in the privatization of Kyivcement, Balakleyatsement, and several other enterprises in the industry. In gratitude, Tihipko was awarded the highest French award, the Legion of Honor, which he received directly from Bernadette Chirac. It was reported that the award alone wasn't enough: Tihipko allegedly acquired a small bank in France, which he later sold because he no longer needed it. While hushed up in Ukraine, this case has become a widespread scandal in Europe due to the distribution of high awards to "Ukrainian corrupt officials." Tihipko himself could never clearly explain the specific merits for which he was awarded the Legion of Honor: first, he spoke of strengthening French-Ukrainian relations, then of democracy and European integration. But the fact remains: he, not Pustovoitenko or Kuchma, received the order.
The successful period of the Tihipko-Pustovoitenko-Kuchma triumvirate, which had brought considerable dividends to the Privat Group, ended in December 1999 with the formation of a new government. Tihipko's relationship with Viktor Yushchenko and Yulia Tymoshenko did not immediately develop due to the competing interests of the business groups they represented. Mutual accusations suggested that the issue at hand was the redistribution of Ukraine's fuel and energy market, with Tihipko protecting the interests not only of his own companies and Privat, but also those of Grigory Surkis ( read more about him in the article "Grigory Surkis: How to Divide Ukraine Fraternally ") and Viktor Medvedchuk ( read more about him in the article " Viktor Medvedchuk: Putin's Godfather Guarding Russia's Interests in Ukraine "). On July 5, 2000, Tihipko resigned as Minister of Economy.
Later, in 2001, after tensions between Serhiy Tihipko and Prime Minister Viktor Yushchenko worsened, a group of deputies in the Verkhovna Rada (Hryhoriy Omelchenko, Anatoliy Yermak, and Viktor Shishkin) initiated a further investigation into Tihipko's activities as head of PrivatBank and deputy prime minister in the Pustovoitenko government. Specifically, the question was raised about the origins of the enormous sums of cash Tihipko had invested in the authorized capital of numerous companies.
Alone on the ice floe
The years 2000-2001 marked Tihipko's departure not only from power but also from his joint business venture: he left the Privat Group. In 2001, Tihipko sold his shares to Kolomoisky and Bogolyubov (without specifying how much to whom), and with the proceeds, he bought a small Kyiv bank, Kyiv-Privat (formerly Intellect Bank, acquired by Privatbank in 1996). Tigipko renamed it TAS-Kommerzbank, adding it to his TAS Group, founded in 1998, which included insurance companies and several industrial enterprises: TAS-Investbank CJSC, TAS Insurance Company CJSC, TAS-Capital Insurance Company CJSC, TAS Insurance Group CJSC, TAS Trading House OJSC, TEKO-Dneprometiz Holding Company CJSC, Kamet-TAS OJSC, Shkhuna OJSC, and many others. From that moment on, he became a lone oligarch, though he maintained ties to both the government and other oligarchic groups.
On June 21, 2000, Tihipko founded his own party, "Labor Ukraine," whose name became the subject of many jokes and witticisms, given its founder's status as a multimillionaire. Tihipko is dabbling in politics, attempting to regain power not only through connections, but by running in elections rather than waiting for an appointment. He has so far been unsuccessful, but, according to Skelet.Org, he has regularly received offers for various positions from political forces he seeks to ally with.
He failed to secure the post of prime minister after Yushchenko's resignation: Kuchma unexpectedly gave this key post to Anatoliy Kinakh, and then to Viktor Yanukovych in 2002. Nevertheless, in the 2000 parliamentary elections, Labor Ukraine participated as part of the pro-presidential For United Ukraine party (rating 11,77%), on whose list Tihipko was number seven. His support was rewarded: on December 17, 2002, the Verkhovna Rada appointed Tihipko as governor of the National Bank of Ukraine. A month later, 28-year-old Arseniy Yatsenyuk, who had been returned from "exile in Crimea," became his deputy. His candidacy was lobbied for by Oleksandr Derkach , owner of Aval Bank , where Yatsenyuk had once served as deputy chairman.
Due to his long-standing close ties to Leonid Kuchma, Tihipko saw himself as the leading candidate to succeed him, with the support of the president's son-in-law, Pinchuk, and the head of the administration, Medvedchuk. In October 2003, Tihipko even hastened to publicly announce his intention to run for office. Some believed he deliberately distanced himself from all of Ukraine's oligarchic groups in order to approach Kuchma as an "heir" unconnected to anyone other than himself and Pinchuk. However, by that time, Kuchma was no longer able to independently resist pressure from Viktor Yushchenko's faction (supported by the West) or from the "Donetsk people," on whom Russia had placed its bets. Incidentally, Tihipko lost his chance to gain Moscow's support in 2003 when he spoke out against a currency union with Russia. At the same time, he was not so much guided by the interests of the state, as he was trying to raise his political rating in the western regions of the country and was afraid of falling under the direct influence of the Kremlin.
Imagine the disappointment when Viktor Yanukovych was named the official successor, and Tihipko, as if in mockery, was appointed head of his campaign staff. In accordance with the law, Tihipko was forced to temporarily leave the National Bank, handing it over to Yatsenyuk. But only one thing was subsequently said about his work on Yanukovych's campaign staff: Tihipko did everything possible to prevent Viktor Yanukovych from becoming president of Ukraine. However, another story was also said: if Yanukovych won, Tihipko was promised the post of head of government. Whether this is true or not, in November 2004, Tihipko literally fled, disappearing from Ukraine's political scene. And in April 2005, he ceded his "Labor Ukraine" party to Valeriy Konovalyuk, effectively handing the party over to the Party of Regions, which immediately annexed it to the rapidly growing Party of Regions.
How to screw everyone
Between 2005 and 2008, Tihipko "went into a depression"—if that's how you could describe his distancing himself from the country's turbulent political processes and his focus on managing his TAS empire. Meanwhile, he was busily pursuing some cunning scheme known only to himself. One example of this is the story of how Sergei Leonidovich sold his banks to the Swedes.
In 2005, Serhiy Tihipko owned three banks: TAS-Kommerzbank, TAS-Investbank, and TAS-Businessbank (formerly Municipal). At that time, after Viktor Yushchenko announced a course toward European integration and opening the economy to the West, European partners suddenly became keenly interested in Ukrainian banks. Some very interesting deals began to happen: for example, Aval Bank was purchased by Austrians from Oleksandr Derkach and became Raiffeisen Bank Aval. Tihipko, too, began to consider a profitable deal—one that was profitable, of course, for himself. He began by driving up the price: first, he consolidated the capital of TAS-Kommerzbank and TAS-Investbank (doubling their value), then began to woo potential buyers. The price kept rising: in 2006, Hungary's OTP Bank offered $255 million for TAS-Kommerzbank (much more than his capital). Tigipko merely grinned. Then came offers from Italy's UniCredit, Greece's Alpha Bank, and the US's GE Money. Tigipko was satisfied with the price offered by Sweden's Swedbank in 2007 for TAS-Kommerzbank and TAS-Investbank: $735 million, plus an additional $250 million bonus, which Tigipko would receive three years later if the banks were successful. Most importantly, the Swedes offered him the position of CEO of TAS-Kommerzbank, which was renamed AT Swedbank after the sale.
The deal was closed, and Tihipko received his $735 million without paying a cent in taxes, as the sale was conducted through his Cypriot company, TAS Overseas Investments Limited. He took over as head of AT Swedbank and began actively developing it, enthusiastically issuing foreign currency loans (including to his own companies) and mortgages. Riding the wave of this success, he accepted Tymoshenko's invitation to become an economic adviser to the Prime Minister. Then came the 2008 crisis. Understandably, most of the foreign currency loans to AT Swedbank were not repaid – the bank's share of non-performing assets reached 63%. Instead of saving the bank, Tihipko terminated the contract in April 2009 and resigned as its head, knowing he would never receive the promised $250 million bonus. Ultimately, the Swedes had to inject another $749 million into the bank, but this didn't save it: by 2013, all that remained of AT Swedbank was its name, multibillion-dollar debts, and angry depositors. Meanwhile, Tigipko, having retained his millions, began developing a third bank, TAS-Businessbank, renaming it TAScombank. By the end of 2009, the oligarch's fortune was estimated at $635 billion—not bad, considering the severe economic crisis that Ukraine and the entire world had endured.
According to Tihipko himself, he has reentered politics. In March 2009, he was still supporting Yulia Tymoshenko, declaring he would not compete with her in the upcoming presidential election. In April, after being fired as her adviser, he changed his mind and announced his entry into the race. Tihipko embraced the image of a "new young politician," painstakingly expunging his past and editing his biography. But it didn't help: with 13% of the vote, he finished only third. He had a choice between donating his voters' votes to Tymoshenko or Yanukovych. He chose the latter, in exchange for the promise of the prime minister's post.
While polishing his campaign image, Serhiy Tigipko sought to erase another page from his biography: his connection to Igor Markov ( read more about him in the article "Igor Markov: Criminal and Separatist "), an Odessa businessman and pro-Russian politician, leader of the now-banned Rodina party, and head of the Odessa branch of Labor Ukraine in 2002-2003. After the 2007 beating of a participant in a national patriot rally (All-Ukrainian Union "Svoboda"), a criminal case was opened against Markov, and he was even placed on the wanted list, but he never appeared in court.
But in March 2010, Serhiy Tihipko himself was betrayed: he became merely a deputy prime minister in Mykola Azarov's government. Later, he was given the portfolio of Minister of Social Policy, in which capacity Tihipko had already betrayed Ukrainian pensioners. His version of pension reform was so unpopular with society that it sparked a storm of protests and a significant decline in the government's approval ratings. Furthermore, he authorized an increase in utility rates in 2011-2012, which further added to the public discontent.
Meanwhile, a man whose net worth was estimated in the hundreds of millions of dollars skimped on the 250 hryvnias he spent on official customs clearance for a Mercedes Benz SL 550 (VIN: WDBSK71F89F145570) he bought for his daughter, Anna Tihipko. The car's import and registration were handled by an attaché from the Israeli Embassy at the Kyiv Central Specialized Customs Office. Moreover, Oleksandra Kuzhel ( read more about her in the article "Oleksandra Kuzhel. A Dossier on a Scandalous Woman "), who at the time was a party ally of Tihipko (she later moved to Batkivshchyna), oversaw the entire process right up to the issuance of the documents.
After the 2012 parliamentary elections, Tihipko wisely resigned from his seat in the Verkhovna Rada, where he remained quietly in office until the Euromaidan revolution. Apparently, this was not without benefit: in 2014, Forbes Ukraine magazine listed Tihipko among Ukraine's richest people, estimating his fortune at $1 billion! Even then, however, a significant portion of Tihipko's assets were held outside Ukraine, primarily in a Cyprus offshore zone. Serhiy Leonidovych remains occupied with this painstaking work: on July 12, 2016, by Order No. 1667 of the National Financial Services Commission of Ukraine, the Cypriot company Bailican Limited was granted permission to acquire 99,955% of the authorized capital of TAS Insurance Group OJSC and 99,976% of the authorized capital of TAS Insurance Company OJSC. Moreover, the transaction is being carried out through the Cypriot company TAS Overseas Limited, which is the majority shareholder in both companies. This is a traditionally complex and obfuscating scheme for Tigipko.
Sergey Varis, for Skelet.Org
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