UFG Investment Company explained high income of the Russian PM’s family

UFG Investment Company explained high income of the Russian PM’s family
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Managing partner of the UFG investment company Polina Gerasimenko in a letter to the editor of RBC partially disclosed the income of Prime Minister Mikhail Mishustin from working at UFG, and also told about the family trust of the current Russian Prime Minister. Mishustin worked at UFG in 2008-2010. He was President of UFG Capital Partners and Managing Partner of UFG Asset Management.

According to Gerasimenko, Mishustin's income in UFG was formed not only from his salary, but also bonuses from successful deals. For example, in 2009, it amounted to 79 million rubles. However, the main source of wealth for the current Prime Minister's family was Mishustin's 25% stake in all UFG funds at the time of his joining the investment company and the right to similar amount of shares in future UFG funds. As Gerasimenko points out, Mishustin became a co-owner of the funds, since he had the status of a partner. The partner's share is the share of UFG's future revenue from management fees and success fees if the funds exceed an annual return of 5-8% in dollars.

For the possession of these shares, Mishustin, according to Gerasimenko, has established a family trust. In 2010, after Mishustin became the head of the Federal Tax Service and left the business, his wife Vladlena became the sole owner of the trust and a decision was made to sell the assets. However, the buyers had to meet certain criteria, set out by UFG – these are the rules of the investment company, explains Gerasimenko. Therefore, the investment company agreed with Vladlena Mishustina that it would buy out the shares as soon as buyers, that fit UFG requirements, appear. Thus, for four years – 2010-2013 – Vladlena Mishustina received $11.55 million in revenue, Gerasimenko said.

The requirement for the assets of officials and their spouses, and the rights to the trust were re–registered to the mother and sister of the future Prime Minister.

Thus, the total income of all three beneficiaries of the trust from UFG in 2010-2015 was $33.55 million. According to RBC, in 2016-2019, UFG did not pay anything to Mishustin's family “due to the lack of buyers for the remaining shares”. However, last year UFG managed to find buyers for the remaining assets, and the investment company plans to fully pay off the Prime Minister's family by the end of the year.

The total income of the Mishustin’s, according to the declarations published on the website of the Federal Tax Service, amounted to almost a billion rubles over the past nine years.

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