Please see this back-ground post for the “Trump-Russia” context, that forms the basis of this post today: Follow the Money ... from Rosneft to the Caymans
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RUSSIAN FOREIGN AFFAIRS IN THE NEWS, JANUARY, 2017
sras.org, The School of Russian and Asian Studies — 5.2.2017
Rosneft Privatization Deal Raises New Questions
Recent investigations into the money trail left by the recent purchase of 19.5% of Russian oil giant Rosneft raises questions regarding the actual buyers. Although the deal was presented late last year as a joint purchase between the Swiss conglomerate Glencore and the Qatari Investment Authority, public records reveal a large portion of the financing was funneled through a complex web of shell companies. Ultimately, the trail leads to a company registered in Singapore, QHG Shares, which acted as a lynchpin for the money transfers. QHG Shares, however, is partially owned by a London-based company, QHG Investments, who in turn also manage a Cayman Islands subsidiary called QHG Cayman Limited. Curiously, this latter company is not only listed as one of the purchasers in the Rosneft deal, but the identities of the owners of QHG Cayman Limited are protected from public inquiry by Cayman law. Stranger still, of the 10.2 billion Euros price tag attached to the Rosneft sale, 2.2 billion has not been accounted for by the investigation.
Even the folks of Russia are wondering where the 19% of their “State-owned” Oil Company — just went!?
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ru.insider.pro — февраля
Продажа 19,5% акций Роснефти консорциуму инвесторов, в который вошли катарский инвестиционный фонд и Glencore, продолжает вызывать вопросы.
В декабре стало известно о крупнейшей с 90-х годов приватизационной сделке в РФ — продаже 19,5% акций Роснефти (LSE IOB: Rosneft [ROSN]). Пакет акций был продан за 10,2 млрд евро консорциуму инвесторов, в который вошли катарский инвестиционный фонд Qatar Investment Authority и швейцарский нефтетрейдер Glencore (LSE: Glencore [GLEN]).
[...]
Теперь банки, с которыми итальянская Intesa хочет разделить кредит на 5,2 млрд евро, выданный покупателям пакета, требуют ясности в отношении структуры владения приватизированной долей в Роснефти и отказываются от участия в синдикации, пока не получат всю информацию о сделке и ее конечных бенефициарах, сообщает издание GlobalCapital.
… Looks like trouble in Qatar Paradise.
RNS Number : 5919X
Qatar Investment Fund PLC
23 February 2017
Qatar Investment Fund PLC
Interim Results for 6 months to 31 December 2016
Nick Wilson, Chairman
Qatar Investment Fund PLC
Chairman's Statement:
[...]
The Qatar Investment Authority to invest USD 35 billion in US over next five years
The Qatar Investment Authority (QIA) has announced that it will invest USD 35 billion in the US over the next five years (2016-21). The US and Qatar enjoy a robust and growing economic and commercial partnership. Bilateral trade is expected to exceed USD 7.5 billion in 2016, and Qatar is among the top four markets in the Middle East for US exports of goods and services.
QIA to invest USD 2.6 billion in Rosneft deal
Glencore PLC and QIA finalized a deal to take a one-fifth stake in the state-owned Russian oil giant Rosneft for about USD 10.8 billion. QIA will invest USD 2.6 billion and Glencore USD 312 million for equal stakes in a special purpose vehicle that is buying a 19.5% stake in Rosneft from its government-owned parent company Rosneftegaz. The deal will help improve ties between Qatar and Russia at a time when Russia is expected to improve its relations with the United States after Donald Trump takes over as the President.
Uh oh! When the heavy-hitter line-up of World Bankers don’t want a cut of your Russian Oil ‘Windfall’ earnings (because the Names of the ultimate benefactors are buried in the Caymans) — Well you know Intesa, you have a Problem!
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RusLetter.com — 9.2.2017
Banks want transparency
The deal to sell 19.5% of shares of Rosneft to a consortium of Glencore and Qatar QIA continues to raise questionsЖ this time from the banks with which the Italian Intesa wants to share the credit for €5,2 billion, issued to the buyers of the package. As reported by GlobalCapital, specializing in capital markets, the bankers require clarity regarding the ownership structure of the privatized shares in Rosneft and refuse to participate in syndication until they receive all the information about the transaction and its final beneficiaries.
Intesa Group in early January entered into a loan agreement with the consortium Qatar Holding - Glencore, providing it with €5,2 billion for the purchase of Rosneft shares. The bank representative then informed that Intesa would attract other banks to share the credit with them. €5,2 billion is 1.4% of Intesa's loan portfolio at the end of 2016, but almost 15% of the bank's current market capitalization.
European credit market banks are preparing that Intesa will invite them to participate in the syndicate, but at the moment, "they know about the structure of ownership [of shares of Rosneft] or structure of the financing of the transaction no more than can be judged by the scarce and uncertain information which is presented in official statements and media reports," writes GlobalCapital. Five sources in a variety of major banks said that they would not participate in the syndication loan until identify the beneficial owners of the privatized Rosneft shares that belong to the chain of SPV-company (special purpose company), registered in Singapore, the United Kingdom and the Cayman Islands. [...]
So who are the most visible “Deal makers” of this ill-gotten Russia-to-Caymans deal? Well could it be these world-stage mover and shakers … [the names behind the top-box of the pyramid, above.]
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2015 Annual Report - Qatar Investment Fund
QATAR INVESTMENT FUND PLC Annual Report, 30 June 2015 pg 29
Board of Directors
Nicholas Wilson (Non-Executive Chairman)
Nick Wilson has over thirty years’ experience in hedge funds, derivatives and global asset management. He has established and run offshore branch operations for MeesPierson Derivatives Limited, ADM Investor Services International Limited and several other London based brokerage companies. He was a Non-Executive Chairman of Alternative Investment Strategies Limited, the longest running London quoted fund of hedge funds and a constituent of
the FTSE All Share Index. In addition, he sits on the boards of a number of other public companies, including RAB Special Situations Company Limited. He is resident
in the Isle of Man.
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Neil Benedict (Non-Executive Director)
Neil Benedict is based in the USA with over thirty years’ experience of financial markets. He was formerly a Managing Director at Salomon Brothers, where he was Head of International Capital Markets, and, prior to that, the founder and
head of the worldwide Currency Swaps group. Neil was also a Managing Director at Dillon Read and helped establish their Tokyo office. He is currently a Managing Director of Intelligent Edge Advisors, a New York advisory firm. Neil is a fellow member of the Institute of Chartered Accountants in England and Wales.
It’s not like, other internet detectives haven’t taken notice ...
Guardian analysis of leaked papers will show how influential people including heads of government have exploited tax havens
by Juliette Garside, Holly Watt and David Pegg, theGuardian.com — 3 April 2016
[...]
The Panama Papers reveal:
- Twelve national leaders are among 143 politicians, their families and close associates from around the world known to have been using offshore tax havens.
- A $2bn trail leads all the way to Vladimir Putin. The Russian president’s best friend – a cellist called Sergei Roldugin - is at the centre of a scheme in which money from Russian state banks is hidden offshore. Some of it ends up in a ski resort where in 2013 Putin’s daughter Katerina got married.
Tax haven secrecy revealed:
Uh oh! Trump Tower was in the List of Offshore Tax Clients, discovered by the researchers (Tax Haven Disclosers) of the Panama Papers. No wonder Donald Trump doesn’t want to, won’t ever, release his Tax Statements. What else might THAT lead to ...
… Mossack Fonseca & Co (also based in Singapore like QHG Shares, noted above) is a linch-pin service provider to scads of higher roller clients, like Trump Tower Capital. Perhaps The Donald just got caught up in the whirlwind rush. Afterall, All the Kool Kids were doing it! (avoiding their Taxes)
Panama Papers Show How Rich United States Clients Hid Millions Abroad
by Eric Lipton and Julie Creswell, NY Times — JUNE 5, 2016
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Mossack Fonseca has said repeatedly in recent weeks that its lawyers and staff members have honored international tax and banking laws, and that it is the victim in this case of an illegal hacking attack.
But presented with summaries of several cases by The Times, Mossack Fonseca did not try to explain its actions. It simply said that its standards had improved in recent years, as rules internationally had tightened.
“Our significantly expanded compliance office today not only evaluates new client candidates, but also existing accounts, and especially those that were established prior to the new international regulatory regime coming into effect,” a spokeswoman said in a written statement, referring to a 2010 law passed by Congress. “It wasn’t always this way.”
Well, for Tax Sheltering powerhouses like Mossack Fonseca — Happy Days must be here again!
With one of his former — and now [in-]famous -- clients, now in charge of the New Era of Deregulation for the uber-rich.