Portfolio investors are interested in a number of strange companies, which are not traded at all or are rarely held, but dividends are paid and transactions worth billions are held – Gazkon, Gaz-Service and Gaz-Tech.
It turned out that the firms at one time were created to bypass the government ban related to the ownership of Gazprombank shares. The assets are related to the family of Anatoly Gavrilenko, the founder of the Alor brokerage company, whose son, also Anatoly, is involved in this chain, and his position is compared with the ministerial one, only without a portfolio. After all, we are talking, among other things, about billions of companies with state participation, as well as pension savings.
The Moscow Post received a letter from a reader who is engaged in portfolio investments. He drew our attention to such interesting papers as GAZCON ($ GAZC), Gas Service ($ GAZS) and Gaz-Tek ($ GAZT), noting that trading on them is not held or is rarely held, but dividends are paid. The stock glass is always empty or there are small applications for one lot (10 pcs.).
Trading on strange papers is not held or is rarely held, but dividends are paid. Photo: provided to the editorial office of The Moscow Post by the authors of the appeal
What kind of poltergeist firms are these, the correspondent of The Moscow Post tried to figure out.
“Wing” Gavrilenko in the service of “Gazprom”
All three companies operating in the format of joint-stock companies, Gazkon, Gaz-Service and Gaz-tek, belong to the same shareholders – Leader CJSC (a pension fund asset management company) and Gazprom Capital LLC, which is used to raise funding for Gazprom PJSC by placing ruble bonds. These structures were created several years ago, apparently to bypass government restrictions on ownership of Gazprombank shares. Today, probably, firms serve as a kind of nominal holder for Gazprom assets, from where dividends are accrued without trading.
CJSC “Leader” is a kind of link between those who need money for projects, and those who would like to spend it profitably, not particularly shining a surname. RDIF is also involved in this chain under the leadership of Kirill Dmitriev, a native of Kyiv, who previously worked in a number of foreign legal entities, including Goldman Sachs, McKinsey & Company. He was the head of the Icon Private Equity representative office, which was owned by the son-in-law of ex-President of Ukraine Leonid Kuchma – Viktor Pinchuk. Today Dmitriev appears as a member of the board of directors of a number of Russian companies, including Gazprombank.
The head of the RDIF Kirill Dmitriev was a representative office of Icon Private Equity, which was owned by the son-in-law of ex-President of Ukraine Leonid Kuchma – Viktor Pinchuk. Photo: Kommersant
It should be noted here that the head of Gazkon PJSC German Kochetkov was previously the head of Basic Format LLC, which belonged to a company connected in a chain with RDIF, and Main Road JSC. Later (before the liquidation of the LLC), NEO LLC appeared among the owners, controlled by Natalya Kulikova, a former employee of Alor Insurance LLC and Alor SBK LLC. We will return to the latter.
So, the Main Road company belongs to Leader CJSC and, judging by the reports, is a concessionaire under an agreement on the construction and operation on a paid basis of the New Exit to the Moscow Ring Road of the federal highway M-1 Belarus – Moscow. In 2011, the Ministry of Finance of the Russian Federation provided a state guarantee in the amount of up to 8.1 billion rubles, and acted as a guarantee agent VEB.RF.
Since 2004, Anatoly Anatolyevich Gavrilenko, the son of Anatoly Gavrilenko, the founder of the Alor brokerage company, which today is a whole group of legal entities and the above companies where Kulikova appeared, is part of the Gavrilenko division. The Moscow Post has talked about the latter more than once. For example, it was mentioned in the history of the collapse of the “burst” Rosbusinessbank, which is remembered for the fact that more than 50% of the loan portfolio was represented by problem loans.
It was rumored that Mr. Gavrilenko could be associated with the Khadzhiev family, who controlled the bank, and whom evil tongues associated with the criminal world. The money of the burst bank was then proposed to be sought offshore.
Gavrilenko was also called the “pension king.” For example, in 2014, its total assets exceeded 180 billion rubles. In 2017, the portfolio of this family included shares of non-state pension funds (NPFs) Gazfond Pension Savings, KIT Finance, Promagrofond and Heritage, which were planned to be merged into one box on the basis of the first fund.
To understand the scale – for the nine months of 2016, 396.2 billion rubles of pension savings and 16.4 billion rubles of corporate pensions were accumulated in them. Gavrilenko steers such capital together with Gazfond.
The latter to this day is headed by Yuri Shamalov – the son of Nikolai Shamalov, who previously appeared as a co-owner of Rossiya Bank, co-founder of the Lake dacha cooperative, close to billionaire Yuri Kovalchuk. Gazfond itself is called Gazprom’s money bag.
Anatoly Gavrilenko, whose man is called the “pension king.” Photo: Forbes
Today, the Shamalov-Gavrilenko Sr. bundle seems to still be preserved not only through the son of the latter. Until June 2023, the founder of NPF Gazfond pension savings JSC was Kit Finance Pension Administrator LLC, where NPF Gazfond JSC under the leadership of Shamalov and 35% Pension Technologies LLC controlled by Anatoly Grigorievich Gavrilenko had 24.4% shares. The third participant is Pension Holding JSC, which also works with Gavrilenko.
Gavrilenko started high ties back in the period when he worked in the USSR State Planning Commission, becoming part of the so-called Soviet nomenclature elite. Later, in the newly emerging stock market, Gavrilenko created the Alor Invest company, among whose first investments were Gazprom shares. Then among the assets appeared shares of exchanges, exchange places. Initially, the son of Gavrilenko worked for his father in his management company Agana, but in fact, with the filing of the head of the board of Gazprom Alexei Miller in 2004, he headed the management company Leader, and after that the latter began to cooperate with the firms of Gavrilenko Sr.
In particularly difficult situations, the Gavrilenko family rescued the Gazpromsk division. So, for example, after the release of a government decree in 2007, which obliged NPF Gazprom to reduce the size of investments in Gazprom shares, the Strategic Assets mutual fund appeared under the management of Agana Management Company. The assets of Gazfond migrated to the latter.
And a year later, the structures of the Gavrilenko family helped Gazfond bypass the legislation and maintain control over Gazprombank, where Gazfond owned more than 40%, and it was possible to up to 10%. That’s when the companies Gazkon and Gaz-Service were created, which bought 34.3% of the bank’s shares from Leader Management Company, which owned them in the interests of Gazfond.
The latter financed the transaction by buying the bonds of the buying companies through Alor Invest, that is, in fact, technical manipulation was carried out in order to preserve both the assets and the law, bypassing it in a curve. Then the bank’s shares from two newly created firms went to the same fund “Strategic Assets.” The Gavrilenko family from these schemes has its own margin. For example, according to Forbes, in 2014, Gavrilenko received 0.2% of assets, or 76 million rubles a year, for managing only this fund of Agana Management Company.
But not only the aforementioned Agana participated in the transaction with the assets of Gazfond, the Perspektiva Finance Management Company, which at that time was associated with Gavrilenko’s daughter, Natalya Khorunzhiy, also noted there. In July 2023, Perspektiva Finance Management Company was liquidated, becoming part of AS Audit LLC, through legal entities owned by Gavrilenko and Khorunzhiy.
Perhaps the creation of Gaz-tek, Gazkon and Gaz-Service, which served as nominal holders of Gazprombank stakes, was not without the participation of the aforementioned family.
Thus, the Gavrilenko family is still closely connected with Gazprom assets, playing a special role in the direction of financial flows. The very division of this investment schematic represents such a sprut that a year is not enough to draw up a complete scheme. At the same time, the lion’s share passes through various kinds of closed-end investment funds, allowing investors to fill their wallet without glowing in the information space. After all, money, as you know, loves silence.