Sergei Pugachev is a Russian billionaire who once worked closely with the President of Russian, advising the government. Known to be close to the Russian government, however, his life is very tragic where his wealth just disappears because of his problems with the Russian government.
Although his current life is very bleak, and far from luxurious, unlike before, many people are curious about how his life is now, what is his net worth and what is the chronology of his case which became a controversy with the Russian government. Well, to know more about Sergei Pugachev’s life, let’s see our post below!
Sergei Pugachev’s Net Worth
According to the BBC, Sergei Pugachev’s net worth is approximately $15 billion in post-communist Russia. By 2018, Sergei was ranked number 605 in Forbes list of The World’s Billionaires and given a net worth of £2 billion.
Most of Sergei’s income comes from his business including coal mining, shipyards, designer brands and even one of Russia’s largest private banks. Sergei also once owned two superyachts. One was a 170 ft Palmer Johnson DB9 which has a value of £22m.
However, Sergei told the UK High Court in November 2014 that he was worth less than £56 million. Unluckily, Sergei lost roughly £9 million in October 2018 once he was forced by the UK courts to hand over his large Chelsea home to state creditors in Moscow. He also had to sell his yacht. Then, his 120 ft Palmer Johnson DB9 was reportedly seized by the Russian government.
Sergei and his wife, Alexandra Tolstoy along with their children split their time between a Battersea home worth £12m, a 200-acre Hertfordshire estate and a Caribbean home, worth £32m.
Sergei Pugachev’s Venture
Aside from being known as Russian investor, Sergei was initially an entrepreneur in the late 1980s. In 1991, Sergei established one of the first cooperative banks in the USSR, the Northern Commercial Bank. Then, he sold his share in 1993. He and Sergey Veremeenko organised the International Industrial Bank in 1992.
At the end of 1990s, Sergei acquired Yenisei Industrial Company, holding an exploration licence for the region of the Ulug-Khemsky District in Southern Siberia. In the process of exploration and experimental production, the largest coking coal deposit in the world was developed.
Yensei then obtained a licence for exploration and production of coal at the Elegest deposit. After that, the investment commission of the Russian Federation financed infrastructure for this project in the amount of $1.5 billion, as a record investment in the development of a private company.
Sergei then invested in the largest shipbuilding complex in Europe at the St. Petersburg shipbuilding base of Severnaya Verf and Baltiyskiy Zavod and in 60 engineering companies.
In the early 2000s, it consolidated under the management of the United Industrial Corporation. According to independent estimates for 2008-2010, the total value is more than US$12 billion. By 2004, his company signed an investment agreement for an ambitious project for the reconstruction and development of the Central Trade Row on Red Square.
Unfortunately, from 2010 to 2014, Sergei’s assets were successively expropriated by the Russian government, after which he was subjected to political persecution. At his request in 2011, criminal proceedings were instituted in France regardless of extortion and threats from senior DIA staff.
Then in 2012, Sergei informed the Russian authorities about the preparation of a claim at the International tribunal in The Hague. In December 2013, the Russian government filed a claim regarding Pugachev’s liability for subsidiary liability at the Moscow Arbitration Court.
Sergei Pugachev’s Early Life
Sergei Viktorovich Pugachev is a Russian investor and former member of Vladimir Putin’s inner circle. Sergei is a doctor of technical sciences and a member of the International Engineering Academy as well as the author of three monographs and 40 research papers.
Sergei moved to the United States in 1994. Initially, he lived primarily in London and France. He also has major real estate development projects in the United States, Luxembourg, France, United Kingdom and Russia.
At the beginning of the 2000s, Sergei git a reputation in the Russian mass media for alleged having introduced Russia’s new president Vladimir Putin to the governor of the Sretensky Monastery in central Moscow, Archimandrite Tikhon Shevkunov, with whom Sergei has been in close relationship as a major sponsor of the monastery.
Sergei was born into a military family, his father was a student in first class of the Kiev Suvorov Military School. His father was awarded Commander of the order of Red Star who held command positions in airborne troops. His father died in 2010, as a retiree as Deputy Head of the department of general tactics and operational arts of the Military Academy.
Sergei claimed to have defended two dissertations, including ‘Methods and investment policy of the management model of the bank’ at the Russian Academy of Sciences. Then, Sergei defended the dissertation ‘Development of information technology for management of financial resources of credit organizations’ in October 2000.
According to official sources, Sergei was awarded Doctor of Technical Sciences. He also wrote three monographs and authored more than forty research papers. Then, other sources found Sergei’s three diplomas and other facts of his biography to be fake.
Sergei is known as a member of the Russian Academy of Engineering and engaged in active work on the connection between science and production. Since 2013, Sergei repeatedly attracted Academy staff with expertise among the various projects.
Sergei Pugachev’s Controversy
Known closely to the President of Russia, Vladimir Putin, however, Sergei fell out of favour with the politician. Sergei even revealed that he was close to the Russian president and they went on holiday together all the time. Once he gave loans to the Russian government, he earned the nickname ‘Putin’s banker’.
Their bad-relationship pushed him to begin a new, very gloomy journey of his life. His finances got to fare badly when his bank, as the largest private bank in Russia was bailed out by the government in 2018.
Sergei then left Russia in 2011 and as the Russian government has made various attempts to seize Sergei’s property, claiming he was profiting from the taxpayer money.