Timchenko Gennady Nikolaevich

Timchenko Gennady Nikolaevich

Gennady Timchenko - Finnish entrepreneur, Member of the Board of Directors, Member of the Strategy and Investment Committee of NOVATEK.

Aktivs

As of October 2012, Timchenko has two main assets. This is the Volga Resources company through which he owns:

• 23 percent of Novatek Gas Company,
• 80 percent of Stroytransgaz (builds facilities for the gas industry),
• 25 percent of Geotec,
• 30 percent of the shares of the fishing company "Russian Sea" (sold in June 2014),
• beverage manufacturer "Aquanica" and
• 49.1 percent of German insurer Sovag.

The second major asset at that time: an oil trader, Gunvor which Timchenko owned with the Swede Tonbjorn Thornqvist. Gunvor's head office is located in (Switzerland according to other sources - in). Netherlands According to unofficial information, about a third of Russian oil sold abroad passes through this company. 45.5% of Gunvor shares were sold to Timchenko in the spring of 2014.

Biography

Education

In 1976 he graduated from the Leningrad Mechanical Institute (Baltic State Technical University "Voenmekh") with a degree in electrical engineer.

Career

He began his career at the Izhora plant in Leningrad, specializing in the manufacture of equipment for the energy industries.

From 1982 to 1988 worked as a senior engineer at the Ministry of Foreign Trade.

In 1988, he became vice president of the state foreign trade company Kirishineftekhimexport (Kinex), created at the Kirishi Refinery (Leningrad Region).

In 1991, he joined Urals-Finland, which specialized in the trade in oil and petroleum products.

From 1994 to 2001 he was Managing Director of IPP OY Finland and IPP AB Sweden.

In 1996, together with four partners, he bought Kinex at privatization trading, from which Gunvor, one of the world's largest oil traders, later grew.

In 1997, he became a co-owner of Gunvor.

In 1999, he renounced Russian citizenship and became a citizen of Finland^[1] (dual citizenship in this country was prohibited until 2003). A few years later, together with members of his family, he moved to Switzerland and settled in Geneva.

In the first half of 2007, he founded the venture capital firm Volga Resources SICAR S.A. in Luxembourg, and in the second - her daughter, the investment company Volga Resources SICAV-SIF S.A.

Member of NOVATEK's Board of Directors since 2009.

In 2010, Novatek increased its share in Novatek (the leading independent gas producer in Russia) to 23% (only Leonid Mikhelson's stake is larger ).

2011: 26th on Russia's list of billionaires with $5.5 billion

It ranks 26th in the ranking of the Russian-language version of Forbes "The Richest Businessmen of Russia - 2011"^[2]. Gennady Timchenko's fortune is estimated at $5.5 billion.

2012: Applications for return to Russia

In July 2012, the media reported that Timchenko would transfer management of his assets to Russia. It was noted that the business of the co-owner Gunvor in Russia has grown a lot, in addition, he spends almost 80 percent of his time in the Russian Federation. Recently, he took up new positions - president of the SKA hockey club in St. Petersburg and head of the board of directors of the Continental Hockey League.

On October 19, 2012, it became known that the co-owner of the Gunvor oil trader Gennady Timchenko would return to Russia. About this in the issue of October 19 writes the newspaper "Vedomosti" with reference to the acquaintances of the businessman.

As of October 2012, Timchenko is a Finnish citizen and, according to media reports, lives in Switzerland. Now the co-owner of Gunvor is 60 years old, of which 20 he lived abroad^[3] return^[3].

Former deputy chairman of Gazprom Alexander Ryazanov told the publication that Timchenko intends to return to Russia and invest in local production. An unnamed interlocutor of the newspaper noted that the entrepreneur began to invest more money in real production in Russia, and this business requires a personal presence.

An unnamed banker familiar with Timchenko told the publication that Russian President Vladimir Putin, who is interested in the growth of the Russian economy, asked the businessman to "move to real production."

Over the past few months, the business press has announced several new projects of Timchenko's structures in Russia. Thus, Stroytransgaz intends to build an Arctic terminal for Gazprom Neft for a billion dollars. The structures of the businessman can also get to expand the assets for the construction of power grids and engage in metal trading. In addition, in an interview with Forbes, Timchenko himself said that he intends to create a construction group that will become one of the key players in the industry.

In February 2012, Timchenko became president of the Economic Council of French and Russian Entrepreneurs.

Gennady Timchenko is the founder of the funds "Ladoga," "Neva" and "Klyuch," which support projects in the field of sports, in particular children's and youth hockey, as well as culture and art.

2014: Major Asset Sale

Gennady Timchenko in 2014 sold a number of assets. So, in the spring, the businessman sold a 45.5% stake in Gunvor and a stake in the Finnish airline AirFix Aviation. In June 2014, it became known that Timchenko got rid of his shares in the Pulkovo and Sheremetyevo business terminals (74% in Avia Group and 70% in Avia Group Nord, which serve infrastructure and business aviation flights). At the end of June 2014, a deal was held to sell Gennady Timchenko a 30% stake in the Russian Sea company. ^[4].

2020

Allocation of 1.3 billion rubles to fight coronavirus

On April 7, 2020, it became known that Gennady Timchenko allocated Russia more than 1.3 billion rubles as financial assistance to combat the spread of coronavirus. COVID-19

As the representative of the co-owner of Novatek and Sibur told Vedomosti, these funds will be used to purchase medical equipment, including artificial lung ventilation devices, CT scanners, antiseptics, medical masks, gloves and other medical devices for doctors and staff of medical institutions.

Timchenko allocated more than 1.3 billion rubles to fight the COVID-19 coronavirus pandemic

In addition, the businessman organized support for non-profit organizations working with vulnerable groups of the population: the elderly in boarding schools and neuropsychiatric boarding schools, homeless, palliative patients, large families (foundations "Old Age in Joy," "Vera," "Fair Help of Dr. Lisa," "Nochlezhka," etc.).

Our main resources and efforts are aimed at the prompt support of those partners who save the sick, are engaged in prevention and help the most defenseless. We want to make their work possible and safe, ready for cooperation and unification with other interested parties, "Timchenko told reporters through his representative.

According to him, the management of Volga Group companies operating in the regions is doing everything possible to timely provide the necessary means of protection for employees of enterprises.

At the end of March 2020, a charitable foundation founded by Gennady Timchenko  and Elena Timchenko announced the establishment of the Caring Nearby coalition to support the older generation in the context of the coronavirus pandemic. Volunteers, non-profit structures and simply caring citizens are invited to cooperate with the new community.^[5]

Income from dividends and asset sales - $788 million

On September 22, 2021, Forbes magazine presented an updated rating of Russian billionaires, in which it assessed the "real, real money" received for the sale of assets or in the form of dividends at the end of 2020, and not the value of assets owned by entrepreneurs. Gennady Timchenko, according to analysts of the publication, earned $788 million in 2020. Read more here.

2021: Speaking in defense of Magomed Magomedov

In November 2021, billionaire Gennady Timchenko personally came to a closed trial in the case of the Magomedov brothers and acted as a guarantor for one of the brothers - Magomed, a former member of the Federation Council. Novaya Gazeta reported that Timchenko had to wait four hours until he was allowed into the courtroom and listened to. He asked the court to change the preventive measure for Magomedov to not related to imprisonment under his guarantee.

"Witness G.N. Timchenko confirmed his readiness to act as a personal guarantor, guaranteeing the proper behavior of Magomedov M.G., while explaining to the court how he was able to ensure the proper behavior of Magomedov M.G., the witness could not," the judge announced. As a result, the court did not accept Timchenko's guarantee.

2022: 10th place in the list of richest Russians with a fortune of $11.8 billion

2024: Receipt of 79 billion rubles of dividends

Dividends of some entrepreneurs in Russia

Family

• Wife Elena Timchenko.
• Daughter Ksenia Timchenko.
• Daughter.
• Son.

Interesting facts

Since 2004, he has usually appeared in the press as a friend of Vladimir Putin, but he himself denies that he maintains close relations with him. It was reported that Timchenko and Putin regularly met in Moscow: the businessman allegedly provided some services to the President of the Russian Federation, and he, in turn, contributed to the development of his business.

Putin about Timchenko's business and Transneft management

Awards

In October 2013, Gennady Timchenko, Chairman of the Economic Council of the Franco-Russian Chamber of Commerce and Industry (CCIFR), was awarded the Legion of Honor, of which he became a holder in the summer.

The ceremony was held on October 11 at the Yusupov Palace of St. Petersburg, the award was presented by the French Ambassador to Russia Jean de Gliniasti.

"This is a recognition for the activities of Gennady Timchenko as chairman of the Economic Council of French and Russian enterprises CCIFR and for his contribution to the development of strong Franco-Russian economic relations, as evidenced by the creation of a strategic partnership with Total. The French business community in Russia is very proud and expresses joy on the occasion of the presentation of such an award for services to France, "the website of the Franco-Russian Chamber of Commerce and Industry of the President of the organization Emmanuel^[6] of^[6]

Notes