Private Bank Fuels Fortunes of Putin’s Inner Circle
Once known for investigating government corruption and airing opposition views that were never allowed on state television, Ren TV over time became noticeably less critical.
“The first goal was political control of the media,” said Roman Pivovarov, a leading analyst of the Russian media landscape. “But that was achieved relatively early on. So this was as much about money. The picture today is clear, in that the big media belongs to the small circle of people who control not only the politics but the economics of Russia.”
.. Cyprus is one of the world’s busiest offshore financial-service centers, with one of Europe’s lowest corporate tax rates and laws that enable foreigners to incorporate companies within days. Nearly 270,000 companies are registered there, and many are shells created to shelter income while obscuring the real owners.
.. A partner there, Makis Chrysomilas, said his firm typically uses its own address or those of employees when establishing residence for shell companies. “We are lawyers for 4,000 or 5,000 corporations,” he said. Coming up with names for them can be a challenge, he explained. So he has taken names from a book listing the thoroughbred horses auctioned in the United States. He also has named companies after streets in London and other European cities.
.. As for Bank Rossiya, he went on: “As far as I recall, this is a medium-sized bank. Personally, I did not have an account there, but I will definitely open one on Monday.” He later directed the presidential administration to begin depositing his official salary — roughly $7,500 a month — into a Bank Rossiya account.