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Igor Shuvalov brings all assets to Russian jurisdiction

January 20, 2014, 12:51 UTC+3 MOSCOW

Deputy PM: "My wife and I have organised a company on a fifty-fifty basis; we are not running the company"

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© ITAR-TASS/Dmitry Astakhov

MOSCOW, January 20. /ITAR-TASS/. Russia’s First Deputy Prime Minister Igor Shuvalov has brought all his assets to the Russian jurisdiction, he said in an interview with The New Times magazine.

“My wife and I have organised a company on a fifty-fifty basis. We are not running the company. We have organised a management system, where we may be not involved in management - an analogue of blind trust - an institute we do not have in this country, but which exists in the West, he said.”

“In this case, blind trust means no options for influencing the management,” Shuvalov said. “We have transferred all assets to these companies in the Russian Federation; all the Western assets are being liquidated now.”

Shuvalov said back in the 90s he organised a foreign company, as it was the best legal protection form at the time. He also quoted another reason - the unconditional inheritance of property under the Russian legislation. “My wife and I do not agree with it: we would like our children to earn their living themselves, to fight for success in life by their own. And we believe the property, which following our death should be inherited by our children, should be inherited only under certain conditions.” The deputy prime minister added his son and daughter shared that opinion.

While commenting on the situation around foreign real estate property, Shuvalov said it had been registered for a company, which the Shuvalovs had owned.

“In fact, I have never concealed that real estate belonged to a foreign company, which my wife owned - this is clear from the registrar. We have arranged it so in order to avoid even a hint of any secrecy. That company managed not only the house in Austria, but some other real estate we owned. The company belonged not to us directly, but to our companies, which is reflected in all documents and tax declarations.

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