Finance, 07 Mar 2018, 13:57
Owners of Russian Standard default bonds issued an ultimatum to Tariko ...% of the issue of default bonds of Russian Standard, demanded payments from Rustam's company Tariko. Otherwise, in three weeks, they will start the procedure for collecting ... collateral, - according to a message released after a conference call by Rustam's company Tariko with investors, in which the initiative group refused to participate. - Beginning procedure...Finance, 06 Mar 2018, 23:49
Tariko Company Discussed Bond Default with Investors ... still intend to demand early payment of Rustam's debt to Russian Standard Ltd Tariko held a meeting with the holders of the issue of defaulted Eurobonds with a total volume of $451 ... a meeting with the bondholders of the company of the main beneficiary of Russian Standard Rustam Tariko planned to discuss with investors two options for the redemption of Eurobonds, the newspaper reported ...Finance, 21 Feb 2018, 13:42
Owners of 27% of Russian Standard bonds refused to negotiate with Tariko ... Holders of 27.5% of Russian Standard bonds called Rustam's offer Tariko about the ransom unacceptable. Investors decided to seek enforcement of securities ... default on bonds threatens Rustam's business Tariko Details of the offer The company of the main beneficiary of "Russian Standard" Rustam Tariko offered two options for the repurchase of Eurobonds, according to ...Business, 21 Feb 2018, 08:51
The media learned about two options for the repurchase of default Eurobonds by Tariko ... Company Russian Standard Ltd Rustam Tariko offered holders of its Eurobonds two options for their redemption. In both ... much lower than the face value, Vedomosti writes. According to the Vedomosti newspaper, the company Tariko proposed two options for the repurchase of Eurobonds, for which last autumn was... did not specify. As Yakov Yakovlev, a representative of Aton, told Vedomosti, the proposed Tariko conditions are unattractive, and therefore investors are likely to ... The media learned about the plans of Rustam Tariko's company to buy back its default bonds ... investors may be offered 25-30% of the nominal Rustam-controlled Tariko Russian Standard Ltd is discussing with investors a possible buyout from them ... this is from an employee of Russian Standard Bank. At the end of October the company Tariko defaulted on $451 million in Eurobonds without paying a coupon ... to consultants. Russian non-standard: how default on bonds threatens Rustam's business Tariko The fact that Russian Standard Ltd did not fulfill its obligations under... Structure of Rustam Tariko defaulted on Eurobonds ... Structure of Rustam Tariko Russian Standard Ltd defaulted on $451 million Eurobonds... Standard Ltd were issued in 2015. Then Rustam's bank Tariko Russian Standard offered investors a choice - restructuring the bank's bonds with redemption ... standard. Russian non-standard: how default on bonds threatens Rustam's business Tariko In accordance with the condition of restructuring, the interest rate on securities was ... Rustam Tariko holding increased alcohol sales in Russia by 31% Tariko Roust for nine months of 2017 increased sales of alcohol in... Russian non-standard: how default on bonds threatens the business of Rustam Tariko ... , what options does Rustam's group have to resolve the problem with investors Tariko The default on the coupon payment on bonds, allowed by the specialized company Russian ... on October, may cost the Russian Standard holding and its beneficiary Rustam Tariko 49% of the shares of Russian Standard Bank pledged as collateral for this ... Limited (RHL), which, according to UBS, is owned directly by Rustam Tariko. Also, the bank's financial statements indicate that the bank group does not consolidate ...Business, 26 Sep 2017, 19:20
Roust announced the appointment of a new CEO in Russia ... Rustam's alcohol holding Tariko Roust announced the appointment of a new CEO in Russia. They ... brands, control production, finance and marketing. Formerly the CEO of Rust Russia" Ilya Blinov was transferred to the position of Managing Director of the Russian... The media learned about the change of the head of the alcohol holding Roust Rustam Tariko ... by Grant Winterton. It is reported by "Kommersant" with reference to the letter Tariko, a copy of which was at the disposal of the newspaper. From a letter, in particular ... (vodka "Green Mark", "Parliament"), which in the same year acquired Rustam Tariko. The newspaper claims that sales of Roust in Russia in 2016 ... are 34.8% higher than the previous year. Rustam's Roust Company Tariko in 2016 did not show positive dynamics and remained at... The court approved the deal to restructure the debt of Rustam Tariko's company ... Trading Ltd. Thus, the approved scheme of the transaction will for the first time deprive Rustam of Tariko 100% control over his alcohol assets. The restructuring should lead... . Roust Corporation itself appeared in 2013 as a result of the proposed Tariko restructuring of the Central European Distribution Corporation (CEDC). The company's portfolio includes... Rustam Tariko will share alcohol assets with creditors ... without describing the potential terms of the agreement with creditors Rustam alcohol holding Tariko reported in early November. The restructuring should lead to a reduction in debt... to the status of the company's shareholders. The approved scheme of the deal will deprive Rustam for the first time Tariko 100% control over his alcohol assets. The deal is actually divided ..., which was used, among other things, for expansion in Russia. structures Tariko managed to pay off only some of the holders of securities - part of their debt ... Rustam Tariko's company will be capitalized by $500 million ... and alcohol distributor Central European Distribution Corporation (CEDC), which offered Rustam Tariko. All of the company's bonds maturing in 2016 have been exchanged... the restructuring terms may include the consolidation of the alcohol assets of the Russian Standard group Tariko, which are not included in Roust. According to the newspaper, the only alcoholic... Rustam Tariko's company agreed to prolong Eurobonds for $25 mln ... capital,” the document said. The bonds in question have been Tariko inherited from the Polish alcohol holding Central European Distribution Corporation ... operational indicators in the future, - RBC reported through the press service Rustam Tariko. - We are pleased with the continued growth in sales volumes in the global market, stable... Rustam Tariko's company defaulted ... capital,” the document says. The bonds in question have been Tariko inherited from the Polish alcohol holding Central European Distribution Corporation ... to the Russian Standard Bank, nor to the companies of the Rustam alcohol group Tariko, says the representative of the holding. CEDC was founded by American entrepreneur William Carey... by issuing $310 million in credit notes in March 2013. Rustam Tariko, which in November 2011 acquired 9.9% of CEDC ... Bank of Rustam Tariko reduced the loss by almost six times ... In the first quarter of 2016 Rustam Bank Tariko"Russian Standard" received a loss under IFRS of 2.3 billion rubles, ... in its review. As of March 31, 2016, the capital of Rustam Bank Tariko amounted to 15.8 billion rubles. At the same time, the standard for the sufficiency of own ... Rustam Tariko found a buyer for NPF "Russian Standard" ... belongs to the owner of the eponymous vodka holding Rustam Tariko. As RBC previously wrote, at the end of 2015 Tariko lost operational control over its NPF ... the operations of Interfin Capital, which managed the assets of NPF Russian Standard. Tariko I had to urgently look for money to pay off the debt to Russian Credit, - rescued ... the source of Vedomosti. In exchange, the businessman had to pledge NPF Russian Standard. Rustam Tariko put up for sale its financial structures - NPF "Russian Standard" and ... Bushmills and Whyte & Mackay to stop selling whiskey through Tariko holding ... Jose Cuervo tequila will stop selling in Russia through Rustam's holding Tariko Roust, according to Kommersant. Also, a replacement for Roust in Russia is also looking for ... the Jose Cuervo tequila brand refused the services of Rustam's Roust holding Tariko for the sale of its products, Kommersant reports. About what Jose...Business, 30 Mar 2016, 08:09
The media named a possible buyer of the Russian Standard pension fund ... Negotiations on the purchase of a non-state pension fund (NPF) "Russian Standard" Rustam Tariko is led by the O1 group of Boris Mints, Vedomosti writes with reference to .... On similar terms, O1 had previously bought NPF Uralsib. Representatives Tariko, groups O1 and BIN declined to comment. The representative of the Central Bank said ... pledged to the BIN group, since, according to Vedomosti, Tariko“I had to urgently look for money to pay off the debt to Rossiyskiy Kredit. Facilities...Business, 23 Mar 2016, 04:41
Rustam Tariko's holding received the rights to produce Zubrovka in Russia ... Holding Rustam Rustam Tariko obtained from Soyuzplodoimport the rights to manufacture and sell in Russia... one of the four Russian distilleries of Rustam's Roust company Tariko, located in Balashikha near Moscow, told the publication in Soyuzplodoimport. In Roust... Tariko's pension business was pledged to Shishkhanov ... BIN Groups on the loan granted to Rustam Tariko A source close to the BIN Group told RBC that Rustam Tariko lost operational control over NPF Russkiy... . Mikail Shishkhanov did not answer RBC's question. Fall 2015 Rustam Tariko put up for sale its financial assets - a management company and a pension ... financial assets needed Tariko because he needed money to pay the bondholders. October 2015 Rustam Tariko restructured two issues... Rustam Tariko sold his 56-meter yacht ... The owner of Roust holding and Russian Standard Bank is a businessman Rustam Tariko sold his yacht. Vedomosti sources believe that he went for ... rubles, which is less than 1% of his assets. In August, the bank's shareholder Rustam Tariko capitalized Russian Standard by 9.35 billion rubles, additional funds ... should have received under the program of additional capitalization through OFZ. In October Tariko restructured two issues of the bank's subordinated Eurobonds for $550 million. Restructuring... Roust bondholders given reason to demand $700 million from Rustam Tariko ... issued as part of the debt restructuring of the Polish vodka producer CEDC, which Tariko purchased two years ago. In 2013, a Polish company found itself ... bankrupt, admitting that it was unable to pay back money to bondholders, Tariko invited investors to exchange them for a new issue - the company Roust - with ... Soplica, Zubrowka, Absolwent, Hungarian Royal. Renat Malin recalls that Tariko there have already been problems with bondholders of the Russian bank he owns... Rustam Tariko - RBC: "I can see how you spend money" ... , in what condition are his businesses Owner of Russian Standard Bank Rustam Tariko restructured liabilities to creditors and kept the bank afloat. Oh... effective? - In short, yes. - That is, "Russian Standard" is Rustam Tariko? - Yes, but there is a management team that I created. The model was invented ... a year, so this difference is not fundamental for us. " Rust» in honor of Rustam Business on foreign tourists Rustam Tariko was born in 1962 in the Tatarstan regional center ... BCS received the management company of Rustam Tariko ... withdrew from the capital of Russian Standard Management Company. Earlier, RBC wrote that Rustam Tariko put up for sale the non-state pension fund “Russian Standard” belonging to him ... parts of the portfolio. Tariko is selling off its financial assets as it needs money to pay bondholders, Shilenkov suggests. Rustam Tariko just restructured... Rustam Tariko put up for sale financial assets ... according to the company, the number of open accounts of its clients exceeds 36 thousand. Rustam Tariko just restructured two issues of the bank's subordinated Eurobonds. The restructuring was... OFZ. How Rustam Tariko restructured debts Tariko only from the second... Russian Standard announced new terms of the agreement with investors ... pay dividends. As collateral for new Eurobonds, the owner of Russian Standard Rustam Tariko offered 49% of the bank's shares. As stated in a message posted on... law firm Dechert. Their votes were enough to block the deal. Tariko in response, he said that he was ready to listen to the proposals of creditors. In the middle... Tariko agreed with Russian Standard creditors on restructuring ... bank's Eurobonds on restructuring. Rustam Tariko put them before a choice: either agree to a restructuring, or the loan will be written off Rustam Tariko agreed with bondholders... to pay dividends. As collateral for new Eurobonds, the owner of Russian Standard Rustam Tariko offered 49% of the bank's shares. Holders of a quarter of Eurobonds of Russian Standard acted... Tariko estimated the rescue of Russian Standard at 30 billion rubles. ... pay dividends. As collateral for new Eurobonds, the owner of Russian Standard Rustam Tariko offered 49% of the bank's shares. Investors must make a decision on the total... last up to 12 months, said Tuesday in an interview with Bloomberg Tariko. He also said that he was waiting for the proposal of investors who rejected the terms of the restructuring ... a solution that I still do not represent. According to Tariko, to find new funds to capitalize the bank after significant investments ... "Russian Standard" described the negative scenario for the development of the bank ...or enter temporary administration. If investors agree to Rustam's terms Tariko, the bank will be able to record a restructuring gain of 32.2 ... will start paying dividends. As collateral for new Eurobonds, the owner of the bank Rustam Tariko offered a 49% stake in Russian Standard. The promised profit "Russian Standard" will begin ... ". Write-off of Eurobonds for 32.2 billion rubles. and received from Tariko financial assistance in the amount of 14.2 billion rubles. allow the bank to show... Russian Standard faced resistance from creditors ... will start paying dividends. As collateral for new Eurobonds, the owner of the bank Rustam Tariko offered a 49% stake in Russian Standard. In order for the restructuring to take place ...Rustam Tariko pledged Green Mark and other vodka brands to creditors ...was looking for an investor. In the same year, the owner of the Russian Standard Rustam Tariko became the largest shareholder of CEDC, having bought out 19.5% of the company. When CEDC ... still the Italian sparkling wine producer Gancia, which is also not mortgaged. Tariko consolidated all of its alcoholic assets into a single international holding Roust ... interest in cash and issuance through a special purpose vehicle (SPV) owned by Tariko, new Eurobonds with a maturity of seven years. Holders of the debt of the "Russian ...
Finance, 09 Sep 2015, 15:04
Rustam Tariko offered 49% of Russian Standard Bank as a pledge ... issuance through a special purpose vehicle (SPV) owned by the bank's shareholder Rustam Tariko, new Eurobonds with a maturity of seven years. As for the new securities... "Restructuring: the lesser of two evils?". As collateral for new Eurobonds Tariko is ready to offer a 49% stake in Russian Standard. Holders of the debt of Russian Standard ... .64 billion rubles., This is less than 1% of the bank's assets. In May Rustam Tariko capitalized Russian Standard by 3.8 billion rubles. share in...Finance, 04 Sep 2015, 19:34
Moody ""s downgraded the rating of Russian Standard Bank after a record loss ...Moody's. On Monday, August 31, Russian Standard Bank Rustam Tariko reported under IFRS for the first half of 2015. The bank has received... on "Basel" has decreased practically to zero. In August, the bank's shareholder Rustam Finance, 03 Aug 2015, 21:25 Vodka to the rescue: how Rustam Tariko saves Russian Standard Bank ... Owner of Russian Standard Rustam Tariko for the second time in a year, the bank will additionally capitalize with shares of its vodka ... about the planned purchase from Roust Trading Ltd (combines alcohol assets Tariko) 23% of the authorized capital of the company "Russian Standard Vodka" (the producer of vodka "Russian ..." was used to cover losses, and the assets - shares of the alcohol holding Tariko", - explains the expert. “The bank has a certain liquidity cushion at least... The state decided to provide assistance to Russian Standard for 5 billion rubles. ... ,3%, it continues to fall, despite the fact that in May Tariko capitalized Russian Standard through a stake in an alcohol company valued at ... about 5 billion rubles, one of the bankers heard. So spoke Rustam Tariko- The model that has developed by 2007-2008 is not for me ... . In 2006, hidden commissions interested the Central Bank, FAS and Rospotrebnadzor. Rustam Tariko was invited to the Prosecutor General's Office, after which the Russian Standard canceled ... The need for Russian Standard in capital was estimated at 16 billion rubles. Russian Standard requires additional capitalization of at least 16 billion rubles, Fitch analyst Dmitry Vasilyev believes. The bank is losing money faster than it is getting from the shareholder Lower and lower On Thursday, July 9, S&P downgraded the long-term and short-term credit ratings of Russian Standard Bank from B / B to B- / C and placed them on review with negative... Rustam Tariko will sell Bushmills whiskey in Russia ... Russia grew by 37% last year Rustam's Roust Company Tariko replenished its portfolio with Bushmills Irish whiskey, which was distributed by the global... Rustam Tariko took advantage of the situation: since 2013, Roust has been selling in Russia its own ... volume of whiskey imports to Russia). On the Russian market, Rustama Tariko sells products to the Scottish company Whyte & Mackay and the French La Martiniquaise ...The enterprising boy Rustam Tariko, having come to study in Moscow from the provinces, as a result conquered not only the capital, but the whole country, and then almost the whole world. Talented and ambitious, passionate and driven, he became a successful self-made man. The man who created the domestic brand, recognizable all over the world and the business - the Russian Standard empire, which made him a billionaire.
Rustam Vasilyevich Tariko is a bright representative of the post-Soviet Russian business. His personal history is inextricably linked with the history of the formation of a new economic reality in Russia in the late 20th and early 21st centuries. Owner of yachts, planes, villas and beauty contests. A connoisseur of exclusive wine and a lover of women. Patron and sole owner of a large business. How did an ordinary Soviet boy from provincial Menzelinsk manage to become one of the richest people in the country? What personality traits and features of perception of the changing state before our very eyes have made it possible to achieve tops in business? What is he, Rustam Tariko, whose success story resembles an exciting action?
Dry chronicle of events
- The future "vodka king" was born in the Tatar city of Menzelinsk on March 17, 1962. In 1989 he graduated from the Moscow Institute of Transport Engineers.
- Since 1988, he became an employee of the Italian company Business Tour, which was engaged in the resettlement of foreign businessmen in hotels in the capital. Thanks to useful acquaintances with foreign entrepreneurs, he became a consultant for the world brands Ferrero Spa and Martini & Rossi.
- In 1992, he created the Roust company, which quickly became the largest importer of elite alcohol in Russia, in particular, Martini vermouth, Johnnie Walker whiskey, and Baileys liqueur. Over time, Roust has become the second largest alcohol distributor in the world, including brands such as:
- vodka "Russian Standard", "Cranes", "Marusya", "Green Mark";
- Italian sparkling wines and vermouth Gancia;
- Scotch whiskey Glenfiddic;
- Dutch White Holl liqueurs;
- French cognac Remy Martin.
- In 1998, he registered the Russian Standard brand, aiming to move away from distribution and focus on production. In 2006, he opened his first own factory for the production of high-quality vodka. Acquired two domains to promote the brand in Russia and abroad: Vodka.com and Vodka.ru. Became an exporter in 40 countries around the world. In 2013, he became the owner of the Polish holding CEDC, one of the largest vodka producers in the world.
How popular the Russian Standard vodka brand has gained abroad can be seen in this video:
- In 1999, Rustam Tariko created the Russian Standard bank on the basis of a small Agrooptbank, turning it into the country's largest retail bank in the shortest possible time.
- This is how the business was born - the Russian Standard empire, which included vodka, banking and insurance businesses, with the sole owner - Rustam Tariko.
This is interesting: the name Rustam means giant, giant.
Reference: Rustam Tariko has been a permanent member of the Russian Forbes list since the beginning of the rating in 2004. Above all, his fortune was estimated in 2007 - then it amounted to 5.5 billion dollars. In 2016, Forbes estimated the businessman's fortune at $0.5 billion. According to Forbes' preliminary estimate, in 2017 Tariko will not be included in the ranking of the 200 richest people in Russia.
Luck or talent?
When it comes to well-known wealthy entrepreneurs, the layman usually likes to hang labels: “just got lucky,” “turned out to be at the right time in the right place,” “wealthy relatives helped,” or the unpretentious “stole.” In the case of Rustam Tariko, shortcuts do not work. In the 1990s, many smelled the smell of change and freedom in the country, but few were able to take advantage of it. Why did Tariko manage to climb to the very top?
Leader from birth
Rustam had an ordinary provincial Soviet childhood, and his mother raised him alone. Already studying in Moscow, he worked as a janitor to pay for accommodation. I didn't take any money from my mother. Rustam's mother worked a lot, often went on long business trips. Rustam is from the generation of “independent children”, who from an early age are accustomed to taking care of themselves, making decisions, being responsible for themselves and their actions. At that time it was the norm for the Soviet family. At the same time, my mother always supported her son, tried to help him in everything. Tariko himself speaks of this as follows: "I know what makes me strong: I grew up in an atmosphere of great maternal love."
As a child, he was lucky. Beloved children grow up into self-confident adults, and the habit of relying on oneself helps to boldly move towards the goal. Self-confidence and personal responsibility for the decisions made are qualities inherent in leaders. While others doubt, these people go and do.
This is interesting: a commercial vein has been inherent in Rustam since childhood. While studying at school, he soloed as part of the school VIA, the guys performed at various events, receiving a salary. While studying at the institute, Tariko worked as a janitor, a waiter, and sold electrical equipment. He earned his first substantial fee at the Business Tour company, receiving $5,000.
It is said that a problem ceases to be such if it can be solved. Rustam Tariko, whose biography is full of interesting stories, has the talent to emerge victorious from a variety of situations. Here are some examples.
In his youth, working in the Italian company Business Tour, the charismatic and persistent Rustam agreed with the head of the Rossiya Hotel to provide hotel rooms to foreign businessmen on an ongoing basis. If you remember that time, it was almost impossible. And he succeeded.
Without thinking twice, Tariko suggested that Ferrero representatives organize sales of Kinder Surprise chocolate eggs in ordinary Moscow stores, and not just in specialized Beryozki. Given the Soviet realities, chocolate businessmen did not believe in the success of the enterprise. Tariko managed to persuade them and prove his case by selling the first batch of chocolate in the shortest possible time.
After the story with chocolate, Rustam Tariko became known among foreign merchants as a person who solves problems. Representatives of Martini & Rossi came to him and offered distribution.
Much later, having built his first distillery, Tariko decided to transfer the production of Russian Standard vodka from the Liviz plant in St. Petersburg to its own facilities. The Liviz management filed an application with Rospatent with a demand to liquidate the Russian Standard trademark. Tariko won the case, retaining the brand.
In 2006, when a wave of indignation of Russian Standard Bank borrowers arose over exorbitantly high interest rates on loans, Blockpost, a consumer protection organization, filed a lawsuit. Is it necessary to say that Tariko won the case? In fairness, it should be noted that later the bank still had to bring rates in line with market rates under pressure from the Central Bank of the Russian Federation and the Prosecutor's Office of the Russian Federation.
Tariko called the deal to acquire the CEDC holding complex, but beautiful. He came out victorious again.
Even now, during a period of serious upheavals in the economy and, in particular, in the banking sector, Rustam Tariko speaks confidently and optimistically: “The bank found itself in some kind of perfect storm, where the cost of financing has risen sharply, and the purchasing power of Russian consumers has gone down. I believe that we have solved most of the problems.”
What personality traits help Rustam achieve victory? Phenomenal perseverance in achieving the set goal, high communication skills, brightness and charisma, ambition are other components of success.
Ability to anticipate and be the first
Another component of Rustam Tariko's success is the talent to foresee and anticipate the needs of the consumer. And also to be the first on the market with your offers. His commercial solutions are simple and ingenious. They seem to be on the surface...
He put on the production and sale of expensive alcohol, when no one believed that it would be bought in Russia. Tariko won because he was one of the first to feel the coming social changes in society and the emerging need for the attributes of a beautiful life after so many years of the Iron Curtain.
He created his own brand "Russian Standard", which became widely known both in Russia and abroad.
Already being the "vodka king" of Russia, Tariko entered the banking business and created the first retail bank with the vodka name "Russian Standard". Among classical bankers, this was accepted ambiguously and caused bewilderment. But Rustam Tariko won again, having revolutionized the consumer lending market and made his bank a leader.
Quick loans without guarantors and collateral, issued directly in stores, affordable credit cards for everyone - this was a new word in the banking services market. Over time, many commercial banks will offer similar services to their customers, but Tariko was the first.
Acquisition of new knowledge as a permanent process
Another facet of the entrepreneur's personality: openness to new knowledge, constant improvement of one's professional and educational level. A noteworthy fact is that already being the head of Russian Standard Bank and one of the richest people in the country, Tariko entered the INSEAD Executive School (France) for businessmen. Also in the baggage of knowledge of the entrepreneur is the knowledge of several foreign languages. He once admitted that operational management is not his forte. But in the field of marketing, promoting his products to the West, advertising campaigns, design, he demonstrated serious knowledge and skills.
Doing what I want is fundamental
Rustam Vasilyevich Tariko is a controversial and complex personality. “Doing what I want is fundamental. If I don't want to go to work, I won't go. No one and nothing will force me” - these words of a businessman very accurately reflect his position in life and are a competitive advantage. Because to allow yourself to be free in desires and goals means to have great power and inspiration to bring them to life.
In private life, Tariko manifests himself in the same way as in business. He is extravagant, unpredictable, capable of grand gestures and strange deeds. He loves thrills and appreciates beauty. Rustam purchased a Boeing 747 aircraft for private use, and operates the aircraft on his own. He is able to give the name of his beloved girl to an exotic flower for fabulous money, there are legends about parties in a villa in Sardinia. He makes friends with famous world stars and arranges beauty contests. He has never been officially married, but has three children that he takes care of. Tariko loves chic cars and chic women. He cannot be called an ascetic. He loves the dolce vita with all the trappings and possibilities.
This is interesting: Rustam Tariko bought a villa in Sardinia from the wife of former Italian Prime Minister Silvio Berlusconi for 15,000 euros.
Big risks in big business
Big business means big shocks. Today, in a crisis, the empire of Rustam Tariko is experiencing difficulties, like many private businesses in modern Russia. The fortune of Tariko himself was reduced to 0.5 billion dollars. Scandals and gossip rage around the businessman's name. Ruslan Tariko has experience of experiencing shocks. To maintain the business, he decided to sell part of his personal assets and contribute money for the capitalization of the holding's enterprises. The businessman, as always, is optimistic about the future. “I don’t separate work and personal things. Everything personal for me is work, and all work is personal. That's why I never work and never rest. That's how I live." And so it lives ... In 2016, Rustam Tariko signed a contract with Soyuzplodimport for the right to produce and sell Zubrovka vodka in Russia for 10 years.
This week Rustam Tariko's Eurobonds of Russian Standard Ltd should be recognized as a real default, which threatens the businessman with the loss of 49% of the shares of Russian Standard Bank. The technical default came on October 30, but the holders of securities have not received any payments or explanations so far. The Russian Standard group assures that "negotiations with the largest bondholders" are continuing. However, representatives of the holders of securities argue the opposite and develop a strategy for the recovery of collateral.
Since the technical default on Russian Standard Ltd Eurobonds for $451 million, which was fixed on October 27 (payments were to be made on October 30), according to international practice, no more than a month should pass before the announcement of a real default. Thus, if the coupon payment does not follow, a real default will take place this week, which is very likely. “There are still no proposals, and Rustam Tariko’s “explanations” are actually that “why should I spend money paying off my debts?” Eric Kraus, a representative of a group of Eurobond holders, told Kommersant.
The securities, among the holders of which are Pioneer Investments and Ashmore, were placed as part of the restructuring of Russian Standard Bank's subordinated Eurobonds maturing in 2020 and 2024. The restructuring plan involved paying investors 18% of the face value of the securities and exchanging them for a new, seven-year issue of Russian Standard Ltd, a company specially created for this. Coupon payments were expected to be capitalized until Russian Standard Bank, 49% of whose shares are pledged in the transaction, becomes profitable under International Accounting Standards (IFRS) for two consecutive quarters. As of the expected coupon payment date, October 27, the bank met this condition.
Russian Standard Bank is wholly owned by businessman Rustam Tariko. According to the Interfax rating, following the results of the third quarter, the bank ranks 28th in terms of assets (331.5 billion rubles) and 21st in terms of capital (47.2 billion rubles). The bank's profit under IFRS in the first half of 2017 amounted to 304 million rubles. The company Russian Standard Ltd, registered in Bermuda, is not included in the perimeter of the Russian Standard group, but at the same time, as follows from the documents of its structures, it is also controlled by Rustam Tariko.
The bond issuer Russian Standard Ltd is currently continuing negotiations with their largest holders, Oleg Egorov, a representative of the Russian Standard Group, told Kommersant in a telephone conversation. He refused to respond to Kommersant's request in writing. “We believe that the negotiations are going on constructively,” said Mr. Yegorov. However, according to Erik Kraus, he "does not know that there are negotiations at the moment." "The bondholders are currently negotiating with several law firms to evaluate a strategy to recover collateral," he said. "The bondholders want a 49% stake in the bank, a seat on the board of directors, and a forensic accounting opportunity." Under a pledge agreement, in the event of a default, the bank's shares can be left to the investors themselves, which is unlikely to be of interest to them, and also sold at auction or directly to a third party (for this, the bank must be assessed by a company of the big four auditors), lawyers point out.
According to Dmitry Konstantinov, a lawyer at Ilyashev & Partners, a default on these Eurobonds will entail consequences primarily for Rustam Tariko himself as a shareholder of Russian Standard Bank, because it is possible that he will receive unwanted partners. “Therefore, it is quite likely that an agreement on restructuring will still be reached,” Mr. Konstantinov believes. In his opinion, if there is a constructive proposal, bondholders will agree to new conditions for fulfilling obligations.
Yulia POLYAKOVA, Evgeny KHVOSTIK
This became known to journalists of the Vedomosti newspaper from two creditors owning these papers, in addition, the information was confirmed by a representative of the Myriad Rus company, which acts on behalf of the group. According to the source of the publication, Myriad Rus has united the owners of 9.84% of the bonds.
Recall that seven-year Eurobonds worth $545 million were placed by Russian Standard Ltd in 2015. 49% of the shares of Russian Standard Bank act as collateral for them. In October 2017, the bonds defaulted: Tariko, who made his fortune selling vodka and bought a bank two years before the worst drop in oil prices in 20 years, did not pay a $35 million coupon to bondholders, citing a lack of funds.
In June, Bloomberg reported that a group of holders of 25% of the bond issue of Russian Standard Ltd demanded the immediate redemption of the securities that ended up in the hands of Tariko's creditors.
The other day, the London division of Citibank N.A., which acts as a trustee for Eurobonds, notified holders of defaulted securities that some of them plan to file a lawsuit in the near future demanding to withdraw collateral on securities - 49% of the shares of Russian Standard Bank.
About Rustam Tariko
Born in Tatarstan, 56-year-old Rustam Tariko was a permanent member of the Russian Forbes list from the beginning of the rating in 2004 until 2017.
He began to build a career in 1988 at the Business Tour travel agency. In almost 3 years, from an ordinary employee, he reached the position of a consultant in the Italian companies Ferrero and Martini & Rossi.
In 1992, Tariko began to build his own business - he founded the company Roust Inc., which was engaged in the sale of alcoholic beverages of the Martini, Smirnoff and Johnie Walker brands.
After 6 years, he founded the Russian Standard company, which has become a large corporation and today includes a number of companies. In 1999, Tariko bought Agrooptbank, renamed it Russian Standard and was the first in Russia to engage in consumer lending. By 2001, the bank broke even, and by the end of 2004, it took 2nd place in consumer lending after Sberbank.
In addition to the financial organization, the Tariko empire includes the Russian Standard Vodka and Russian Standard Insurance companies.
Tariko was the first in Russia to buy a personal Boeing, and, as he claims, he manages it exclusively on his own. What's more, he owns the world's fastest boat, the Terrible, which reaches speeds of 90 miles (or 144 km) per hour.
“Affordable luxury for everyone” is the businessman’s favorite phrase in his profile on one of the social networks.
Rust Holding, owned by Tariko, is aware of the demand of a group of investors. However, according to company representatives, this is not an unexpected or significant event and represents a technical step.
As a representative of Russian Standard Ltd. explained, it is unprofitable to collect collateral: 49% of Russian Standard Bank costs from 50 to 70 million dollars, while 25% of the face value of bonds is 136.3 million dollars.
“Currently, the issuer continues to discuss the terms of the agreement with the holders,” the holding notes.
As for the prospects for bondholders in a dispute with Rustam Tariko and Russian Standard, they, according to lawyers, are high: the process is quite obvious - the debt has not been paid, there is a pledge, and if there are no pitfalls, then it will not be difficult to foreclose on it.
Rustam Vasilyevich Tariko is a successful entrepreneur who managed to go from a janitor to a big businessman without connections and initial capital. He now owns a group of companies valued at between $5.4 billion and $10 billion. Rustam Tariko's holding "Russian Standard" combines a bank that became famous thanks to express lending, as well as companies involved in the production of vodka, insurance, pensions, etc.
Childhood
The future billionaire was born in the city of Menzelinsk, Tatar ASSR, on March 17, 1962. Rustam's parents divorced when the boy was one year old. The mother of the entrepreneur, Roza Nazipovna, worked in the district committee of the party, often went on business trips, from which she brought toys and sweets to her son. From childhood, the boy learned to be independent, knew how to clean, cook and do laundry.
At school, Rustam was a diligent student, and was also fond of music. The boy learned to sing and play the guitar. Soon Tariko created an ensemble and performed at school events. With the support of his mother, Rustam achieved the official status of the group at the local Palace of Culture, and the guys were paid official salaries for performing at discos.
After school, Tariko moved to Moscow, where he graduated from the Institute of Transport Engineers. During this period, music faded into the background, because the capital offered other opportunities for earning.
Business
As a student, Tariko got a job as a janitor to provide for himself. He did not accept money from his mother, but sent it back. and Later, Rustam Tariko got a job at the travel company Business Tour, which was managed by Emanuela Carboncini. The Italian mainly booked hotels for businessmen from Italy, but often faced bureaucratic difficulties. Tariko established cooperation with hotels and already earned $5,000 with the first group of tourists.
Tariko worked actively in a travel agency until 1990, while getting acquainted with influential businessmen. With the opening of the "border", the young guy got a job as a consultant for Martini & Rossi and Ferrero. So, he suggested that Ferrero SpA sell Kinder Surprises in regular stores. The Russian market accepted foreign chocolates with enthusiasm, which brought income to Rustam.
Rustam Tariko with a bottle of Russian Standard Original elite vodka / Photo from the personal archive of Rustam Tariko The company noted Tariko's entrepreneurial abilities and offered the guy to become a full-time employee. To do this, Rustam had to go to Luxembourg for one year to study. But the guy returned home much earlier due to the collapse of the USSR. The change in the political situation opened up new opportunities for Tariko, which he hastened to take advantage of.
Upon returning to Russia, Tariko invested the accumulated money in the import of expensive brands of alcohol. In 1992, he became the founder of ROUST Inc., which specialized in the distribution of premium quality alcoholic beverages, primarily Martini.
Entrepreneurial talent helped the young businessman sell large quantities of alcohol and supplement the assortment with Bailey's liquor, whiskey, etc. Soon, Roust Inc. has become the largest importer of elite alcohol in Russia.
The crisis of 1998 stopped the development of the elite alcohol market. Tariko soberly assessed the current situation and decided to start creating his own alcohol brand. The target audience of the new brand called "Russian Standard Original" was patriotic Russians of the middle class.
Rustam Tariko in the cellar of his enterprise / Photo from the personal archive of Rustam Tariko Immediately after the default (August 1998), Russian Standard vodka appeared on store shelves. Soon this product took a leading position among high quality alcoholic products. Expanding the range, Tariko released the brand "Russian Standard Platinum" and "Empire". Gradually, the entrepreneur ensured the sale of Russian Standard vodka in 40 countries of the world.
The young businessman dreamed that Russian Standard was associated with Russia in the same way that Sony was associated with Japan, and Coca-Cola was associated with the United States. At first, vodka of this brand was produced at the Liviz plant (St. Petersburg). But in 2006, Tariko opened his own factory, and also acquired domains to promote the product to the international market.
In 2011, Tariko bought a 9.9% stake in Central European Distribution Corporation, a large Polish holding producing vodka products. Soon, part of the shares of the Russian entrepreneur increased to 19.5%. However, CEDC filed for bankruptcy in 2013. When restructuring the debt of the holding, Tariko bought 100% of the shares. As a result, Russian Standard included more than ten famous alcohol brands in its portfolio: Absolwent, Zubrowka, Parliament, etc.
Rustam Tariko has three children - twin daughters Anna and Eva and son Rustam.
The entrepreneur is engaged in charitable activities. So, the most famous charitable organization of Tariko was the Russian Standard social support fund, which helps people who find themselves in difficult situations - victims of disasters, the unemployed, the disabled and low-income citizens.
The “Gifted Children of Menzelinsk in Moscow” Foundation, which helps talented children from the entrepreneur’s hometown to get a higher education and get a prestigious job, has become widely known.
State
Tariko earned his first million in 1994 on the import of elite alcohol. The capital of a talented entrepreneur increased every year. In 2006, the Finance magazine ranked the richest people in Russia. Then Rustam Tariko with a capital of 1.16 billion dollars (as of December 31, 2005) took 45th place among ruble billionaires. In March of the same year, Forbes (Russian version) estimated Tariko's capital at $ 2 billion and ranked him 31st among the hundreds of richest people in Russia.
Businessman Rustam Tariko / Photo from the personal archive of Rustam Tariko
In 2008, according to the Finance magazine, Tariko ranked 33rd among 500 Russian billionaires. The capital of the entrepreneur amounted to 5.7 billion dollars. However, Forbes magazine estimated Rustam's fortune at 3.5 billion and placed the businessman in 307th place in the ranking of billionaires around the world. In 2015, Tariko entered the "200 richest businessmen in Russia" in the ranking of the same "Forbes".
Rustam Tariko now
Today, the Russian Standard holding is a single group of companies with offices in Moscow, Warsaw, London, Toronto and New York. Tariko's alcoholic products are sold in 85 countries, and the annual sales volume is almost 40 million boxes. This makes the holding the second largest producer of vodka in the world.
Russian Standard Bank continues to develop an innovative direction - biometrics, online service from anywhere in the world, cash withdrawals at the cash desks of stores and "one-click" transfers between clients of different banks. Russian Standard entered the top 45 European banks that accept cards in offline stores. The bank has 12,000 employees.
Russian Standard Insurance provides life and health insurance services. The company's client portfolio includes 2 million individuals, for the entire existence of the company 20 million insurance contracts have been concluded.