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Jessica Pegula vs. Diana Shnaider: Predictions, Where to Watch Source link

By Chris Oddo | @TheFanChild | Tuesday July 23, 2024 Russia’s Diana Shnaider continues to surge up the WTA rankings. The 20-year-old became the youngest player to win three titles on three different surfaces in a single season since 2009 on Sunday when she claimed the Budapest title with a win over Aliaksandra Sasnovich in the final. Shnaider, who played college tennis at North Carolina State,…

By Chris Oddo | @TheFanChild | Saturday July 20, 2024 A banner year for Russia’s Diana Shnaider continues on the ATP Tour. The 20-year-old will bid for her third WTA title – and third on three surfaces – on Sunday in Budapest, after defeating Eva Lys 6-3, 6-3 on Saturday. Shnaider, ranked at a career-high No.28, will face Aliaksandra Sasnovich for the title. Hat Trick 🎾🎾🎾 Diana Shnaider powers…

Zaporizhstal took several years of the entire USSR to construct and launch. Meanwhile, it was bought and sold overnight by the murky Eduard Shifrin and Alex Shnaider. Were they steel tycoons? Were they industrialists? Nope, they were literally nobodies. In fact, the sale of Zaporizhstal was a billion-dollar affair to launder criminal money. Moreover, some of the proceeds from the deal are still disputed by the former partners. So, who are Alex Shnaider and Eduard Shifrin? Where are they now?

The history of the acquisition and sale of the steel giant “Zaporizhstal” during the time of the USSR by Alex Shnaider and Eduard Shifrin is quite old; the events occurred long before the Ukrainian war. It still generates significant interest from the public as it illustrates the complex connections in the world of kleptrocracy. This story involves Alex Shnaider, Eduard Shifrin, Putin, and the criminal group “Solntsevo”.

Zaporizhstal industrial complex

How Alex Shnaider and Eduard Shifrin became filthy rich

Russian-Canadian entrepreneur Alex Shnaider, in partnership with his Ukrainian associate Eduard Shifrin, garnered $850 million from the sale of the Zaporizhstal metallurgical plant, an establishment dating back to the USSR era. Out of this substantial sum, Shnaider allocated $40 million towards the development of the Trump Tower in Toronto. It is speculated that a portion of this $100 million was paid as “commissions” to individuals with connections to the Kremlin.

Shnaider, originally born in Leningrad but raised in Toronto, where his parents had immigrated, managed to achieve a place on Forbes’ billionaire list and attain the status of one of Canada’s most affluent entrepreneurs by the age of 36.

A significant component of Shnaider’s prosperity can be attributed to his father-in-law and business mentor, Boris Birshtein, a Soviet expatriate who actively engaged in business dealings with the USSR. Reports suggest that Birshtein maintained close associations with the KGB, aiding KGB agents in transferring funds overseas, participating in covert KGB business ventures, and involving a special service officer in the international laundering of KGB funds.

Alex Shnaider and Eduard Shifrin’s cooperate with the Solntsevo gang

After the dissolution of the USSR, Birshtein had business connections with the leader of the criminal group “Solntsevo,” Sergey Mikhailov. Their partnership ended after Mikhailov’s arrest in Switzerland in 1996. The immigrant businessman distanced himself from the post-Soviet space and soon met Shnaider.

Thanks to Birshtein, Alex Shnaider established connections with influential figures in the former USSR, which ultimately allowed him to acquire “Zaporizhstal,” one of Ukraine’s largest industrial complexes, during the privatization period.

“Zaporizhstal” acquired and sold by Alex Shnaider and Eduard Shifrin

The plant was acquired by the company Midland, owned by Alex Shnaider and his Ukrainian partner Eduard Shifrin. In 2003, they added the Russian metallurgical giant “Krasny Oktyabr” to their assets.

In 2010, Shnaider and Shifrin had the opportunity to sell “Zaporizhstal” profitably. In May of the same year, Shifrin called Shnaider and informed him that there were buyers acting in the interests of Russian authorities. Moscow allegedly wanted to take advantage of the decreased demand for Ukrainian steel and acquire the assets to maintain its influence in Ukraine. Shifrin explained that Russian authorities considered the Ukrainian metallurgical plant a “politically strategic” object and hinted that if the entrepreneurs refused, they would face repercussions in Russia.

The aftermath: Alex Shnaider and Eduard Shifrin  accumulate offshore wealth

After selling their stake in “Zaporizhstal,” Shnaider and Shifrin transferred control of the enterprise to offshore companies in Cyprus and the British Virgin Islands through the state-owned Vnesheconombank, effectively handing it over to the Russian authorities.

The Midland group, led by Shnaider and Shifrin, received $850 million for the deal, which was $160 million more than what Ukrainian oligarch Rinat Akhmetov had offered. Nevertheless, as per the deal’s terms, Shnaider and Shifrin were obliged to distribute a significant portion of the funds received among several individuals: $50 million had to be transferred to Akhmetov as compensation for the failed deal, and another $100 million had to be transferred to the deal’s organizers through offshore accounts.

$100 Million in kickback: Alex Shnaider and Eduard Shifrin Strike a Deal with the Kremlin

It is still unclear to whom the $100 million went, as the testimonies of business partners differ, although both claim that the ultimate recipients were “individuals close to the Kremlin.” According to Shifrin, the money was supposed to go to a former official in Leonid Kuchma’s administration and the head of the Ukrainian state oil and gas monopoly “Naftogaz Ukraine,” Igor Bakai, who organized the sale of “Zaporizhstal.” Shnaider asserts that Shifrin transferred the money to himself, citing the need to pay Russian officials. This is supported by two documents: a complaint from Shnaider to Shifrin filed with the London Court of International Arbitration in 2016 and written testimonies from Shifrin in response.

Alex Shnaider Invests in real estate, including the Trump Tower

After completing the deal in October 2010, Shnaider and Shifrin divided the Midland assets between themselves, and Shnaider invested $40 million of his earnings in the construction of the Trump Tower. In 2016, a company associated with Boris Birshtein was listed as a creditor for the tower’s construction, although his lawyers claim that he had no connection to the project. Trump has always overlooked the questionable reputation of his partners, and after a series of bankruptcies in the 1990s and 2000s, The Trump Organization couldn’t secure financing from major banks. The Toronto project was conceived as early as 2001, but by the time Shifrin appeared, it had long lost its initial investors.

The Trump Organization stated that it was not the owner, developer, or seller of the Trump Tower in Toronto and did not participate in financing the project. The company only provided a license for its brand and property management (until June 2017). A representative from Vnesheconombank declined to comment.

Parted ways: Alex Shnaider and Eduard go to court

Businessman Alex Shnaider filed lawsuits against his former partner in the Midland Group, Eduard Shifrin, at the London International Arbitration Court, as reported by sources close to different sides in court. Shnaider believes that the Moscow development projects of Lobachevskogo, 118 (264,000 sq. m) in Ramenki and Tsarskiy Sad (84,700 sq. m) on Sofiyskaya Naberezhnaya were not considered in the division of assets between the owners of the Midland Group.

The Split of Shifrin and Shnaider’s Business During the 2008 Crisis: Assets, Accounts, and Misunderstandings

Shifrin and Shnaider decided to split their business during the 2008 crisis. According to reports to “Vedomosti” at the time, the first was to inherit all the group’s foreign assets (such as the projects with Trump International Hotel & Tower in the Dominican Republic and Maccabi Football Club), and the second was to retain assets in Russia. At that time, the Midland Development portfolio included around 1 million square meters of commercial space and 600,000 square meters of residential and hotel space, including Midland Plaza business centers on Arbat, Diamond Hall on Olympic Avenue, Yuzhny Port near Kozhukhovskaya metro, and retail centers in the regions called Strip Mall. The partners were also supposed to split the funds in the company’s accounts, initially amounting to $295.2 million, later reduced to $185 million.

Shnaider believes that his partner misled him regarding the Lobachevskogo, 118 project, as stated by a source close to Shnaider. Shifrin told Shnaider that the project had been transferred as collateral to the company Saratovskoye OOO Torgovyy Kompleks Solsnechnyy (TKS). TKS was a partner of Midland Development in building the Strip Mall center network, and Midland Development failed to fulfill its project obligations to TKS, leading to the collateralization of Business Master (which held rights to the Lobachevskogo Street project) with TKS. However, Shnaider learned from a TKS letter that he did not receive Business Master and did not demand its transfer. It was revealed that the Cyprus-based Dayforth Trading Limited became the owner of this company, which sold a 10% stake in Business Master to Leader Invest (part of AFK Sistema).

Controversies and Claims Surrounding Business Master and Shifrin-Shnaider’s Business Dealings

Business Master was sold to AFK Sistema for $58 million, as indicated by a letter from the former CEO of Business Master, Peter Hanus, received by “Vedomosti.” Hanus confirmed to “Vedomosti” that he wrote such a letter. In reality, AFK Sistema only paid half of the transaction amount, so Shifrin’s legal entity still owns 50% of the project, according to a person close to one of the sides involved in the deal.

A source close to Shifrin says that the Lobachevskogo, 118 project was acquired by Midland Development in 2004, and Shnaider managed it inefficiently and expensively. The site remained in such a condition for a long time that it was impossible to build anything on it. Shifrin decided to buy the asset from his partner for real money, and the deal was conducted under English law, as confirmed by a source from “Vedomosti.” The project was later successfully developed in partnership with AFK Sistema. According to this source, Shnaider had no complaints about this until 2015, and the claims arose at a specific stage when the project gained greater value.

Shnaider also believes that Shifrin deceived him regarding the payment of $100 million, which was supposed to be paid to third parties in the sale of “Zaporizhstal,” as reported by a source close to the plaintiff. All the transaction procedures received corporate approval, and all agreements with third parties were fully settled and paid, according to a source close to Shifrin.

Upon the completion of the Lobachevskogo, 118 project, its value is expected to exceed $300 million, estimated by a source close to the plaintiff.

The income from selling apartments in the Lobachevskogo building could amount to more than 20 billion rubles (approximately $344.8 million at the exchange rate on February 14), calculated by the Best-Novostroy board member Irina Dobrokhotova and Est-a-Tet department director Vladimir Bogdanyuk.

Another project that Shnaider believes was not considered in the Midland Group’s division, as reported by a source close to him, is Tsarskiy Sad.

This complex belongs to Sberbank Capital: in 2011, the company brought in Midland Development as a co-investor for the project. In reality, the agreement was reached in 2009 during the division of assets among Midland shareholders, according to a source close to Shnaider. However, a source close to Shifrin claims that Shnaider had no involvement with Tsarskiy Sad and did not invest in it. A person close to one of the project’s participants states that Shifrin is not a shareholder there; after the realization of the project, he was supposed to receive a 25% share. This was also confirmed in 2011 by Ashot Khachatryan, the CEO of Sberbank Capital.

The realization of the project has been ongoing for some time; therefore, Shifrin has a right to a share in it, as believed by a person close to the plaintiff.

The value Shnaider placed on a quarter of Tsarskiy Sad is unknown. The project’s declaration stated that the total revenue in 2015 was expected to reach 16 billion rubles, and this figure is still relevant, according to Stanislav Ivashkevich, Deputy CEO for Hospitality Industry Development at CBRE.

Eduard Shifrin and Alex Shnaider’s Confidential Legal Dispute: Parties and Potential Resolutions

Shifrin and Shnaider confirmed the legal dispute, but without disclosing details as the information is confidential. Shifrin stated that neither AFK Sistema nor Sberbank Capital is related to the disagreements.

Representatives of AFK Sistema, Leader Invest (a subsidiary of AFK), and Sberbank declined to comment. Attempts to contact a representative of TKS were unsuccessful. The only legal entity with that name, according to the Rosreestr registry, has been inactive since 2010.

The story of the acquisition and sale of the USSR-era steel giant “Zaporizhstal” by Alex Shnaider and Eduard Shifrin is quite old; the events took place before the war. It still holds significant interest for the public, as it illustrates the intricate connections within the world of big money. Alex Shnaider, Eduard Shifrin, Putin, and the Solntsevo gang are all involved, with Donald Trump making an appearance as a cameo.

Alex Shnaider and Eduard Shifrin origins

The Russian-Canadian businessman Alex Shnaider, together with his Ukrainian partner Eduard Shifrin, earned $850 million from the sale of the Zaporizhstal metallurgical plant, part of which ($40 million) Shnaider invested in the construction of the Trump Tower in Toronto. $100 million of this amount was reportedly paid as “kickbacks” to individuals “close to the Kremlin.”

Shnaider was born in Leningrad but grew up in Toronto, where his parents emigrated. By the age of 36, he managed to make it onto Forbes’ billionaire list and become one of the richest businessmen in Canada.

Much of Shnaider’s success can be attributed to his father-in-law and business mentor, Boris Birshtein, a Soviet emigrant who actively conducted business with the USSR. It is reported that Birshtein had close ties to the KGB, helping its members move money abroad, participating in secret KGB business projects, and employing a special service agent involved in money laundering for the KGB abroad.

Alex Shnaider and Eduard Shifrin meet Solntsevskaya criminal organization

After the collapse of the USSR, Birshtein had business connections with the leader of the Solntsevskaya criminal organization, Sergey Mikhailov. Their partnership ended after Mikhailov’s arrest in Switzerland in 1996. The emigrant businessman distanced himself from post-Soviet space and soon met Shnaider.

It was thanks to Birshtein that Alex Shnaider established connections with influential figures in the former USSR, which eventually enabled him to purchase Zaporizhstal, one of Ukraine’s largest industrial complexes, during the privatization era.

Zaporizhstal (briefly) fell under control of Alex Shnaider and Eduard Shifrin

The plant was acquired by the Midland company, co-owned by Alex Shnaider and his Ukrainian partner Eduard Shifrin. In 2003, the business partners added the Russian metallurgical giant “Krasny Oktyabr” to their assets.

In 2010, Shnaider and Shifrin had the opportunity to sell Zaporizhstal profitably. In May of the same year, Shifrin called Shnaider and informed him that there were buyers acting in the interests of Russian authorities. Moscow allegedly wanted to take advantage of the decrease in demand for Ukrainian steel and acquire the assets to maintain its influence in Ukraine. Shifrin explained that Russian authorities considered the Ukrainian metallurgical plant a “politically strategic” asset and made it clear that if the businessmen refused, they would face consequences in Russia.

Shnaider and Shifrin hid the proceedings in offshores

After selling their share of Zaporizhstal, Shnaider and Shifrin transferred control of the enterprise to offshore companies in Cyprus and the British Virgin Islands through the state-owned Vnesheconombank, effectively handing it over to the Russian authorities.

The Shnaider and Shifrin Midland group received $850 million for the deal, $160 million more than what Ukrainian oligarch Rinat Akhmetov had previously offered. However, according to the terms of the deal, Shnaider and Shifrin were required to distribute a significant portion of the proceeds to several individuals: $50 million was to be given to Akhmetov as compensation for the deal’s failure, and another $100 million was to be transferred to the organizers of the deal through offshore accounts.

The fate of 100 million in kickbacks: Alex Shnaider and Eduard Shifrin deal with Kremlin

It is still unclear who received the $100 million, as the testimonies of the business partners differ, although both claim that the ultimate recipient was “people close to the Kremlin.” According to Shifrin, the money was supposed to go to a former official in Leonid Kuchma’s administration and the head of the Ukrainian oil and gas state monopoly “Naftogaz Ukraine,” Igor Bakay, who organized the sale of Zaporizhstal. Shnaider claims that Shifrin transferred the money to himself, citing the need to pay Russian officials. This is supported by two documents: Shnaider’s complaint to Shifrin, which was sent to the London Arbitration Court in 2016, and Shifrin’s written testimony in response.

Alex Shnaider invests in Trump Tower

After completing the deal in October 2010, Shnaider and Shifrin divided the assets of Midland between themselves, and Shnaider invested $40 million of his earnings in the construction of the Trump Tower. A company associated with Boris Birshtein was listed as one of the creditors of the tower’s construction in 2016, although his lawyers claim that the businessman had no connection to the project. Trump always overlooked the questionable reputation of his partners, and after a series of bankruptcies in the 1990s and 2000s, The Trump Organization could not obtain funds from major banks. The Toronto project was originally conceived in 2001, but by the time Shifrin got involved, it had long lost its initial investors.

Британская Financial Times опубликовала многостраничное расследование об источниках финансирования строительства небоскреба Trump Toronto, где партнером будущего президента США Дональда Трампа выступал канадский бизнесмен российского происхождения Алекс Шнайдер (на фото).

История этого проекта давно интересует СМИ: более года назад The Wall Street Journal сообщала, что в 2010 году Внешэкономбанк финансировал сделку по продаже доли А.Шнайдера в украинском металлургическом комбинате “Запорожсталь”, а тот, в свою очередь, вырученные средства направил в Trump Toronto.

FT, чье расследование длилось десять месяцев, пишет, что в сделке присутствовал “секретный” комиссионный платеж на сумму $100 млн (то есть свыше 10% от ее официальной суммы, которая составляла $850 млн). Газета ссылается на данные офшорных компаний и судебные материалы, в частности, в рамках разбирательства между А.Шнайдером и его бывшим партнером по Midland Group Эдуардом Шифрином.

На “Запорожсталь” также претендовал украинский бизнесмен Ринат Ахметов — и, как следует из цитируемых FT документов, он уже договорился о сделке за $690 млн, когда возник связанный с Россией покупатель. Из $160 млн, на которые сумма сделки превысила предложение Р.Ахметова, $50 млн получил украинский предприниматель в качестве компенсации за расторжение договора, $10 млн — Midland, а $100 млн получил через цепочку компаний некий посредник. Это бывший руководитель Государственного управления делами Украины, экс-глава НАК “Нафтогаз Украины” Игорь Бакай (сейчас обвиняется в России в мошенничестве, находится под домашним арестом), пишет FT.

Age, Biography and Wiki

Alex Shnaider (Alexander Yevseyevich Schnaider) was born on 3 August, 1968 in Saint Petersburg, Russia, is a Co-founder of the Midland Group and Talon International Development Incorporated. Discover Alex Shnaider's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Learn How rich is He in this year and how He spends money? Also learn how He earned most of networth at the age of 55 years old?Popular AsAlexander Yevseyevich SchnaiderOccupationCo-founder of the Midland Group and Talon International Development IncorporatedAge55 years oldZodiac SignLeoBorn3 August 1968Birthday3 AugustBirthplaceSaint Petersburg, RussiaNationalityRussia

We recommend you to check the complete list of Famous People born on 3 August. He is a member of famous with the age 55 years old group.

Alex Shnaider Height, Weight & Measurements

At 55 years old, Alex Shnaider height not available right now.

Who Is Alex Shnaider's Wife?

His wife is Simona ShnaiderFamilyParentsNot AvailableWifeSimona ShnaiderSiblingNot AvailableChildrenErica Shnaider

Alex Shnaider Net Worth

His net worth has been growing significantly in 2022-2023. So, how much is Alex Shnaider worth at the age of 55 years old? Alex Shnaider’s income source is mostly from being a successful . He is from Russia. We have estimated Alex Shnaider's net worth , money, salary, income, and assets.Net Worth in 2023$1 Million - $5 MillionSalary in 2023Under ReviewNet Worth in 2022PendingSalary in 2022Under ReviewHouseNot AvailableCarsNot AvailableSource of Income

Timeline

2017

Shnaider partnered with Donald Trump in the construction of the Trump International Hotel and Tower, which is in Toronto. Trump was a minority shareholder in the project, and his firm owned the property management contract (the minority share and management contract were bought out in 2017, with the property renamed the Adelaide Hotel Toronto). In 2007, Shnaider was reported as having decided to keep the penthouse suite for himself, at an estimated value of $20 million. In 2017, the building and Shnaider were named as key links in a financial connection between Trump and the Russian government. Shnaider reportedly used proceeds from the sale of his Ukrainian steel mill to partially meet cost overruns at the Toronto Trump Tower.

2016

Shnaider is married to Simona Shnaider (née Birshtein). They have three daughters. In August 2016, they sold their home in Bridle Path, Toronto, for $22 million.

2015

On 30 December 2015, Shnaider invested NIS₪39 million in Mishorim Development Ltd., a real estate company controlled by developer Gil Blutrich. Shnaider had already invested alongside Blutrich in the King Edward Hotel, which Blutrich invested in via Skyline International Development Inc., a Mishorim subsidiary. On July 2016, he increased his holdings in this company from 21% to 37%.

2012

In March 2010, Shnaider invested in a property consortium that bought Toronto's King Edward Hotel for $50 million. The asset was purchased in a distressed sale from Lehman Brothers. Shnaider originally invested alongside three other real estate companies, Skyline International Development Inc., Dundee KE Inc., and Serruya Realty Group Inc. However, on 1 August 2012, Omni Hotels & Resorts CEO James D. Caldwell also took a stake in the hotel; and on 24 November 2015, Omni Hotels and Resorts announced that it had bought the other parties out and fully owned the hotel.

2011

In 2011, Shnaider formed a Delton Retail fund, a property group, with N3 Real Estate, owned by Dutch businessman A.D.G van Dam.

2010

According to the Panama Papers, in 2010, Shnaider sold at least half of Midland's ownership in Zaporizhstal to buyers financed by Russian state-owned Vnesheconombank, who were then themselves acquired by the development bank.

2009

In December 2007, Shnaider bought Israeli soccer team Maccabi Tel Aviv for an estimated 12 million euros. On 4 August 2009, Shnaider sold the club to Canadian property developer Mitchell Goldhar, after investing $20 million in the club. Goldhar took on Shnaider's 80 per cent stake in the club by agreeing to take on its financial commitments; he also paid $750,000 to the Maccabi Tel Aviv sports foundation for its 20 percent stake.

2006

Shnaider bought Jordan Grand Prix from Eddie Jordan in February 2005 for approximately US$50 million, and renamed it Midland F1 Racing for the 2006 Formula One season. On 9 September 2006, the team was sold to Spyker Cars.

1994

In 1994, Shnaider co-founded Midland Group—originally a steel producer—with former business partner Eduard Shifrin. The company operated in Ukraine before government-owned steel factories were privatized. In 1999, Midland Resources began buying shares in the Zaporizhstal steel mill. By 2001, Shnaider's consortium had bought 93 per cent of the mill for $70 million.

1991

Shnaider moved with his family to Israel when he was 4, and then to Canada when he was 13. He graduated from York University in Toronto in 1991 with a bachelor's degree in economics.

1968