Wife of Tatarstan Head makes $41.2m selling part of spa complex to offshore company

Wife of Tatarstan Head makes $41.2m selling part of spa complex to offshore company
Tatarstan President Rustam Minnikhanov and his wife Gulsina Photo: Kommersant / Marsel Badykshin

The State Council of the Republic reacted to this philosophically, saying: "Some earn more and some less".

The annual declaration of Tatarstan President Rustam Minnikhanov revealed that his wife Gulsina Minnikhanova made more than her husband in 2016, 2.35 billion rubles ($41.2m), reported Kommersant. Presidential press service stated that most of the profit (2.2 billion rubles) was revenue from the sale of 49% of the luxury spa complex Luciano to a Cyprus offshore company.

The publication indicates that MC Luciano LLC manages the six-story complex that includes a hotel, a spa, a beauty salon, a fitness club and a restaurant, which in turn is owned by Luciano LLC with an authorized capital of 11.000 rubles (according to Kartoteka.ru). The complex was opened in 2011 and named after Luciano De Aloya, an Italian hairdresser.

The sale itself was made in April 2016. According to representatives of the Tatarstan President, the money from the sale of the spa will be invested into developing new business lines. For instance, Minnikhanova intends to launch a children's spa.

Meanwhile, the ultimate buyer is still unknown since the Cyprus offshore company Santerna Holdings Limited belongs to another offshore company, Noelia Holdings Limited, registered in the British Virgin Islands.

The other 150 million rubles of Gulsina Minnikhanova are of unknown origin. We only know that the President’s wife also owns a four-star hotel Luciano Residence Kazan.

2016 was the most profitable year for Gulsina, since she declared 256.6 million rubles in 2015 and just between 5 and 8 millions within the previous years. The President himself indicated an income of 7.5 million rubles ($131.600), having no personal property. Two plots of land (plus other two rented), a house, two apartments (one of which is in the UAE) all belong to his spouse.

The Minnikhanovs are not the only ones that have the family budget mostly coming from the wife: Acting Head of Buryatia Alexey Tsydenov has a similar arrangement in his family. His wife also declared a bigger income than her husband did, 4.1 million rubles ($71.950) compared to 3.5 million rubles ($61.400). However, a year earlier her income was only 23.400 rubles ($411).

Moscow Mayor Sergei Sobyanin made 6.5 million rubles ($114.060) in 2016, which is 24 thousand rubles less than in the previous year. Interestingly, the secretary of the divorced Mayor Gulnara Penkova earned more than he did, 9.5 million rubles ($166.700).



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