Russia's Putin says businessman Shamalov acquired Sibur shares as part of management programme

Russian President Vladimir Putin on Thursday said Kirill Shamalov, his former son-in-law according to media reports, acquired shares in petrochemical giant Sibur as part of a management incentive programme.

Russian President Vladimir Putin on Thursday said Kirill Shamalov, his former son-in-law according to media reports, acquired shares in petrochemical giant Sibur as part of a management incentive programme. A joint investigation by iStories and the Organised Crime and Corruption Reporting Project (OCCRP) reported earlier this month that Shamalov, who sits on Sibur's board, had received a stake in the firm worth an estimated $380 million for just $100.

Shamalov, responding to a Reuters request for comment via his company Ladoga Management, said his participation in the programme was the same as for other top managers. "Any arguments about the uniqueness of my position in the option programme are untrue, speculative in character and aimed at discrediting my business reputations," he said.