Vardanyan Ruben Karlenovich



Born May 25, 1968 in Yerevan.

In 1992 graduated from economic faculty of the Moscow State University with excellence. Studied on business courses in Italy, France and the USA. In 1991 became one of founders of the investment company "Troika Dialog" in which he held a post of the chief of department on primary placing of securities. One of the first in Russia who obtained the license for work in stock market — under serial number 3. Since 1992 in different posts heads "Troika Dialog". Simultaneously in 2002-2004 was the general director, in 2004-2005 — the chairman of board of directors of OAO "Rosgosstrakh". Member of board of directors of URSA bank and bank “Ak Bars”, the companies "Sukhoi Civil Aircraft”, "Russpetsstal", "Insurance company Zhaso"," International airport Sheremetyevo ", AutoVAZ, "Incorporated automobile technologies", Novatech.  The president of the Moscow school of management "Skolkovo". Member of advisory council at council at the president of the Russian Federation on realization of priority national projects and the demographic policy and council on competitiveness and business at the government. The member of board of RSPP, supervises over committee on corporate governance.

Married, three children.

Source: Newspaper «Kommersant» № 41/B (4096) from 3/10/2009  




In August, 1997 journalists pointed out relations of Ruben Vardanyan and the mayor of Moscow Yury Luzhkov. In particular, it was informed on the transaction extremely favorable for "Troika Dialog". Bank of Moscow bought 20 % of shares of the largest Moscow investment company "Troika Dialog". Even participants of the transaction didn't deny that between the lines there was desire of the Moscow government to more actively and effectively dispose with the means in stock market.

Benefit of "Troika Dialog" from it was obvious: in exchange for partial loss of independence it got good chances of access to huge financial resources of the Moscow government. Already then it was supposed that the mayoralty in many transactions would become the client of "Troika Dialog". It practically guaranteed the company keeping of leading positions in the Russian stock market. Besides, journalists assumed that in future "Troika" would take part in promotion of investment projects of the Moscow government.

Source: Newspaper «Kommersant» № 124 (1306) from 8/2/1997  


In the summer of 1999 journalists paid attention to relations of Ruben Vardanyan and Anatoly Chubais. In particular, it was informed about meeting of shareholders of the RAO "UES" which intrigue was connected with appointment of the chairman of the board of RAO "UES". Before he had been elected by the simple majority of councilors of directors of the RAO; in its turn, it had been elected by annual meeting of shareholders. And the board of directors could gather at any time and dismiss the chairman of the board. To be insured from similar unexpectedness, Chubais created a new principle of election of the chairman of the board — once a year at meeting of shareholders by the qualified majority of votes (75 %). It deprived the officials representing interests of the state, owning 52 % of shares, of possibilities to appoint the chairman of the board contrary to will of private shareholders (among which there are the foreigners owning 34 % of shares and supporting Chubais).

To implement this new order, it was necessary to approve the amendment to the company charter. Foreign company Emerging Markets Growth Fund acted with this offer. Amendments should be accepted not by simple majority of votes of shareholders, but by three quarters. To collect votes, Chubais began grandiose work with shareholders. His success was not guaranteed at all. Chubais achieved that Sergey Stepashin gave the written order to vice-president of Minister of State Property Herman Gref how to vote a federal share holding: to support amendments to the charter, necessary to Chubais. But Gref voted only 34 % of shares from a state block, and the other 18 % are fixed to subjects of federation. Chubais had to work with them separately. As well as with power engineers, representing regional affiliated companies of the RAO.

At the meeting of shareholders Chubais wasn't the lecturer; therefore he used the form of the answering to the questions, asked from him. Chubais named surnames of authors of questions; therefore it became clear that their majority were prepared in advance. The "best" questions were asked by the head of investment company "Troika Dialog" Ruben Vardanyan who was close for a long time to the head of the RAO "UES" and regularly flew with him to inspection trips in the country. Thanks to questions of Vardanyan Chubais could tell how well he supervised over the Russian power.

Source: Newspaper «Kommersant» № 110 (1754) from 6/26/1999  


Such fact testifies to affinity of Vardanyan to the authorities also. In February, 2000 the president of the Russian Federation of that time Vladimir Putin signed the decree about appointment of the executive vice-president of "Troika Dialog" Sergey Kolotukhin to a post of the deputy minister of finance of the Russian Federation. It was also an obvious hint to Bank of Russia — one month ago Sergey Kolotukhin had to leave Vneshtorgbank supervised by Central Bank before Kolotukhin for a long time held a post of the vice-president of board of Vneshtorgbank. But when after initiative of Central Bank (the main shareholder of bank) Yury Ponomarev became chairman of VTB, the bank started to get rid of old top-managers. Among other Sergey Kolotukhin had to leave the bank, in the beginning of January, 2000 moved to "Troika Dialog".

Journalists noticed that  Ruben Vardanyan would only win from Sergey Kolotukhin's leaving to Ministry of Finance— in the main financial department he would have one more "right" person. After all the former first deputy minister of the Ministry of Finance Oleg Vyugin by then was the vice-president of "Troika Dialog" for two months.

Source: Newspaper «Kommersant» № 28 (1913) from 2/19/2000  


In the spring of 2003 Ruben Vardanyan together with Anatoly Chubais appeared in the center of "oligarchic" scandal. It started after president of the Russian union of industrialists and entrepreneurs Arcady Volsky wrote the letter addressed to the president of the Russian Federation Vladimir Putin with a few suggestions on «improvement of an investment environment in Russia», which received the favorable visa of the head of the country.

The trade union of oligarchs (so named RSPP) has never been homogeneous, and couldn't be like this. Groupings in the union always adhered to opposite opinions on the industrial policy of the government, on ethical standards of behavior of representatives of large business. During that moment the most aggressive members of the union decided to shake a boat and to initiate a PR action because of own disagreement with president of RSPP Volsky. Probably, oligarchs-dissenters didn't have enough reasons to fight with Volsky only. It was decided to combine fighting with the president and Deripaska, having attributed him authorship of the document.

In this connection in mass-media number of the materials appeared with an extremely aggressive incitation against Volsky. The hysteria began after the publication in the newspaper "Newspaper". The detailed material was devoted not to an essence of offers, but to insult of each separate oligarch. The authorship of article, looking like the banal order, was not a secret. Anatoly Chubais, Kaha Bendukidze, Oleg Kiselev, Ruben Vardanyan and Alexander Shokhin actually put their signatures under real leak of Arcady Volsky. They did not like that Volsky's ideas were positively apprehended by the authorities.

Source: "Stringer" from 4/24/2003


In the end of 2007 in one of the analytical materials, published in the solid edition, Ruben Vardanyan was named as one of the most "comfortable" businessmen for the president of the Russian Federation Dmitry Medvedev. Also the edition named oligarchs Roman Abramovich, Alexander Abramov, Valery Zavadnikov, and Leonid Michelson as "comfortable". All of them were founders of the Moscow school of management "Skolkovo" which board of guardians was headed by Medvedev.

Source: "Vedomosti", 12/11/2007


In the beginning of 2008 Ruben Vardanyan interested journalists in connection with resonant criminal case about financial infringements in the largest Russian network of perfumery shops «Arbat prestige». Then inspectors of State Department of the Ministry of Internal Affairs in Central federal district brought accusation to well-known businessman Simeon Mogilevich and the owner of a network «Arbat prestige» Vladimir Nekrasov. They were accused under the item A and part 2 of art.199 of Criminal code. The reason was that Mogilevich and Nekrasov by means of three "short-lived" companies organized in 2005-2006 non-payment of taxes of OOO «Arbat and Co» for the sum of 49.5 million rubles. Neither Mogilevich, nor Nekrasov recognized themselves as guilty.

Thus journalists found out that in December, 2003 in lists of affiliated persons of «Arbat Prestige» appeared Cyprian Voillon Enterprises and Roscoe Holdings (20 % each) — approximately at this time Troika Dialog became the owner of 40 % of «Arbat Prestige». The co-owner of «Troika Dialog» Ruben Vardanyan declared to journalists that he didn’t know about relations of «Arbat Prestige» with Mogilevich. As he said, the investment company got shares at Nekrasov. However, the given statement raised the big doubts at journalists.

Source: "Vedomosti" from 1/31/2008


In March, 2009 Vardanyan appeared in the center of the scandal connected with the huge credit, which Sberbank gave out to Moscow school of management "Skolkovo" headed by Vardanyan.

The credit was given out in October, 2008. 245 million dollars, it is no more and not less. "Skolkovo" – unusual project: business school of world level, the Russian answer to Harvard, Stanford and Yale. In 2001 the project was coordinated on the top; later "Skolkovo" was included in the national project "Education". The idea of "business institute" of an extra-class located near Moscow got all support from large business. The president of school was Ruben Vardanyan, head of a group of companies "Troika Dialog". The list of other investors of "Skolkovo" is more than impressive: from Mikhail Kusnirovich to Alexey Mordashov, from "Russian standard" to TNK-BP. The land under campus building was allocated by Roman Abramovich – more than 25 hectares in Odintsovo area of Moscow suburbs. The board of guardians of "Skolkovo" is headed by Dmitry Medvedev, the president of the Russian Federation. The first brick in the campus base was put in the autumn of 2006 by Vladimir Putin personally.

Scandal was initiated by the minority shareholder of Sberbank Alexey Navalny, having started a correspondence to the head of Sberbank Herman Gref concerning the credit; and having received the answer in a few days which is an untypical practice for a dialogue between top management and minorities.

"Sberbank voluntary wrote down $245 million. Accordingly, shareholders of Sberbank compulsorily wrote down $245 million", - Navalny summarized in his blog.

Alexey Navalny also declared that two persons became guarantors under the credit - Vardanyan from a group of companies "Troika Dialog" and Michelson from gas company "Novatech". Besides, the land - Abramovich's 25 hectares is pledged. Also he asked: how much this pledge can ensure the credit almost in 250 million dollars in terms of crisis?

Source: Radio "Svoboda", 3/25/2009


In April, 2010 journalists paid attention to incomes of councilors of directors of Gas Company "Novatech". They wrote that for last three years gas company "Novatech" paid to councilors of directors 3-4 million rubles per year. But in 2010 everything should change. First, payments for 2009 would double: present directors since 2009 earned on 4 million rubles net, but on April, 29th — at annual meeting of shareholders — it was offered to confirm 4 million rubles more for everyone. And payments to new structure of council can reach 12 million rubles per person. It is provided by the project «On compensations and benefits …» which was taken out on approval of shareholders.

Board of “Novatech” was specified, including the co-owner of "Novatech" and petrotrader Gunvor Gennady Timchenko, chairman VEB Vladimir Dmitriyev, and also the chairman of board of directors of «Troika Dialog» Ruben Vardanyan.

Source: "Vedomosti", 4/8/2010


Vardanyan also appeared in the international scandal with businessman Radzhat Gupta. It began in the end of 2009 when the founder of hedge-fund Galleon, American billionaire Radzh Radzharatnam and 5 more financiers were accused by police of the USA of the organization of the roguish scheme of securities trade largest in the history of hedges-funds. Accused for a few years they got about 20 million dollars of illegal profit for the information, concerning such giants of world business, as Google, AMD and Hilton Hotels.

Under the statement of public prosecutors of the USA, for more than 20 years they didn't face so scale business on the insider information, as at hedge-fund Galleon. Since October, 2009 were arrested upon this case, 11 from which already recognized guilty. Among them the former adviser of McKinsey Anil Kumar was, he cooperates with the investigation now. He recognized that he received $2 million from Galleon for the insider information. And profit of founders of the roguish scheme of a Ministry of Justice of the USA estimated in $20 million, SEC — in $25 million. Swindlers earned this money in 2006-2009 on insider transactions with shares of Google, IBM, Sun Microsystems, Hilton, and Advanced Micro Devices. At that time actives of Galleon Group made $3,7 billion, and the founder and the managing director of fund Radzh Radzharatnam occupied 559th place in the list of rich men under version of Forbes with the capital in $1,3 billion

Gupta and Shiv Kemka, the vice-president of board of directors in Sun Group who had business in Russia, brought idea of creation of business school of a world class in Russia and found support at the chairman of board of directors of group «Troika Dialog» Ruben Vardanyan and the minister of economic development of that time, the present president of Sberbank Herman Gref. As a result of Radzhat Gupta is a part of the international board of guardians of school, headed by the president of the Russian Federation Dmitry Medvedev. Last session of this board took place in September, 2009 in Moscow and Gupta participated in it, the representative of "Skolkovo" informed. He refused of other comments.

Source: "Vedomosti", 4/16/2010