Shalva Chigirinsky

Shalva Chigirinsky
Born	(1949-07-01) July 1, 1949 Kutaisi
Occupation	Businessman
Known for	Principal shareholder in Sibir Energy Plc; chief proprietor of Russian Land Ltd; major real estate developments in Russia; involvement in oil industry

Shalva Chigirinsky (, born July 1, 1949) is a businessman of Israeli-Russian descent and was formerly a principal shareholder in the AIM-listed British oil firm Sibir Energy Plc. As the chief proprietor of Russian Land Ltd, he spearheaded significant development initiatives such as the renovation of Rossiya Hotel, the construction of the Russia Tower in Moscow, the creation of the Crystal Island cultural and commercial complex, as well as the restoration of New Holland Island in Saint Petersburg. In 2008, Forbes positioned him as the 524th wealthiest individual worldwide and ranked him 58th among Russia’s billionaires.

Biography

Chigirinsky was born on July 1, 1949, in Kutaisi to a Jewish family. He pursued his education at the First Moscow State Medical University. In 1987, he relocated first to Spain and subsequently to Germany to engage in real estate enterprises. During this period, he co-established S+T Group Handels GmbH with banker Karl-Heinz Stock, concentrating on operations within Russia.

Development business

In the early 1990s, upon returning to Russia, Chigirinsky assumed majority ownership of S+T Group Handels GmbH and oversaw various construction and refurbishment projects including notable Moscow heritage sites. His inaugural major project involved an office building for the Moscow Complex of Urban Planning Policy and Construction. Early affiliations with Moscow Mayor Yury Luzhkov and his spouse Yelena Baturina enabled further growth. By 1997, Chigirinsky purchased Stock’s shares, rebranded the firm as ST Group, and took on the role of chairman.

In 2001, he collaborated with the Moscow Government to establish Moscow Development Company (MDC). MDC was responsible for prominent developments such as the Moscow City and the Metro-Real hypermarket chain developed in partnership with Germany’s Metro Group.

Chigirinsky transferred ST Group’s assets to his brother Alexander in 2002; Alexander renamed it Snegiri Group in 2007. That same year, Shalva launched STT Group LLC, which became an equal partner alongside the Moscow Government within MDC.

By 2007, all development assets were unified under Russian Land Ltd., boasting a portfolio exceeding two million square meters. Key projects included the Russia Tower (400,000 m²), "Yugra" complex in Khanty-Mansiysk (161,000 m²), and renovations of Rossiya Hotel (410,000 m²) and New Holland Island (68,000 m²). Most developments enlisted famed architect Sir Norman Foster. Partnerships involved retail entrepreneur Igor Kesaev and industrialist Viktor Rashnikov, owner of Magnitogorsk Iron and Steel Works.

Chigirinsky intended to launch an IPO on the London Stock Exchange in 2008 aiming for a valuation near $10 billion with a share placement up to $2 billion. At that time, Forbes assessed his net worth at $2.5 billion, ranking him as Russia’s 44th wealthiest businessman.

Petroleum business

Alongside his real estate ventures during the 1990s, Chigirinsky entered the oil sector. In 1996, he partnered with British Petroleum to create Petrol Complex Company, establishing a BP-branded gas station network across Moscow while holding a 25% stake.

By 1999, he acquired majority control over Evikhon and Yugraneft, operators of South Priobskoye and Salym oil fields. That year these assets were merged into London Stock Exchange-listed Sibir Energy (AIM), where he became majority shareholder and director.

Together with the Moscow Government-owned Central Fuel Company (CFC), Chigirinsky co-founded Moscow Oil Company (later Moscow Oil and Gas Company), assuming its presidency in 2000. He subsequently led CFC which held majority ownership of Moscow Oil Refinery. Maintaining close relations with Moscow’s mayoral administration, he was appointed CEO of Moscow Oil and Gas Company in 2003 and elevated to president in 2004; Mayor Yury Luzhkov chaired its board.

In 2000, Chigirinsky joined forces with Roman Abramovich to establish Sibneft-Yugra—a joint venture between Yugraneft (a Sibir Energy subsidiary) and Sibneft. Yugraneft contributed licenses for key oil fields. However, by 2004 Yugraneft’s shareholding had been reduced to 0.98% following share issuances favoring companies affiliated with Sibneft. Sibir Energy unsuccessfully challenged this dilution through legal channels. This conflict caused tension between the Tchigirinskiy brothers; Shalva accused Abramovich’s associate Alexander of complicity.

In 2005, Chigirinsky divested half of his stake in Sibir Energy to businessman Igor Kesaev, a longtime collaborator.

By late 2007, Sibir Energy merged refining assets with the Moscow City Government resulting in full ownership of Moscow Oil and Gas Company. This company controlled a 50.08% interest in Moscow Oil Refinery, held 38% of Mosnefteproduct (managing oil depots and fuel stations near Moscow), and owned all shares in Moscow Fuel Company (operating fuel stations within Moscow)—totaling 139 filling stations and fuel storage facilities across the region. The Moscow Government received an equity stake of 18.03% plus an option to repurchase an additional 3.16%. This arrangement created a vertically integrated oil enterprise under Sibir Energy’s management.

2008 financial crisis

The 2008 global financial downturn, characterized by a decline in property demand and a credit crunch, had a significant adverse effect on Chigirinsky's enterprises. In October 2008, Sibir Energy moved forward with plans to acquire the Sovietsky Hotel and New Sovietskaya developments, both owned by Chigirinsky's firms. By December, with the Moscow government holding an 18% share, Sibir Energy was considering purchasing the remaining projects and taking on Russian Land's outstanding debts. However, in February 2009, Sibir Energy reversed its position, requesting repayment of previously disbursed funds, which led to the suspension of its shares on the London Stock Exchange. Additionally, creditors demanded repayment on loans that Chigirinsky and Gradison Consultants Inc. had guaranteed.

In 2009, Chigirinsky moved to Israel, where he holds dual citizenship. A settlement reached in London in 2010 between Sibir Energy, Chigirinsky, and creditors resulted in him relinquishing his oil company shares along with key development holdings. Subsequently, Gazprom Neft, as the successor to Sibneft, assumed control of Sibir Energy. In 2011, Gazprom Neft acquired the Moscow government's stake for US$740 million, becoming the sole shareholder and fully integrating Sibir Energy into its corporate structure.

Between 2011 and 2012, Chigirinsky divested his interests in the Russia Tower and Hotel Rossiya projects to Rashnikov and Nader for an aggregate sum of US$60 million.

International projects

In 2013, Chigirinsky relocated to the United States to concentrate on real estate ventures. He co-developed the Margaritaville Resort Times Square in New York City—a 32-story hotel featuring 234 guest rooms, five dining establishments, a year-round heated outdoor pool, and a street-level Margaritaville retail outlet. This $370 million endeavor was a joint venture with Soho Properties, headed by Sharif El-Gamal, and is operated under Jimmy Buffett’s Margaritaville brand. The hotel received the "Best New Hotel 2021" distinction from USA Today's 10 Best Readers' Choice Awards.

Building on this success, Chigirinsky emphasized the appeal of "walking distance" or "vertical resort" concepts and announced intentions to develop a similar property in Chicago. He and his partners are also investigating potential projects in Canadian cities as well as Tokyo, Hong Kong, and Singapore.

Family and personal life

Chigirinsky was married to Tatyana Panchenkova from 2003 until 2009. Their lengthy divorce proceedings took place in both Russia and the United States, during which Panchenkova accused him of physical and emotional abuse spanning a decade. Nevertheless, in October 2014, a jury in Connecticut cleared Chigirinsky of all allegations. Later that year, he initiated a federal lawsuit claiming that Panchenkova unlawfully profited from a $120 million art collection entrusted to her during their divorce and concealed real estate holdings in the U.S.

Panchenkova also alleged child abuse against him; following an investigation in 2016, Stamford Court issued an arrest warrant for Chigirinsky. He denied these claims and posted bail set at $50,000. Subsequently, the court issued a warrant against Panchenkova for alienating their children from him. Custody arrangements were eventually established granting shared parenting time with visitation rights for Chigirinsky.

In February 2017, all charges against Chigirinsky were dismissed by Connecticut courts as lacking merit. Later that year, both parties resolved their disputes concerning U.S. properties and withdrew related financial claims.