Home FEATURED Ravil Maganov: “A Fall From the Sixth Floor After Putin’s Security Arrived,” writes Agnis Buda.

Ravil Maganov: “A Fall From the Sixth Floor After Putin’s Security Arrived,” writes Agnis Buda.

by Agnis Buda
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Ravil Maganov

The syndrome of sometimes superficially masked, sometimes simply mysterious deaths of Russian top managers leaves its traces not only in Russia but also in England, Spain, France, Dubai, India, and Argentina.

The intensity of strange deaths of Russian top managers over the past three years is striking, as if there is a return to the turbulent 1990s.

On September 1st, 2022, news came from the Central Clinical Hospital (CCH), where the political and business elite of Russia often receives treatment: 67-year-old chairman of the board of directors of Lukoil, Ravil Maganov, bid farewell to life.

“This morning, Maganov fell from the window of a ward at the CCH. He died from the injuries sustained,” a source from the Interfax agency reported. The Investigative Committee informed the Kommersant newspaper that it could be a suicide.

The death of Ravil Maganov: Surveillance cameras were not functioning…

Project VCHK-OGPU noted that the top manager died around the time when the President of the Russian Federation arrived at the hospital to lay flowers at the coffin of former USSR leader Mikhail Gorbachev, who recently passed away in the same CCH.

Vladimir Putin decided not to attend the official funeral ceremony on September 3rd, he bid farewell to Gorbachev privately.

“The incident occurred around 7:00 am Moscow time,” a source familiar with the situation told TASS.

Maganov died a few hours before Putin’s arrival.

“This is not our issue at all,” said the President’s press secretary Dmitry Peskov in response to a question about commenting on the death of the chairman of Lukoil’s board of directors.

“I think it’s not so much about coincidence as it is about Maganov being less protected at that time than usual,” noted former State Duma deputy Maria Maksakova, hinting that the then head of Lukoil was under serious corporate security at the hospital. At least two people were supposed to be near to the oil magnate: Maganov’s wife was constantly in the adjacent ward.

However, the Federal Security Service personnel accompanying Putin were fully entitled to instruct the Lukoil president’s bodyguards to leave the perimeter, which is highly likely.

“He was alone in a separate comfortable ward, visited doctors throughout the day, and underwent various examinations,” a source in law enforcement agencies told the Moscow correspondent of the Komsomolskaya Pravda newspaper.

“Moreover, his wife was also checked in the hospital. But according to the rules of the medical institution, spouses were supposed to stay in separate wards.

“At the time of Maganov’s death, the woman was sleeping in another ward on the same floor.”

According to one version, the top manager went out to smoke and accidentally fell down; his cigarette pack was found on the balcony.

However, “he did not leave any suicide notes,” clarified the media resource Baza, also noting that the top manager was on the balcony of the part of the CCH building where repairs were taking place.

His section of the hospital was not intended for patient visits. In addition, as reported by Baza, none of the surveillance cameras from the facade, where Maganov could have fallen, were functioning.

In the only photograph that circulated on the internet immediately after the death of Lukoil’s president, only a bag containing the body could be seen on the ground near the hospital wall.

Visually, it is impossible to determine that it contained Maganov’s body.

The media resource Readovka reported that the top manager’s body was not immediately taken to the morgue; most likely it was taken for forensic examination.

The investigation considered the version of suicide: however, in Lukoil’s press release, strangely, it was already stated in the first sentence that Maganov’s death occurred “after a severe illness.”

When due to sanctions Vagit Alekperov was forced to leave the post of president of Lukoil, a person was needed at the helm of the company who could be fully trusted. Maganov turned out to be the ideal candidate.

He traditionally supervised the oil and gas exploration block, serving as the first vice president of the company since 1994.

It was thanks to Maganov that the oil and gas provinces in the Caspian and Baltic Seas were developed, and the successful development of a modern oil project in the Komi Republic was initiated.

And it was precisely on the birthday of Alekperov that the “exit through the window” of Maganov occurred.

According to information available to The Sun, the oilman was killed at the order of Vladimir Putin.

Revelations tougher than the Panama Papers may emerge

Another suspicious aspect characterises the date of death: two weeks before the incident, the value of Lukoil shares began to rise, reaching maximum heights on September 1st since the beginning of May 2022 when the company notified the London Stock Exchange of the termination of listing and American Depositary Receipts (ADRs) – due to the counter-sanctions imposed by Russia, this step had to be abandoned.

According to data as of May 2021, ADRs accounted for 30.6% of Lukoil’s share capital.

Shortly before his death, Maganov became a co-owner of one of the world’s largest drilling businesses – the oilfield service company Razvitie.

In short, things were going extremely well for the top manager, and it is unlikely that this could have been the reason for his leap from the window. At the CCH, he was lying due to cardiovascular problems, quite common for someone of his age.

Two sources from the Reuters agency, well acquainted with Maganov, stated that it seems unlikely that he committed suicide.

In early March 2022, the Lukoil board of directors spoke out against the war.

A statement was published on the company’s website calling for an end to the military conflict in Ukraine. It stated that the company “expresses concern about the ongoing tragic events in Ukraine and deepest sympathies to all those affected by this tragedy.” Was Maganov afraid of something?

“People who go to work in this sphere – oil, gas, resources – are predators from the start.

That’s the environment, with such competition, such, apparent cruelty, and with such a predatory approach. If anyone talks about intimidation, then precisely this category cannot be intimidated,” believes M. Maksakova, former State Duma deputy of the Russian Federation.

“There are a lot of important people, high-level ones,” commented entrepreneur Sergei Pugachev, who has participated several times in Vladimir Putin’s birthday celebrations.

He is amazed at how investigators, journalists, and consumers of media products can believe in the “main versions” that mythologize the deaths of Russian top managers.

“I apologize, this [R. Maganov] was a former first vice president, and then chairman of the board of directors of Lukoil. Can you imagine the level of people who smoke anywhere and then fall out of windows or even chop up their families?”

Former banker S. Pugachev is convinced that the deaths of top managers are related to the fact that some of the deceased, under mysterious circumstances, were involved in transactions to fill “Putin’s pool” from state accounts.

According to him, in these cases, there is no need to talk about the existence of schemes, such as speculation and assumptions, because “it’s obvious, everyone knows about it.”

“No one can guarantee that they will never resort to some intelligence and hand over their flash drives with these transactions.

“Well, imagine: today somewhere a flash drive pops out, where, there, over the past 20 years, trillions of transactions to offshore accounts in favor of Putin – this is not the Panama Papers for you.

“Can you imagine Gazprom and its turnovers?

“Can you imagine Rosneft, Lukoil – anything, the top 10 companies? Imagine their level of financial capabilities. This is not a billion dollars, this is not a cellist [Sergei Roldugin]. Do you understand?” explained. Pugachev.

A Tempting Slice of the Pie

Lukoil, which ranks second in oil production volumes in Russia after Rosneft, is accustomed to showcasing growth and feeling right at home on the global market, diversifying its assets and investments in the company – it is capable of spearheading projects in Asia, Africa, and America.

Lukoil has been more active abroad than other Russian oil companies.

“There were even plans to take half of the company’s assets, half of the company’s projects beyond Russia, which for various reasons did not materialize,” noted oil and gas market analyst Mikhail Krutikhin.

“As a shareholder society, Lukoil’s main focus is on cost minimisation and profit maximisation.

“The company operates under a strict rule: if the internal rate of return in existing or future projects does not reach 16%, then the company does not engage with such an asset or seeks to divest from it,” continued the expert.

“Instead of complying with any directives from the Russian authorities – for example, regarding the development of unprofitable but politically interesting new reserves – the company always responded: ‘Sorry, we must listen to our shareholders, not politicians.'”

This commercially effective company is a tempting prospect for many.

We cannot rule out some maneuvering with the company’s management aimed at pocketing it sooner or later. What’s happening in the company’s leadership is hard to grasp. They had many excellent professionals, there were individuals – and at the very top of the company – to whom oil workers were completely indifferent.

“This is a reshuffling of spheres of influence in the sector – because against the backdrop of all the sanctions, divestments, and the departure of numerous companies from various sectors in Russia, only one thing remains – gas and oil. And therefore, controlling these industries means ensuring Russia’s livelihood,” commented Marina Litvinenko, the widow of former FSB officer Alexander Litvinenko.

“We see that the gas sector has suffered a lot – in capitalization, in volumes, and this trend is only intensifying. For now, what remains for Russia is oil.”

In parallel with the series of deaths, Lukoil was rocked by a whole host of corporate changes.

In December 2022, Lukoil shareholders abolished the board of directors and the position of president, replacing it with the position of chief executive officer. The decision to prematurely terminate the CEO’s powers now lies with the board of directors, not the shareholders.

The standard practice of concealing the names of top managers, which has recently become widespread in large Russian companies, not only allows avoiding sanctions but also enables the inconspicuous and radical change of control over organizations.

According to Octagon’s t-channel, after Alekperov and Leonid Fedun stepped down from leadership positions, Lukoil underwent a series of other corporate changes.

People close to the business clan of Yuri and Mikhail Kovalchuk joined the company’s apparatus. It is not excluded that the ownership structure of Lukoil has undergone changes recently.

At the same time, industry experts have no doubts that former President Alekperov and former Vice President Fedun continue to own Lukoil securities.

As of the end of 2021, Alekperov’s stake in the company was 28.33%, and Fedun’s was 9.32% of the shares.

There have often been reports in the market about the intention to buy a stake in Lukoil from Rosneft.

According to Octagon sources, one of the attempts to gain approval for this move was made by I. Sechin in the spring of 2022. “However, he was then made to understand that it’s not worth expanding the empire, but it makes sense to focus on the East Oil project,” a media source recounted.

In November 2022, the Brief t-channel also reported that after a 96-minute audience at the Kremlin, Alekperov received permission to remotely participate in the management of Lukoil’s strategic directions and would transfer his profiled energy assets to the management of one of the state structures.

At the same time, another agreement involved a two-year moratorium on attempts by Rosneft to take over the company.

Also, Alekperov allegedly guaranteed his non-disclosure in third countries whilst quietly waiting out the war and post-war period.

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Anton Cherepennikov

Anton Cherepennikov

Read Also – The Curious Case of Anton Cherepennikov: Yet Another Mysterious “Unsolved” Death in Putin’s Russia, writes Agnis Buda

“In Russia, the owner of a company that developed systems for wiretapping phones by law enforcement agencies died,” – “In Moscow, the main Kremlin special agent for wiretapping mysteriously died,” – “Entrepreneur Anton Cherepennikov broke his shoulder before his death”

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