0:00:03 > 0:00:07He's the world leader accused of personally approving murder
0:00:07 > 0:00:09on the streets of London.
0:00:09 > 0:00:12The conclusion that the Russian state was probably involved
0:00:12 > 0:00:16in the murder of Mr Litvinenko is deeply disturbing.
0:00:18 > 0:00:22But is the president implicated in an assassination
0:00:22 > 0:00:27also responsible for theft on an extraordinary scale?
0:00:27 > 0:00:28He has fleets of things
0:00:28 > 0:00:32that almost no billionaire in the West would have.
0:00:34 > 0:00:39Vladimir Putin has been accused of looting his own country.
0:00:39 > 0:00:43- TRANSLATION:- Today, Putin behaves like a tsar.
0:00:45 > 0:00:50Tonight, we investigate the truth about President Putin's riches.
0:00:50 > 0:00:51Why would it be kept secret?
0:00:57 > 0:01:01And, for the first time, the Americans say what they really think
0:01:01 > 0:01:04about the Russian president.
0:01:04 > 0:01:06Is Vladimir Putin corrupt?
0:01:06 > 0:01:08In our view, yes.
0:01:28 > 0:01:30There is no other world leader
0:01:30 > 0:01:32like Vladimir Putin.
0:01:34 > 0:01:36Action man.
0:01:38 > 0:01:40Man of the people.
0:01:41 > 0:01:44PUTIN SPEAKS RUSSIAN
0:01:44 > 0:01:46CHEERING AND APPLAUSE
0:01:46 > 0:01:48And ruler of Russia.
0:01:48 > 0:01:52WOMAN INTRODUCES PUTIN IN RUSSIAN
0:01:52 > 0:01:56From Ukraine to Syria, Vladimir Putin's influence
0:01:56 > 0:01:58is being felt.
0:01:58 > 0:02:01He's faced countless accusations of corruption,
0:02:01 > 0:02:05but still has record approval ratings in Russia.
0:02:05 > 0:02:07What do you think of Vladimir Putin?
0:02:17 > 0:02:21But should the Russian people trust Vladimir Putin?
0:02:30 > 0:02:35President Putin's official income is around 100,000 a year,
0:02:35 > 0:02:37and yet he lives like the super rich.
0:02:39 > 0:02:42He has a collection of expensive watches,
0:02:42 > 0:02:46even his designer tracksuit cost 3,000.
0:02:46 > 0:02:48He has a level of living
0:02:48 > 0:02:51that is far in excess of anything
0:02:51 > 0:02:55anyone in the West would have, even the very richest.
0:02:55 > 0:02:59It's that kind of level that we see from Saudi princes.
0:03:03 > 0:03:06So how rich is Vladimir Putin?
0:03:08 > 0:03:12Well, it may be one of Russia's best-kept secrets,
0:03:12 > 0:03:15but one journalist came up with a figure.
0:03:15 > 0:03:19Stanislav Belkovsky claimed Putin had secret share holdings
0:03:19 > 0:03:22in some of Russia's biggest companies.
0:03:22 > 0:03:24I met him in Moscow.
0:03:24 > 0:03:26IN ENGLISH:
0:03:27 > 0:03:31What figure did you come up with for Vladimir Putin's wealth?
0:03:41 > 0:03:45Putin himself dismissed the 40 billion claim.
0:03:47 > 0:03:48PUTIN SPEAKS IN RUSSIAN:
0:03:57 > 0:04:02But a secret CIA report agreed with Belkovsky's figure.
0:04:02 > 0:04:07In their view, Putin was worth around 40 billion.
0:04:08 > 0:04:13Did you tell the CIA the details of your 40-billion figure?
0:04:13 > 0:04:14No, no.
0:04:14 > 0:04:16IN ENGLISH:
0:04:28 > 0:04:30Russia's role in the Ukrainian conflict
0:04:30 > 0:04:35has led to closer scrutiny of Putin's finances.
0:04:35 > 0:04:38Many of his inner circle have faced financial sanctions
0:04:38 > 0:04:42from the Americans and the European Union.
0:04:42 > 0:04:46Now the US won't publicly confirm the 40-billion figure,
0:04:46 > 0:04:51but they have told Panorama what they think about Putin's wealth.
0:04:51 > 0:04:53I'm not in a position to give you figures,
0:04:53 > 0:04:55but what I can say is that
0:04:55 > 0:04:57he supposedly draws a state salary
0:04:57 > 0:05:00of something like 110,000 a year.
0:05:00 > 0:05:02That is not an accurate statement
0:05:02 > 0:05:04of the man's wealth.
0:05:04 > 0:05:08And he has long-time training and practices
0:05:08 > 0:05:12in terms of how to mask his actual wealth.
0:05:12 > 0:05:14Is Vladimir Putin corrupt?
0:05:14 > 0:05:16In our view, yes.
0:05:16 > 0:05:20How long has the United States known that Vladimir Putin
0:05:20 > 0:05:23was, in your words, a corrupt figure?
0:05:23 > 0:05:25I think for many, many years.
0:05:26 > 0:05:30Russia dismisses this sort of talk as nonsense.
0:05:30 > 0:05:35But the fact that the Americans are finally labelling Putin as corrupt
0:05:35 > 0:05:38shows how bad relations have become.
0:05:40 > 0:05:43So what's the truth about Putin's money?
0:05:43 > 0:05:47Has Russia's president been making billions on the side
0:05:47 > 0:05:49and, if he has, where's it all hidden?
0:05:54 > 0:05:58I've come to Estonia to meet a man who says
0:05:58 > 0:06:00he knows about some of Putin's cash.
0:06:00 > 0:06:06He fled Russia after falling out with Kremlin insiders.
0:06:06 > 0:06:09Our contact helped Putin collect money from the super rich.
0:06:09 > 0:06:12They all thought it was to pay for health care.
0:06:15 > 0:06:20But Sergei Kolesnikov says some of the donated cash was diverted
0:06:20 > 0:06:25and ultimately used to help build a billion-dollar palace for Putin.
0:06:27 > 0:06:30- TRANSLATION:- Regrettably, these funds,
0:06:30 > 0:06:32which were supposed to be invested
0:06:32 > 0:06:34in decent investment projects
0:06:34 > 0:06:36to a significant extent,
0:06:36 > 0:06:40ended up being spent on a palace on the Black Sea coast.
0:06:45 > 0:06:46And here it is.
0:06:49 > 0:06:54President Putin says the palace is nothing to do with him.
0:06:58 > 0:07:01But we've seen documents linking Vladimir Putin
0:07:01 > 0:07:04to the palace at the time it was built.
0:07:04 > 0:07:07They show a secret money trail,
0:07:07 > 0:07:10and it's claimed Putin was at the heart of it.
0:07:11 > 0:07:15These are documents from one of the offshore companies
0:07:15 > 0:07:18that diverted millions of dollars to the palace.
0:07:18 > 0:07:24According to Kolesnikov, the owner of this company was Putin himself.
0:07:26 > 0:07:29The offshore company was overseen by Kolesnikov
0:07:29 > 0:07:34and his business partner, a Kremlin insider called Nikolai Shamalov.
0:07:39 > 0:07:43- TRANSLATION:- Shamalov said that he was taking 96 shares,
0:07:43 > 0:07:5096%, keeping 2% for himself and he would be giving 94% to Putin.
0:07:54 > 0:07:57There's more evidence.
0:07:57 > 0:08:00Kolesnikov and Shamalov were recorded
0:08:00 > 0:08:06apparently discussing 440 million of investments belonging to Putin.
0:08:07 > 0:08:12They refer to Putin using a nickname - Mikhail Ivanovich.
0:08:12 > 0:08:13IN RUSSIAN:
0:08:25 > 0:08:28Shamalov is still a trusted Kremlin insider.
0:08:30 > 0:08:34In that recording, he was discussing Putin's secret fortune.
0:08:38 > 0:08:42Finding evidence like that about Putin is not easy.
0:08:42 > 0:08:45He used to run Russia's intelligence service.
0:08:45 > 0:08:47He knows how to hide secrets.
0:08:53 > 0:08:56Few from his inner circle ever talk,
0:08:56 > 0:08:59but Panorama has tracked down one who will.
0:09:01 > 0:09:04I've come to Nice in the south of France to meet him.
0:09:05 > 0:09:08So I'm at the hotel and we're about to be picked up
0:09:08 > 0:09:11and taken to the interview location.
0:09:11 > 0:09:14But the truth is we have no idea where we're going.
0:09:14 > 0:09:16We certainly don't have anything like an address.
0:09:16 > 0:09:18The reason is probably because
0:09:18 > 0:09:21the man that we're on our way to interview is on the run.
0:09:25 > 0:09:29He was one of Russia's richest and most important men.
0:09:31 > 0:09:36But he fled his homeland and says he can't go back.
0:09:39 > 0:09:40Merci.
0:09:40 > 0:09:43'His driver has brought me to a secret location.'
0:09:46 > 0:09:48Hi. How are you?
0:09:49 > 0:09:51This is Sergei Pugachev.
0:09:52 > 0:09:56He says he helped Putin become president.
0:09:56 > 0:09:57They were friends.
0:09:57 > 0:09:59Their children played together.
0:10:01 > 0:10:05- TRANSLATION:- I had a very close relationship with Putin.
0:10:05 > 0:10:06Putin consulted me.
0:10:06 > 0:10:08Putin confided in me.
0:10:10 > 0:10:15Pugachev took Putin to see one of the presidential palaces.
0:10:17 > 0:10:21- TRANSLATION:- Of course, this was an absolutely new world, new life.
0:10:21 > 0:10:23Of course, he was astonished by it.
0:10:25 > 0:10:28In that first term as president,
0:10:28 > 0:10:30what was Putin's attitude to money?
0:10:32 > 0:10:35- TRANSLATION:- I think that Putin was preoccupied
0:10:35 > 0:10:38with the issue of wealth from the start.
0:10:39 > 0:10:43I think that for Putin, this was an important factor.
0:10:43 > 0:10:47We talked about it. He didn't hide it.
0:10:47 > 0:10:50He knew he wanted to leave office as a wealthy person.
0:10:56 > 0:10:59Vladimir Putin has come a long way.
0:11:01 > 0:11:04He wasn't born rich and to understand him,
0:11:04 > 0:11:08you need to go to his home city, St Petersburg.
0:11:16 > 0:11:20This is where he grew up, there on the fifth floor.
0:11:20 > 0:11:23Putin's family had one room in a shared apartment.
0:11:23 > 0:11:27No hot water and a shared kitchen in the corridor.
0:11:27 > 0:11:31Vladimir Putin grew up in poverty.
0:11:33 > 0:11:38But it was in St Petersburg that Vladimir Putin first tasted power.
0:11:42 > 0:11:45Back in the '90s, not long out of the KGB,
0:11:45 > 0:11:48Putin became a deputy mayor.
0:11:48 > 0:11:53On his watch, millions of dollars disappeared from public funds
0:11:53 > 0:11:56to a company called Twentieth Trust.
0:11:56 > 0:11:58The detective who investigated
0:11:58 > 0:12:02says Putin was one of those who benefitted.
0:12:02 > 0:12:07He says Putin ended up with a property in Torrevieja in Spain.
0:12:09 > 0:12:10- TRANSLATION:- If Twentieth Trust
0:12:10 > 0:12:12is building a villa
0:12:12 > 0:12:13for Putin in Torrevieja,
0:12:13 > 0:12:17is this Putin personally receiving the money or not?
0:12:17 > 0:12:20In my opinion, the answer is straightforward.
0:12:24 > 0:12:28But the criminal case was closed after Putin became president.
0:12:28 > 0:12:32Zykov says he was forced into retirement.
0:12:32 > 0:12:35The Kremlin has denied the claims,
0:12:35 > 0:12:37but Spanish investigators reveal the details
0:12:37 > 0:12:40of wiretapped phone conversations
0:12:40 > 0:12:43between Russians who've been linked to organised crime.
0:12:43 > 0:12:47They can be heard discussing Putin's property in Spain.
0:12:49 > 0:12:53One of the gangsters says Putin's house is in Torrevieja,
0:12:53 > 0:12:56the same Spanish town Zykov had identified.
0:12:56 > 0:13:01It looks like Zykov was right - Putin got a house in Spain.
0:13:08 > 0:13:13So in St Petersburg, Putin learned how to profit from power.
0:13:13 > 0:13:15He also built a loyal team.
0:13:15 > 0:13:19After he moved to the Kremlin, they came with him.
0:13:19 > 0:13:23The men closest to Putin have been with him for years.
0:13:23 > 0:13:25They were with him here in St Petersburg
0:13:25 > 0:13:28and they've stayed with him ever since.
0:13:28 > 0:13:31This is the group that he trusts and that he rewards,
0:13:31 > 0:13:33and this is the group that runs Russia.
0:13:37 > 0:13:39Putin's lawyer at the Town Hall
0:13:39 > 0:13:41became President
0:13:41 > 0:13:43and then Prime Minister of Russia.
0:13:45 > 0:13:47His former deputy also served
0:13:47 > 0:13:49as Prime Minister.
0:13:51 > 0:13:53The Chief of Staff at the Town Hall
0:13:53 > 0:13:56now runs Russia's anti-drugs agency.
0:13:58 > 0:14:01His former assistant now runs the
0:14:01 > 0:14:03biggest oil company in the world.
0:14:03 > 0:14:06And his former economist now runs
0:14:06 > 0:14:08the biggest gas company
0:14:08 > 0:14:09in the world.
0:14:12 > 0:14:16All of them worked with Putin in this building.
0:14:19 > 0:14:23They rose up together. They went with him to Moscow.
0:14:23 > 0:14:25They have been a very stable elite.
0:14:25 > 0:14:29This whole group,
0:14:29 > 0:14:33who grabbed the commanding heights of the Russian economy,
0:14:33 > 0:14:37they all worked together in a very small office, in fact,
0:14:37 > 0:14:39in St Petersburg.
0:14:42 > 0:14:46As President, Putin was at the centre of this new elite.
0:14:46 > 0:14:50He had power and access to the super-rich.
0:14:52 > 0:14:56You can see how Putin used this by looking at his relationship
0:14:56 > 0:14:59with Britain's most famous Russian,
0:14:59 > 0:15:01Chelsea owner Roman Abramovich.
0:15:03 > 0:15:07He was one of the unwitting donors to Putin's Palace.
0:15:07 > 0:15:11He thought all his cash would be spent on health care,
0:15:11 > 0:15:14and he gave more than 200 million.
0:15:16 > 0:15:20- TRANSLATION:- Abramovich's role was rather simple.
0:15:23 > 0:15:26He provided 203 million.
0:15:26 > 0:15:31Were these oligarchs effectively just paying tribute
0:15:31 > 0:15:33to Vladimir Putin?
0:15:33 > 0:15:36I think this is exactly what they thought.
0:15:41 > 0:15:45Abramovich and other wealthy Russians are expected to pay
0:15:45 > 0:15:50for important projects, like hosting the 2018 World Cup.
0:15:57 > 0:15:59APPLAUSE
0:16:08 > 0:16:11The Fifa World Cup, ladies and gentlemen,
0:16:11 > 0:16:14will be organised in Russia.
0:16:14 > 0:16:18But we have been told about a gift that can't be explained away
0:16:18 > 0:16:22as good for anyone other than Vladimir Putin.
0:16:24 > 0:16:28A 35 million yacht like this one,
0:16:28 > 0:16:30given by Roman Abramovich.
0:16:37 > 0:16:40And our source is the man who managed the yacht.
0:16:44 > 0:16:48He fell out with the Kremlin, he's a wanted man in Russia
0:16:48 > 0:16:50and he's living in the UK.
0:16:54 > 0:16:56KNOCKING
0:16:56 > 0:16:59- Hi.- Hi.- Dmitry, I am Richard. - Yes, nice to meet you.
0:17:02 > 0:17:06Dmitry Skarga says he helped oversee the transfer of the boat
0:17:06 > 0:17:08from Abramovich to Putin.
0:17:20 > 0:17:24Skarga says the yacht was given to an offshore company
0:17:24 > 0:17:28but the real owner was President Putin.
0:17:41 > 0:17:43Why would it be kept secret?
0:17:51 > 0:17:55We have seen documents that appear to support Skarga's story.
0:17:57 > 0:18:01Roman Abramovich's lawyers said the claims were unsubstantiated,
0:18:01 > 0:18:05little more than a rehash of speculation and rumours.
0:18:05 > 0:18:09But they didn't specifically deny that he had given
0:18:09 > 0:18:11President Putin a yacht.
0:18:15 > 0:18:19You can hardly blame Abramovich for wanting to keep
0:18:19 > 0:18:20on Putin's good side.
0:18:20 > 0:18:23Standing up to him can be dangerous.
0:18:33 > 0:18:36This is billionaire Mikhail Khodorkovsky
0:18:36 > 0:18:40publicly challenging Putin about corruption.
0:18:44 > 0:18:46And this is where he ended up.
0:18:49 > 0:18:53Khodorkovsky was jailed for tax evasion and embezzlement.
0:18:53 > 0:18:56His business was taken by the Russian state.
0:18:56 > 0:19:00The beauty of the system is that it's organised and run
0:19:00 > 0:19:02according to the old adage -
0:19:02 > 0:19:05for my friends everything, for my enemies the law.
0:19:05 > 0:19:11The message that Putin chose to send to all of them
0:19:11 > 0:19:14was that I can put you in prison for anything.
0:19:14 > 0:19:17I don't need to have a watertight case.
0:19:17 > 0:19:21That is the genius of the system.
0:19:23 > 0:19:27Sergei Pugachev claims he lost his business too.
0:19:27 > 0:19:31He started a multi-billion dollar compensation claim
0:19:31 > 0:19:33against the Russian state.
0:19:33 > 0:19:36But the Russian authorities accuse him
0:19:36 > 0:19:39of stealing billions of dollars from a bank he used to own.
0:19:40 > 0:19:43- TRANSLATION:- There is no court in Russia,
0:19:43 > 0:19:46that's why I went to the International Court.
0:19:46 > 0:19:48I am convinced that I will win.
0:19:48 > 0:19:52The Russian state says that you effectively looted your bank
0:19:52 > 0:19:55after it was bailed out by the Russian Central Bank.
0:19:55 > 0:19:56Did you do that?
0:19:56 > 0:19:59Well, of course not.
0:19:59 > 0:20:03These are absurd accusations not substantiated by anything.
0:20:06 > 0:20:11We don't know who is telling the truth about Pugachev's fortune,
0:20:11 > 0:20:16but the allegation is clear - Putin controls the super-rich in Russia.
0:20:20 > 0:20:24People who possess a fortune, a large business in Russia,
0:20:24 > 0:20:29realise that they do not own this, because everything depends on Putin.
0:20:29 > 0:20:34They depend 100% on his mood.
0:20:38 > 0:20:40For those who have been in Putin's circle,
0:20:40 > 0:20:42the benefits have been immense.
0:20:44 > 0:20:48A cellist who is godfather to Putin's daughter
0:20:48 > 0:20:52has a valuable stake in a major Russian bank.
0:20:52 > 0:20:54A neighbour has an even bigger stake.
0:20:57 > 0:21:00Another neighbour ended up running the railways.
0:21:01 > 0:21:05A childhood friend has made a fortune from government contracts.
0:21:07 > 0:21:10And his brother has made even more.
0:21:11 > 0:21:16The Americans say this is how Putin's Russia works.
0:21:17 > 0:21:22We have seen him enriching his friends, his close allies,
0:21:22 > 0:21:26and marginalising those who he doesn't view as friends
0:21:26 > 0:21:28using state assets,
0:21:28 > 0:21:30whether that's Russia's energy wealth,
0:21:30 > 0:21:33whether it's other state contracts,
0:21:33 > 0:21:37he directs those to whom he believes will serve him
0:21:37 > 0:21:39and excludes those who don't.
0:21:44 > 0:21:48And if you want to make money in Russia, this is the industry.
0:21:48 > 0:21:52The nation's greatest riches are in oil and gas.
0:21:52 > 0:21:56Russia exports well over a billion barrels of oil a year.
0:21:56 > 0:21:59And here too, Vladimir Putin has been accused
0:21:59 > 0:22:02of taking a cut for himself.
0:22:03 > 0:22:07Putin came and established a system where high-ranked officials
0:22:07 > 0:22:10actually want to control vital strategic assets.
0:22:10 > 0:22:11What we have now are
0:22:11 > 0:22:13a bunch of shady guys
0:22:13 > 0:22:15who barely appear in public,
0:22:15 > 0:22:17and who control vital businesses
0:22:17 > 0:22:19linked to the state,
0:22:19 > 0:22:23which makes one think and wonder whether they are real beneficiaries
0:22:23 > 0:22:27of their business, or somebody superpowerful is behind their back.
0:22:37 > 0:22:41I have come to New York to meet a man who says Putin
0:22:41 > 0:22:43took a slice of his oil business.
0:22:45 > 0:22:49He is yet another Russian who has fled abroad.
0:22:49 > 0:22:53He says his life has been threatened.
0:22:53 > 0:22:56This is his first TV interview.
0:22:58 > 0:23:01- Max. Hi.- Hi.- Pleased to meet you, I'm Richard.
0:23:01 > 0:23:05Max Freidzon started his business in St Petersburg
0:23:05 > 0:23:08when Putin was deputy mayor.
0:23:08 > 0:23:12Putin gave him a monopoly to supply oil to the local airport,
0:23:12 > 0:23:16but he says the help came at a price.
0:23:18 > 0:23:21- TRANSLATION:- I know from my business partner that Putin asked
0:23:21 > 0:23:23for a share in the business.
0:23:25 > 0:23:29Initially, they were asking for 15%.
0:23:29 > 0:23:32He called them greedy bastards.
0:23:32 > 0:23:34He managed to talk them down to 4%.
0:23:36 > 0:23:40Obviously, this wasn't registered in any official papers.
0:23:43 > 0:23:46The Kremlin says Max's story is untrue.
0:23:47 > 0:23:51But the Americans have highlighted another energy company
0:23:51 > 0:23:53that they say Putin has links to.
0:23:55 > 0:23:57It is called Gunvor.
0:23:58 > 0:24:00According to the Americans,
0:24:00 > 0:24:03Putin had secret investments in the company.
0:24:05 > 0:24:08What exactly do you mean by investments?
0:24:08 > 0:24:11We believe it's a place where he has stored money.
0:24:11 > 0:24:13How much money would you say?
0:24:13 > 0:24:15I can't give you an estimate on that.
0:24:17 > 0:24:19Gunvor told us these claims were...
0:24:22 > 0:24:25..and that...
0:24:31 > 0:24:33The Americans insist they are right
0:24:33 > 0:24:35but they haven't provided any evidence.
0:24:39 > 0:24:45It's important because Gunvor has traded much of Russia's state oil.
0:24:45 > 0:24:49It's made big profits, and nearly half of the company
0:24:49 > 0:24:52was owned by this man, Gennady Timchenko,
0:24:52 > 0:24:54one of Putin's friends.
0:24:57 > 0:24:59He has now sold his stake.
0:24:59 > 0:25:03It is said he is worth 10 billion.
0:25:03 > 0:25:06And he is on the US sanctions list.
0:25:06 > 0:25:09The Americans claim his activities in the energy sector
0:25:09 > 0:25:12have been directed by President Putin.
0:25:12 > 0:25:15Has Gennady Timchenko been holding wealth for Vladimir Putin,
0:25:15 > 0:25:17do you think?
0:25:17 > 0:25:19I don't know if I would put it exactly that way
0:25:19 > 0:25:21in terms of holding his wealth -
0:25:21 > 0:25:24I can say that he has been tremendously enriched personally
0:25:24 > 0:25:25by Vladimir Putin,
0:25:25 > 0:25:29as have another handful of people in Putin's inner circle.
0:25:29 > 0:25:32And of course, there are allegations, suspicions,
0:25:32 > 0:25:37that he holds tremendous amounts of Putin's wealth.
0:25:37 > 0:25:42Gennady Timchenko's lawyers said the US has never produced any evidence
0:25:42 > 0:25:45and its claims were...
0:25:48 > 0:25:52Mr Timchenko categorically denies that President Putin
0:25:52 > 0:25:56has ever controlled his assets or enriched him,
0:25:56 > 0:25:59but two of our sources say Mr Timchenko
0:25:59 > 0:26:03was very much under the control of Vladimir Putin.
0:26:03 > 0:26:04How do you know?
0:26:28 > 0:26:30- TRANSLATION:- From the very start,
0:26:30 > 0:26:34Putin understood that money which Timchenko was managing,
0:26:34 > 0:26:39one way or another, without any doubt, belonged to Putin.
0:26:39 > 0:26:42It was never a secret.
0:26:44 > 0:26:48Mr Timchenko's lawyers say our two main sources
0:26:48 > 0:26:51are not credible and may have axes to grind.
0:26:56 > 0:27:00President Putin denies all the allegations in this programme.
0:27:00 > 0:27:05His spokesman declined to answer our "absurd questions"
0:27:05 > 0:27:09because the issues we had raised were "pure fiction."
0:27:14 > 0:27:16This all matters because President Putin
0:27:16 > 0:27:21is one of the most powerful people on the planet.
0:27:21 > 0:27:26But he has been accused of using that power to enrich himself
0:27:26 > 0:27:27on a vast scale.
0:27:30 > 0:27:35- TRANSLATION:- I started arguing with Shamalov and he said to me,
0:27:35 > 0:27:37"Who do you think you are?
0:27:37 > 0:27:38"You are a serf."
0:27:38 > 0:27:42"The Tsar," he often called Putin the Tsar,
0:27:42 > 0:27:43"The Tsar made a decision.
0:27:43 > 0:27:47"Your job is that of a serf - to deliver."
0:27:51 > 0:27:55Some say that Putin can demand anything he wants,
0:27:55 > 0:27:59so almost any figure for his wealth is meaningless.
0:27:59 > 0:28:03- TRANSLATION:- Putin considers everything within the territory
0:28:03 > 0:28:05of the Russian Federation,
0:28:05 > 0:28:09everything that can be converted into cash, to be his own.
0:28:09 > 0:28:13How would you describe that kind of wealth?
0:28:26 > 0:28:31Putin has been accused of corruption on an extraordinary scale.
0:28:31 > 0:28:34The modern tsar who plundered his own empire.