Is Mere’s mysterious Russian billionaire hiding in Budapest?
Is Mere’s mysterious Russian billionaire hiding in Budapest? The discount chain Mere, which began in Siberia, has undergone significant international expansion in recent years, including into Hungary. Its main appeal is that it offers prices significantly lower than those of well-known European discount chains such as Lidl or Aldi.
Sergey Shnayder, the man behind the company, started his business ventures after the fall of communism and has since built a vast discount empire. Forbes estimates his net worth at around USD 1.4 billion (over HUF 500 billion), yet he remains largely unknown, actively avoids publicity, has never given an interview, and there is no photograph of him online.
The owner’s address
Sergey Shnayder, founder of the Russian discount chain Mere, is officially registered at an apartment in Budapest, although he does not actually reside there. According to information obtained by Telex, he has been using this address for years to sign various international documents.
For instance, the third-floor apartment in an Erzsébetváros apartment building is mentioned in the founding documents of Mere’s French company. Shnayder’s brother, Andrej, has given a Maltese address, while another relative, A. Shnayder, is also registered at the same Budapest address, as confirmed by several Central European company registers.
The Budapest address Shnayder officially uses as his home address is located in a turn-of-the-century tenement building. The building houses several Airbnb apartments, suggesting that it may not be suitable for long-term living. A visit by Telex also revealed that the property is a 47-square-metre, one-bedroom apartment currently owned by a Russian man born in Moscow. Shnayder’s name is not listed on the doorbell, and there is no indication that he or his relatives actually reside there.
In contrast, sources in Russia say that Shnayder owns a luxury apartment in Moscow and a country estate where he is believed to live. His brother, A. Shnayder, is also reported to be a regular visitor to Russia, suggesting that the Budapest address is more of an administrative formality.
Why Budapest?
The real purpose of Shnayder’s connections in Hungary remains unclear, but several factors suggest that a European address became significant to him after the outbreak of the Russian-Ukrainian war. Ukraine had already placed him and his brother on a sanctions list in 2021 for expanding Mere’s operations in Ukraine, so it is possible that Shnayder turned to Hungary to mitigate the impact of the war and financial sanctions.
This theory is supported by the fact that, in early 2022, before the war began, two Hungarian companies were registered under the Shnayder family’s name, although these have since been liquidated. According to documents from that time, they were still using a Siberian address but later switched to a residence in Erzsébetváros.
Although Shnayder does not personally live in Budapest, sources indicate that he has visited the city regularly in recent years. Most recently, in January and February 2024, he discussed Mere’s plans for Hungary with local business partners. However, it remains uncertain whether the chain will actually launch in Hungary or whether there are other objectives behind its apparent presence.
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