The majority of Prokhorov's fortune was built through his close ties to the late Russian President Boris Yeltsin and the privatization of Russia's precious metals industry in the early 1990s. He sold his original metals investment, Norilsk Nickel, to Oleg Deripaska's Rusal in 2007. Now owns stakes in Polyus Gold and basketball's New Jersey Nets.
The head of Societe Generale SA’s Russian unit was charged with commercial bribery, a day after allegedly being caught in a sting operation with cash on his desk from a client seeking to modify the terms of a loan.
Billionaire Mikhail Prokhorov’s Onexim Group, a United Co. Rusal shareholder, is looking at buying debt issued by the world’s largest aluminum producer to boost its influence over management decisions.
Russian billionaire Mikhail Prokhorov is considering an initial public offering for his Renaissance Credit consumer lender in a bet financial stocks have hit “bottom,” the head of his holding company said.
Brooklyn Nets owner Mikhail Prokhorov said the team needs “one more good player” to reach the top level of the National Basketball Association, and that it remains on track to fulfill his prediction of a title by 2015.
Billionaire Mikhail Prokhorov’s Onexim Group said it may consider buying a 10.7 percent stake in fixed-line operator OAO Rostelecom from Marshall Capital after the fund annulled its deal with Arkady Rotenberg.
Russian stocks rose for a second day, erasing earlier declines, amid bets the European Central Bank will cut interest rates to fuel growth in the country’s biggest trade partner. OAO Sberbank, the nation’s biggest lender, advanced.
Roman Abramovich is negotiating a settlement with fellow billionaire Mikhail Prokhorov’s RBC television over its erroneous report that he was detained in the U.S., said John Mann, Abramovich’s spokesman.
Russian President Vladimir Putin urged the government to come up with a plan to revive the flagging economy after a minister warned that a recession is possible as companies cut investment and export demand wanes.