Russia's richest man owns 12.5 percent of TNK-BP, a Russian oil venture he controls with BP and four Russian billionaires, through his closely held company, Renova Group. He also owns a stake in Energoprom Group, a construction, utility and industrial materials venture, as well as shares in United Co. Rusal and Swiss companies Sulzer and Oerlikon.
Russian President Vladimir Putin’s changing attitude toward two giant government-led high-tech projects sends a troubling message about his third term in office: Maintaining power is more important than modernizing the economy.
During the Cold War, scientists working at the laboratories of the Massachusetts Institute of Technology produced ideas and inventions, such as distant early- warning radar and satellite-tracking systems, designed to help the U.S. prevail over the Soviet Union.
Alisher Usmanov, Russia’s richest person, moved control of most of his $20 billion fortune last year to a holding company based in the British Virgin Islands, a collection of more than 60 isles 5,600 miles away from Moscow.
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.
Schmolz & Bickenbach AG rose as much as 12 percent after the unprofitable Swiss steelmaker said Russian billionaire Viktor Vekselberg may take part in a capital increase through his Renova Group investment company.
OAO Rosneftegaz, a Russian state-run holding of which President Vladimir Putin’s ally Igor Sechin is chairman, may buy power assets from billionaire Victor Vekselberg’s ZAO Integrated Energy Systems, Vedomosti reported, citing industry officials it didn’t identify.
United Co. Rusal slid the most in a week in Moscow after Victor Vekselberg resigned as chairman of the world’s largest aluminum producer, saying the company controlled by billionaire Oleg Deripaska is facing a “deep crisis.”