Billionaire Roman Abramovich has resigned as chairman of the legislature of the remote Russian region of Chukotka, to comply with a new law banning officials from owning foreign securities and bank accounts.
But that won’t be the end of his long-standing commitment to the frozen wastes of Chukotka and their population of 50,000. As the state website reported on Tuesday, Abramovich “will continue to participate in the life of the Chukotka Autonomous District. In particular, he will continue to implement a number of major regional business projects that will significantly increase the region’s future tax base.” Having got their oligarch, the good citizens of Chukotka aren’t letting him go. Read more
Roman Abramovich is (slightly) better known for his ostentatious spending on yachts, cars and Chelsea Football Club than his forays into the art world.
But he has recently made headlines among Russian art lovers with the purchase of works by Ilya Kabakov, the most expensive living Russian artist, from a US collector. Russians are hoping Abramovich will bring the Kabakov trove home to Russia. Read more
Norilsk Nickel gained 1.4 per cent in Moscow on Tuesday on a settlement in the long-running management dispute between billionaire shareholders Vladimir Potanin and Oleg Deripaska.
Roman Abramovich’s arrival as a peacemaker might have merited a warmer welcome given the bile surrounding Norilsk. But it was a bad day for the Russian market – and, in any case, the deal’s details suggest that trust remains in very short supply. One clause envisages penalties of over $560m at current share prices. The hatchet is, at best, half-buried. Read more
By William Scott-Gall of Kroll
As the judgement in the Boris Berezovsky vs. Roman Abramovich case at London’s Commercial Court has shown (with victory for Abramovich) silent partnerships based on oral agreements can lead to unintended financial and reputational consequences. Abramovich may have won, but he has been forced to disclose uncomfortable details about his business practices, and investors have learnt of the extent to which business in Russia is reliant on krysha or protection. Read more
One of the most expensive court case in legal history came to a close on Friday, after a London judge rejected Boris Berezovsky’s $6.5bn claims against fellow Russian oligarch Roman Abramovich.
While the case has captivated the UK and British tabloids, back home in Russia interest in the trial has been decidedly more subdued. Read more
Roman Abramovich has been declared the winner in his epic British High Court battle with rival oligarch Boris Berezovsky.
But Berezovsky is far from being the only loser. Russian business has suffered another damaging assault on its reputation. By shining a light on the ugly inner workings of Russian capitalism in the 1990s, the trial will serve as a warning to investors doing deals with oligarchs – beware of the past, it may come back and bite you. Read more
Russian billionaire Roman Abramovich on Friday won his $6.5bn UK court battle against rival oligarch Boris Berezovsky.
Berezovsky claimed Abramovich betrayed him and bullied him into selling shares in the Sibneft oil company for a fraction of their true value. But the judge rejected his claims of breach of trust and breach of contract. Abramovich denied being Berezovsky’s business partner and breaching any contract with him.
Russia’s super-rich have spawned a literary genre, the oligarch thriller. Even John Le Carre’s latest, Our Kind of Traitor, features a Russian millionaire called Dima with a diamond-encrusted watch. But reality is so much more entertaining than fiction.
The case of Boris Berezovsky v Roman Abramovich, which opened in London’s High Court this week, has the classic elements – political intrigues, protection money, mansions in the south of France, and yachts the length of football pitches. It is not, however, exactly what Russia’s investment image needed, just as prime minister Vladimir Putin is trying to reassure investors ahead of his return as president next year. Read more