Mordashov made the most of his insider status -- not unusual and perfectly legal then in Russia. He remains a majority shareholder. Emails and Tweets welcomed at tracycwang@protonmail.com and @tracycwang. His big break came in 1992, when then-general director Yuri V. Lipukhin promoted him to finance director.
When the partners went their separate ways in 2000, Lisin got a majority stake in Russia's Novolipetsk Steel.Mikhelson owes his wealth to stakes in natural gas producer Novatek and petrochemical company Sibur. But it’s not all bad news for this elite set. He owns nearly a quarter of the publicly traded firm.Timchenko's wealth comes from his stakes in gas company Novatek and petrochemical producer Sibur Holding. Though still actively involved in running the company, he also devotes time to lobbying for Russia's entrance to the World Trade Organization. Russia stands out though because the country’s legal framework offers little support to those seeking to pass down businesses. He also took painful steps to boost productivity, slashing the workforce from 53,000 to 38,000. Bank Rossiya has been associated with the illegal transfer of funds from … Bloomberg.
In February, he gave them a 65% stake in gold producer Nordgold valued at $780 million.The key goals are to maintain the continuity of generations and bring Kirill and Nikita up to date and help them to get experience managing the portfolio, said a spokeswoman for Mordashov.Mordashov, 53, made the bulk of his $19.8 billion fortune from steelmaker Severstal PJSC, while he also owns Russian online food retailer Utkonos. His son, Mikhail, 26, returned to Moscow after graduating from New York University in 2014 and now supervises family investments in new technologies such as blockchain and cryptocurrencies.“He’s gradually been getting involved in the business,” said the elder Iakobachvili. Alexey Mordashov, chairman at Severstal, talks about his hope for a repeal of U.S. sanctions against Russia by President-elect Donald Trump and offers his … Six Kids, $17 Billion and Plans to Keep Fortune Stable. Alexei A. Mordashov was just 30 years old when in 1996 he was named general director of Severstal, a giant steelmaker in the city of Cherepovets in northwest Russia. Alexey Alexandrovich Mordashov (Russian: Алексей Александрович Мордашов; born 26 September 1965), is a Russian billionaire businessman. Bloomberg the Company & Its Products The Quint. We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Mordashov, 53, made the bulk of his $19.8 billion fortune from steelmaker Severstal PJSC, while he also owns Russian online food retailer Utkonos. Read more about:
Expect to hear more from this influential industrialist. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists. They’re still worth a collective $152 billion on . Alexey Mordashov has faced plenty of challenges building an empire spanning gold, power, steel, and tourism. Alexei Mordashov’s children are quickly climbing the ranks of the world’s wealthiest, even as one of them just emerged from his teens.The country’s fourth-richest man transferred some of his holdings last week in European tour operator TUI AG, worth $890 million, to his sons Kirill, 20, and Nikita, 19. He’s partners in both ventures with Gennady Timchenko, who is said to have close ties to President Vladimir Putin, and he has reportedly done deals with Putin's alleged former son-in-law Kirill Shamalov (who is also a billionaire). And none lost their spot in Russia’s top 10—all the tycoons who topped the list last year again top the new 2020 list—though roiling markets have shaken up the order. In April 2019, CEOWORLD magazine reported that Mordashov was Russia’s 4th richest person, with an estimated worth of $20.5 billion. He’s worth $19.7 billion, up from $18.1 billion in 2019, thanks to hefty dividends from Nornickel, the publicly traded metals giant he runs. For example, Severstal’s Alexei Mordashov controls 6% of Bank Rossiya, which was one of the firms sanctioned in April and is sometimes referred to as “Putin’s bank” 6. That makes him a wealthy man, since Severstal's market capitalization is currently $1.5 billion.After working six years as general director, Mordashov became chairman of the board last year. He now owns 16% of Severstal outright and indirectly holds another chunk through a holding company -- putting roughly 50% of the shares under his personal control, according to Moscow investment bank Troika Dialog. The country’s richest person is now oligarch Vladimir Potanin, one of just two top 10 Russians whose fortune rose this year. "At that time old experience wasn't considered worth anything, but young people were much more flexible," Mordashov recalls.The finance job was the perfect place to be when the government decided to privatize the company in 1994.
Steel baron Vladimir Lisin lost $3.2 billion, after shares of his Novolipetsk Steel fell nearly 30% in late February and early March, when global markets began to unravel. Chairman, Severstal, Russia His fortune edged up about $800 million, to $13.4 billion.The rest of the country’s top 10 richest are part of . Vladimir Evtushenkov, meanwhile, gave a 5 percent stake in publicly traded Sistema PJSC worth $75 million to his son Felix.The ultra-wealthy globally are preparing to embark on the largest wealth transfer in history as a cohort of self-made titans and those lucky enough to inherit fortunes ages. Facilitating Cronyism.