Vladimir Yevtushenkov

Last updated

Vladimir P. Yevtushenkov
Vladimirevtushenkov2011.jpg
Born25 September 1948 (1948-09-25) (age 69)
Residence Moscow, Russia
NationalityRussia
Net worth US$1.5 billion (August 2018) [1]
Spouse(s) married
Children 2

Vladimir Petrovich Yevtushenkov (Evtushenkov) (Russian : Владимир Петрович Евтушенков; born 25 September 1948) is a Russian billionaire business oligarch. He is the majority owner and chairman of Sistema.

Russian language East Slavic language

Russian is an East Slavic language, which is official in the Russian Federation, Belarus, Kazakhstan and Kyrgyzstan, as well as being widely used throughout Eastern Europe, the Baltic states, the Caucasus and Central Asia. It was the de facto language of the Soviet Union until its dissolution on 25 December 1991. Although nearly three decades have passed since the breakup of the Soviet Union, Russian is used in official capacity or in public life in all the post-Soviet nation-states, as well as in Israel and Mongolia.

The term business oligarch is almost a synonym of the term business magnate, borrowed by the English-speaking and western media from post-Soviet parlance to label those businessmen who quickly acquired huge wealth in post-Soviet states during the privatization in Russia and in other post-Soviet states in the 1990s. Post-Soviet oligarchs are magnates who control sufficient resources to influence national politics. A business group might be defined as an oligarch if it satisfies the following conditions:

  1. owners are the largest private owners in the country
  2. it possesses sufficient political power to promote its own interests
  3. owners control multiple businesses, which intensively coordinate their activities.
Sistema large Russian conglomerate company

AFK Sistema PAO is a large Russian conglomerate company, headed by Vladimir Yevtushenkov. In March 2006, Yevtushenkov controlled 62% of the shares in Sistema.

Contents

Early life

Yevtushenkov has master's degrees in chemistry (1973, from D. Mendeleev Moscow Chemical Engineering Institute) and economics (1980), and a PhD in economics (1986). [2] Yevtushenkov worked as an engineer at Karacharovo Plastics Works until 1982, and as chief engineer and first deputy general director of the Polymerbyt Scientific and Production Association until 1987, when he was appointed as the head of the Department of Science and Technology for the Moscow city government. [3] [4]

Yevtushenkov resigned in 1993 to establish Sistema. [5]

Career

Since 1995 he is the major shareholder and chairman of the board of the Russian investment holding company Sistema (together with another Top Managers such as Evgeny Novitsky [5] ). Sistema was an early shareholder in Russian mobile telecommunications pioneer VimpelCom, and sold its stake when the company was the first Russian company to list on the New York Stock Exchange in November 1996. [6] Yevtushenkov took Sistema public in February 2005, in a $1.35 billion IPO that was Russia's largest ever at the time. [7] Today Sistema is the largest shareholder in MTS, Russia's largest telecommunications company. [8] Other major Sistema assets include children's goods retailer Detsky Mir, [9] pulp and paper holding Segezha Group , Russia’s largest chain of private healthcare clinics MEDSI [10] etc.

Evgeny Novitsky former AFK Sistema President

Evgeny Grigorievich Novitsky is a Russian engineer and entrepreneur, former President of the large AFK Sistema conglomerate which holds many diversified businesses. He is also the chairman of the Trustee Board of the Bauman Moscow State Technical University, which he graduated from back in 1985. Nowadays he is one of the chairmen of the electronics production company RTI Systems.

MTS (network provider) Russian telecommunications company

MTS is the largest mobile operator in Russia and CIS with over 102.4 million subscribers as of 31 December 2009.

Detsky Mir children goods retailer in Russia and Kazakhstan

Children's World or Detsky Mir is a Russian children's retailer. Opened on June 6, 1957, as of February 2017, the company had 525 stores. Vladimir Chirakhov serves as CEO. It is the largest children's goods retailer in Russia and the CIS, with the retail chain in both Russia and Kazakhstan. Detsky Mir Group also owns the ELC retail chain in Russia. On February 8, 2017, PAO Detsky Mir listed its shares "in the first major initial public offering in Russia since the annexation of Crimea."

In 2009, Sistema purchased oil and gas companies in the Republic of Bashkortostan. [11] This would be the foundation of the oil and gas company Bashneft.

Bashneft is a Russian oil company formed by the transfer of the oil related assets of the Soviet oil ministry in Bashkortostan to the regional government of the Republic of Bashkortostan by Boris Yeltsin. It was then privatized during 2002-3 by Murtaza Rakhimov, the president of Bashkortostan, an ally of Yeltsin's, with a controlling interest in Bashkir Capital, a holding company controlled by Rakhimov's son, Ural Rakhimov. In 2009 a controlling interest in Bashneft was acquired for $2 billion by Vladimir Yevtushenkov and placed in his holding company, Sistema, but in July 2014 he was jailed and 72% of Sistema's interest in Bashneft seized by the Russian government. Following seizure of the company in December 2014 Yevtushenkov was released from jail, "charges not proven," but Ural Rakhimov was reported to have fled the country. It is one of the larger producers of oil products in the country. The company operates 140 oil and natural gas fields in Russia and has an annual oil production of 16 million tonnes. Bashneft owns three oil refineries located in Ufa with a combined capacity of 820,000 bbl/d (130,000 m3/d) and 100 petrol stations.

Currently, Yevtushenkov owns 64% of the total conglomerate. [12] In 2014, according to Forbes, he was Russia's 15th richest businessman with a fortune of around US$8.3 billion. On the Forbes 2016 list of the world's billionaires, he was ranked #722 with a net worth of US$2.4 billion. [1]

<i>Forbes</i> American business magazine

Forbes is an American business magazine. Published bi-weekly, it features original articles on finance, industry, investing, and marketing topics. Forbes also reports on related subjects such as technology, communications, science, politics, and law. Its headquarters is located in Jersey City, New Jersey. Primary competitors in the national business magazine category include Fortune and Bloomberg Businessweek. The magazine is well known for its lists and rankings, including of the richest Americans, of the world's top companies, and The World's Billionaires. The motto of Forbes magazine is "The Capitalist Tool". Its chair and editor-in-chief is Steve Forbes, and its CEO is Mike Federle. It was sold to a Hong Kong-based investment group, Integrated Whale Media Investments.

United States dollar Currency of the United States of America

The United States dollar is the official currency of the United States and its territories per the United States Constitution since 1792. In practice, the dollar is divided into 100 smaller cent (¢) units, but is occasionally divided into 1000 mills (₥) for accounting. The circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars.

Bashneft and house arrest

In September 2014 Russian investigators placed Yevtushenkov under house arrest, accusing him of money-laundering in connection with the acquisition of shares in oil producer Bashneft. 72% of Bashneft's shares were owned by Sistema. Sistema said it considered the accusations baseless. [13] In December 2014 as ruled by the Moscow Arbitration (Commercial) Court Bashneft was re-nationalised. Following the return of Bashneft to State ownership, in February 2015 the Moscow Arbitration Court awarded Yevtushenkov’s Sistema RUB 70.7 billion ($1.1 billion) in damages from the loss of Bashneft. [14] And in January 2016, all the accusations against him in connection with the acquisition of Bashneft has been dismissed as it was found that no crime had been committed. [15] [16]

Personal life

He is married with two children, and lives in Moscow. [1]

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References

  1. 1 2 3 "The World's Billionaires: Vladimir Yevtushenkov". Forbes . Retrieved 19 April 2017.
  2. "Profile: Who Is the Arrested Billionaire Vladimir Yevtushenkov?". The Moscow Times. Retrieved 3 December 2015.
  3. Weaver, Courtney. "Vladimir Evtushenkov, Sistema chairman". Financial Times. ISSN   0307-1766 . Retrieved 3 December 2015.
  4. "Stock Quotes & Company News". Reuters.com. Retrieved 3 December 2015.
  5. 1 2 "Washingtonpost.com: Russia Special Report". WashingtonPost.com. Retrieved 3 December 2015.
  6. "VimpelCom marks third anniversary of NYSE listing amidst record subscriber growth – VimpelCom". www.vimpelcom.com. Retrieved 2 November 2016.
  7. "Sistema's London listing is biggest Russian IPO". The Independent. 15 February 2005. Retrieved 2 November 2016.
  8. "Data Downloads". Acm-consulting.com. 9 June 2011. Retrieved 19 April 2017.
  9. TASS (30 September 2016). "Detsky Mir children's goods retailer maintains plans for IPO". Russia Beyond The Headlines. Retrieved 2 November 2016.
  10. Ellyatt, Geoff Cutmore, Holly (22 September 2016). "These are Russia's next boom industries that we're investing in: Sistema CEO". CNBC. Retrieved 2 November 2016.
  11. "Bashneft Sustainability Report 2009" (PDF).
  12. http://www.sistema.com/fileadmin/user_upload/results_disclosure/sistema_ar15_eng_shortversion_web.pdf
  13. "Sistema's Chairman, Vladimir Yevtushenkov, Under House Arrest – ROGTEC". ROGTEC. 17 September 2014. Retrieved 2 November 2016.
  14. "Sistema Wins $1.1 Billion Claim Against Seller of Bashneft". Bloomberg.com. Retrieved 2 November 2016.
  15. "Criminal case against Vladimir Evtushenkov dropped – RNS – London Stock Exchange". www.londonstockexchange.com. Retrieved 2 November 2016.
  16. "Russian Oligarch Yevtushenkov Cleared of Charges in Bashneft Case" . Retrieved 2 November 2016.