Misplaced Pages

#106893

129-446: The group was founded in 1989 as Alfa-Eco by Israeli-Russian businessman Mikhail Fridman together with US/(former USSR) businessman Anatoly Potik. Alfa Eco was formed as a joint venture by Anatoly Potik's company ADP Trading (20% stake) and Mikhail Fridman's company Alfa-Foto (80% stake) Russian Ministry of Finance TIN Number 7728112961 . Later German Khan , Alexei Kuzmichov , Alexander Kushev, and several other partners joined. As

258-512: A 2017 report alleged deficiencies in monitoring and mitigation measures that had been designed to lessen the environmental impact of dam projects financed by the EBRD, while, in March 2018, outdoor clothing label Patagonia helped launch The Dam Truth campaign, which directly requests international banks including the EBRD to "stop investing in the destruction of Europe's last wild rivers". In 2011,

387-555: A Danish attorney, represented Reiman's interests during deliberations between the two groups. Altimo's ownership of the stake was finally maintained in 2007. During the dispute in 2005, Altimo hired the Haley Barbour -founded BGR public relations firm, which then hired a security firm, Richard Burt 's Due Diligence, in order to infiltrate and obtain information about the KPMG independent investigations funded by Paula Cox , who

516-955: A Member State if it is a state in Europe or a non-European member of the IMF . Institutions like the European Union and the EIB also participate in the bank operations. Since its foundation the EBRD has almost doubled in membership size. The latest accessions to the bank are countries located in Africa. The EBRD is a public bank, meaning that public institutions such as states are shareholders in those institutions. More precisely, public financial institutions are controlled major predominantly by public authorities (more than 50%) whereas in institutions with public participations, public authorities aren't majority shareholders. Public banks were particularly involved in

645-512: A Switzerland-based petrochemical company owned by Jim Ratcliffe , for $ 750 million. The British government assured LetterOne that the forced sale was "not a judgement on the suitability of LetterOne's owners to control these or any other assets in the UK". In October 2015 LetterOne Group acquired German utility company E.ON 's equity interests in 43 Norwegian oil and gas licences, including interests in three producing Norwegian fields, all located in

774-592: A college student in Moscow, including washing windows and founding and co-owning a student discothèque named Strawberry Fields. He also led a group of students who would queue for tickets at popular Moscow plays, and then use the tickets as hard currency to barter for rare goods and favours. Having studied metallurgical engineering , he graduated with distinction from the Moscow Institute of Steel and Alloys in 1986. After graduation Fridman worked as

903-566: A commodities and eventually oil trading firm, and Alfa Capital (Alfa Kapital), an investment firm. Alfa-Eco and Alfa Capital developed into Alfa Group Consortium . The company, which initially focused on computer trading and copy machine maintenance, expanded into imports and exports and commodities trading, eventually becoming one of Russia's largest privately owned financial-industrial conglomerates, with interests in industries such as telecommunications, banking, retail, and oil. Using $ 100,000 of his profits from his businesses to pay

1032-612: A debt default, and was one of the few Russian banks at the time to continue to allow customer withdrawals. Fridman's Alfa Group founded the Perekrestok (also transliterated Perekriostok ) chain of supermarkets in Moscow in 1995. Through a merger with the Pyatyorochka (also transliterated Pyaterochka ) supermarket chain, which had been founded in St. Petersburg in 1999 by Alexander Girda and Andrey Rogachev , Alfa Group founded

1161-413: A greatly competitive, resilient and integrated market and is complemented by a good governance system conducted by a well-functioning state which has to be environmental friendly and inclusive. In Armenia , EBRD has been operating since 1986, investing over €2 billion in over 200 projects. More than 90% of these investments have been made in private enterprises. The bank's key areas of investment include

1290-458: A holding company, in the financial year ending December 2010 Alfa Group had total assets of US$ 59,900 million, total equity of US$ 21,790 million and profit for the financial year of US$ 2,810 million. Return on shareholders' equity were recorded at 13.4%. In April 2012, Altimo sold its entire 25.1% stake in MegaFon to a private investor and to MegaFon for US $ 5.2 bln. Its central holding company

1419-546: A joint venture to invest $ 1 billion in distressed real estate properties along the U.S. East Coast. In June 2016, LetterOne prepared to expand into healthcare by launching the $ 3 billion fund L1 Health in the United States, for investments in the global healthcare industry. In October 2016, Alfa Group acquired Ukrainian bank Ukrsotsbank , by offering its parent, the Italian financial conglomerate UniCredit Group ,

SECTION 10

#1732775347107

1548-608: A large cellular operator in Russia, and Fridman joined Vimpelcom's board of directors. Alfa Group consolidated its telecom holdings as Alfa Telecom, and in 2005 renamed it Altimo . Its holdings and acquisitions included MegaFon , Vimpelcom, Golden Telecom, and Kyivstar . In December 2005 Altimo also acquired a 13.2% interest in Turkcell , the largest telecoms company in Turkey. Fridman's desire to merge Vimpelcom and Kyivstar

1677-666: A larger share in Ukrainian RadioSystems (URS) , a small GSM operator in Ukraine operating under the brand «WellCom» . Telenor found the price of US$ 132 million far too high, after the Russian telco Golden Telecom had declined acquiring URS at a far lower price. In October 2004, a minor shareholder of VimpelCom lodged three lawsuits against Telenor in the provincial city of Krasnoyarsk in Siberia , with claims that

1806-417: A majority voting power. At its beginning, the EBRD was owned by more than 40 members, in 2015 the number of countries owning it was 61. and as of March 2022, there were 71 countries as owners. The following presidents have served the EBRD to date (as of March 2022). To become a member of the bank, a country needs to fit the EBRD's Articles of Agreement. These Articles stipulate that a country can only become

1935-883: A maximum 5%. NeOn 28 April 2009, the New York court ruled that Alfa Group had submitted to the legal rulings. Judge Gerard E. Lynch established that Alfa Group had reduced their ownership in competing mobile operations in Ukraine. In 2009 a small, Russian-owned company, Farimex Ltd , wholly owned by a Dimitrij Fridman , lodged a claim of US$ 5.7 bn from Telenor in compensation for Telenor's refusal to approve VimpelCom's acquisition of URS and market entry in Ukraine. Courts in Khanty-Mansiysk and Omsk have approved Farimex' claims and arrested Telenor's US$ 1,8 bn worth shares in VimpelCom in March 2009, but Telenor refuses to accept

2064-770: A metallurgical design engineer at the Elektrostal Metallurgical Works, a state electrical machinery factory, from 1986 to 1988. As Soviet leader Mikhail Gorbachev began to open up the economy in the late 1980s, in 1988 Fridman established a window-washing business, an apartment rental agency for foreigners, a company that sold used computers, and a company that imported cigarettes and perfumes, with fellow friends from college, employing students from various Moscow universities. Armenian Robert Yengibaryan ( Russian : Роберт Енгибарян ) provided strong assistance to Fridman and, later, Yengibaryan's son Vahe Yengebaryan ( Russian : Ваге Енгибарян ), who

2193-517: A minority stake of 9.9% in ABH Holdings. In December 2016, LetterOne launched L1 Retail, headquartered in London, to invest $ 3 billion in "the retail stars of tomorrow" in Europe and the UK. In 2016 Fridman coined the term " Indigo Era ", for his theory of a global shift to an emerging era of economics based on creativity and digital skills rather than on natural resources. In 2017 he funded

2322-527: A new green economy approach for 2021–2025 and adopted a target of becoming a majority green bank by 2025. It invested €3.2 billion in climate mitigation, climate adaptation and other activities related to environmental issues in 2020. Moreover, the EBRD signed up to the Sustainable Blue Economy Finance Principles which represent the world’s first global guiding framework for banks, insurers, and investors to invest in

2451-412: A package of sanctions imposed against Russian officials and oligarchs in response to the 2022 Russian invasion of Ukraine . Fridman said that the war would "damage two nations who have been brothers for hundreds of years" and called for the "bloodshed to end". The United Kingdom also sanctioned Fridman on 15 March 2022. In October 2022 Fridman offered to transfer $ 1 billion of his personal wealth into

2580-457: A rivalry regarding the status of the “EU’s premier development bank”. Major criticism about the EBRD in this situation is related to the fact that non-EU countries are also important shareholders whereas the EIB is completely owned by the EU. More recently, another source of rivalry was about becoming the new “European Climate and Sustainable Development Bank (ECSDB). More recently, since the start of

2709-606: A solution to their conflicts. On 5 October, it was communicated that written agreement had been reached, to establish a joint holding company for VimpelCom and Kyivstar, named VimpelCom Ltd . The agreement says that the two main owners establish VimpelCom Ltd in Amsterdam and list it at the New York Stock Exchange . The holding company, and thereby VimpelCom and Kyivstar, will be owned 38,84% by Telenor and 38,46% by Altimo. The remaining stock capital, minimum 20%,

SECTION 20

#1732775347107

2838-614: A stake in the Ukrainian mobile operator Astelit . Telenor and Alfa disagree over the latter's ownership in three of Kyivstar's competitors in the Ukrainian market. In 2004, Alfa Group's daughter company «Storm» filed a number of lawsuits against Telenor, to nullify a number of provisions in the Kyivstar charter and shareholder agreement. Alfa Group especially wanted to nullify an arbitration case that Telenor had lodged in New York , but

2967-596: A wave of privatization across Europe) leading to its creation was signed on 29 May 1990 by actors such as 40 states as well as two European organizations and by March 1991 took its first effects as the bank was inaugurated. The creation of the EBRD has led to the financing of various projects in the years following its first operations, for instance there were twenty projects in 1992 in which the EBRD provided financing worth ECU 2.1 billion. Divided between its headquarters located in London , and field offices located elsewhere,

3096-628: A £100,000 Indigo Prize for new economic-measurement models based on the paradigm. In June 2017 LetterOne's L1 Retail division acquired Holland & Barrett , Europe's largest health-food store chain, for £1.8 billion ($ 2.3 billion). Also in 2017 Fridman, via LetterOne, invested $ 3 billion in Pamplona Capital Management, a private-equity firm that was founded by Alexander Knaster , the former CEO of Alfa-Bank, and which Fridman had invested in previously. In January 2018, due to concerns over possible sanctions stemming from

3225-596: Is a member of the supervisory board of DEA Deutsche Erdoel AG , which is owned by LetterOne. Fridman has been a member of numerous public-facing bodies, including the Russian Union of Industrialists and Entrepreneurs , the Public Chamber of Russia , and the Council on Foreign Relations . In 2022, the EU imposed sanctions on Fridman in response to the 2022 Russian invasion of Ukraine . Fridman claimed

3354-425: Is an international financial institution founded in 1991. As a multilateral developmental investment bank , the EBRD uses investment as a tool to build market economies . Initially focused on the countries of the former Eastern Bloc it expanded to support development in more than 30 countries from Central Europe to Central Asia. Similar to other multilateral development banks, the EBRD has members from all over

3483-567: Is capped at 40% maximum. As a neoliberal institution, the EBRD participates in policy debates by publishing macroeconomic analysis as well as economic forecasts that are used by both governments and international financial institutions. More recently, other than its original lending role, the EBRD has played a mediating role in Europe, for instance in Moldova in 2013 and even in the Central Asian region (most notably in countries such as

3612-452: Is considered by many NGOs and watchdogs organizations as repressive and activists and journalists are regularly arrested on false charges and imprisoned. The International Federation for Human Rights (FIDH) wrote in 2015, that "for more than a decade Azerbaijan has made shameless use of caviar diplomacy to charm European governments, its most important oil and gas clients". The EEC BankWatch warns that "Developing Shah Deniz stage 2 and

3741-762: Is located in Gibraltar and under the direction of Franz Wolf, the son of Markus Wolf . Alfa Group has ownership stakes in the following companies and joint ventures: There are a number of current disputes regarding Alfa's ownership of various stakes in telecoms companies. Alfa Group is notably involved in a commercial dispute with Norwegian mobile phone company Telenor over the control of Russian company Vimpelcom Over 10 years, Alfa Group has found itself in legal battle with business partners from Canada (NoreX), Great Britain (BP), Sweden (TeliaSonera), Norway (Telenor), Turkey and Indonesia . Federal Reserve executive Paul Volcker has accused Alfa Group of violation of

3870-542: Is not to be confused with the European Investment Bank (EIB), which is owned by EU member states and is used to support EU policy. EBRD is also distinct from the Council of Europe Development Bank (CEB). Located in London, the EBRD was intended at its beginning to focus on the switch from centrally planned economy to market based economy in the Central and Eastern European countries by investing in

3999-523: Is notable that one of the main objectives of the European Bank for Reconstruction and Development was to become a link between the European Union, its institutions and the countries it would focus on. As the recipients were previously centrally planned economies, the ERBD centered through its operations on working with the private sector, which was the principal target of central planning. Focusing on

Alfa Group - Misplaced Pages Continue

4128-699: Is to be finally reviewed by the management. Later on, it is submitted to the Board of Directors for approval. After being signed for both parties, it becomes legally binding. It leads to the transfer of funds from the EBRD to the client which will in the future start to repay the bank’s loan. The EBRD is unique among development banks for two reasons. First, it was the first multilateral development bank to have an explicit environmental mandate in its charter (since 1995), and second, in that it will not finance thermal coal mining and coal-fired electricity generation due to their environmental impact. The following table shows

4257-409: Is to remain free floating at any given time. The two main owners will have three board members each, and let the remaining owners appoint another three members of the Board of directors. That board of nine will appoint the holding company's CEO after an independent, international recruitment process. The agreement depends on all legal disputed concerning VimpelCom and Kyivstar to vanish, and it depends on

4386-655: The EU and the European Investment Bank . The Soviet Union was represented by its own delegation in the process and thus participated in the negotiations as well as the USA. Later on, because of dissensions on the political and economic objectives of the institution, the inclusion of the Soviet Union was threatened. Considered as short negotiations, the agreement (for reasons relating to the situation in Eastern Europe and to

4515-735: The Hong Kong International Arbitration Centre (HKIAC). Fridman first appeared in the Spanish press in November 2002, when the Liberian tanker Prestige sank off the coast of Galicia . It was transferring 77,000 tons of Russian heavy oil; the cargo belonged to Crown Resources, a company owned by Fridman's Alfa Group. The oil spill contaminated the Spanish coast, causing a major environmental disaster, with total damage estimated at 1.5 billion euros. After

4644-613: The International Chamber of Commerce issued an award stating that Cukurova must deliver all the remaining shares in Turkcell Holding to TeliaSonera. Alfa-Bank has a Luxembourg-registered subsidiary Alfa Finance Holdings. The company's document trail shows that Shapburg Limited was a shareholder of Alfa Finance Holdings. Shapburg Limited is an anonymous Luxembourg-registered company which has been suspected of controlling important Icelandic companies. The finding

4773-693: The Luxembourg based Compagnie Financiere pour l'Atlantique du Nord which changed its name to Gaumur Holding in March 2000 and was entirely controlled by the Baugur Group of Iceland . Both Shapburg limited and the Gibraltar based AB Holdings limited , which is owned by Mikhail Fridman, co-founded the Alfa Bank subsidiary Alfa finance holdings SA based in Luxembourg. In March 2000, Alfa finance holdings SA succeeded AB Holdings limited as

4902-460: The U.S. Supreme Court sustained Norex' right to appeal, but at a lower level the legal dispute went on for years, with only gradual victories for NoreX. For a summary of the battle of control over TNK, BP, see: TNK-BP . Alfa started investing in VimpelCom in summer, 2001. The power-broking between Alfa group and Telenor in VimpelCom started 2004, when Alfa proposed that VimpelCom acquire

5031-715: The X5 Retail Group in 2006. X5 acquired another grocer, Kopeyka , for $ 1.65 billion in December 2010. X5 is Russia's largest food retailer in terms of sales. Alfa Group acquired a 44% stake in Golden Telecom , a large telecommunications and internet company in Russia and the Commonwealth of Independent States , in 2001. Also in 2001, Alfa purchased a strategic ownership interest in Vimpelcom ,

5160-833: The 2017 U.S. Congressional sanctions on Russia , Fridman announced that Alfa-Bank was phasing out its holdings in Russia's defense industry. In May 2018 Fridman and Aven spoke to an off-the-record private dinner at the Atlantic Council in Washington, D.C. The invitation and the privacy of the meeting drew criticism of the Atlantic Council from a group of 13 Russian and U.S. experts and activists, who wrote that "In our view ... Aven, Fridman, and other key Alfa-Bank oligarchs are ... close cronies and insiders of Putin's regime, and do not operate independently of Putin's demands." The Atlantic Council responded that

5289-754: The 48 percent stake in Vimpelcom owned by Fridman and his partners. The fund also has a 13.2% share in the Turkish telecom company Turkcell , which since 2005 has been hampered by a long-running feud between its three largest shareholders: Cukurova , owned by Turkcell founder Mehmet Emin Karamehmet , Fridman's LetterOne via Alfa Telecom/Altimo, and Sweden's Telia Company . In February 2016, Vimpelcom agreed to pay $ 800 million to settle U.S. and Dutch claims that it had bribed officials to win contracts in Uzbekistan between 2006 and 2012. A year later

Alfa Group - Misplaced Pages Continue

5418-435: The 50/50 TNK-BP joint venture, for nine years, in 2013 he sold his stake in the company and co-founded the international investment company LetterOne (L1). Until 2022 Fridman was chairman of the supervisory board of Alfa Group Consortium , and also served on the boards of Alfa-Bank and ABH Holdings. Prior to 2022, he was on the supervisory board of directors for VEON (formerly Vimpelcom) and X5 Retail Group . He

5547-787: The Alfa Group geared up its legal battle with Telenor by nominating more directors than Alfa's capital share implied. In January 2007, a court of appeal in Geneva , Switzerland ruled that Alfa Group had violated the shareholder agreement of VimpelCom. In November 2005, VimpelCom acquired 100% of URS, after having got approval from VimpelComs annual assembly. Thereby, the Alfa Group owns shares in both URS ( Beeline Ukraina ) via VimpelCom, and in Golden Telecom which operates in both Russia and Ukraine, and in Ukraine's major mobile operator Kyivstar GSM , and in Turkish Turkcell which owns

5676-541: The Board of Governors. These members can not be on the Board of Governors. Its function is to direct the general operations of the bank, notably: The EBRD is composed of many members with voting powers, from European and non-European states to the membership of other institutions such as the European Investment Bank, however depending on the geographical location of each member, voting rights differ. More precisely, European and other creditor members hold

5805-618: The British multinational oil and gas company BP agreed to form the TNK-BP joint venture with the AAR (Alfa-Access-Renova) consortium, which included Alfa Group , Blavatnik's Access Industries , and Vekselberg's Renova . After the merger, TNK-BP became the third largest oil producer in Russia, and one of the top 10 largest private oil companies in the world. Fridman served as TNK-BP chairman for nine years, and CEO for three years. Prior to

5934-729: The CEO position was elected, but the day after TNK's security executive and 20 heavily armed guards appeared at the Yugraneft office with a false annual assembly protocol, installing Mr. A. Berman as CEO of Yugraneft. In June 2001, Yugraneft's owner Alex Rotzang contended that two British Virgin Islands shell companies Quenon investments limited and Shapburg limited which are closely associated with Mikhail Fridman and Alfa Group illegally gained control of Yugraneft through an armed seizure of Yugraneft's offices. In 1998, both Quenon and Shapburg formed

6063-621: The COVID-19 pandemic, public banks have had their influence and role increased as they have become important actors of the economic recovery response. As for the European Bank for Reconstruction and Development, it has committed €21 billion between 2020 and 2021 of activities. More precisely, its own package was established within the scope of the Resilience Framework, the Trade Facilitation Programme and

6192-795: The EBRD 2020 Sustainability Report, donors provided €589 million to support EBRD activities, taking the form of grants, loans and risk-mitigating instruments. The EBRD funds come mainly from bilateral donors, from the Climate Investment Funds (CIF), the European Union (EU), the Global Environment Facility (GEF), and the Green Climate Fund (GCF). According to the EBRD, the bank provides different direct financial instruments such as loans, equity investments and guarantees. It also works on

6321-554: The EBRD activities. This has led to a reflection over the idea of winners and losers regarding globalisation. In contrast to the highlighted inclusion objective, concerns regarding inclusion, which notably involves gender equality, have been rather absent from the bank's attributions until recently. For instance, a Strategic Gender Initiative was validated by the EBRD President in 2013 as well as various projects involving gender equality related objectives. NGOs have criticised

6450-590: The EBRD approved a €65 million loan to ELEM, the Macedonian electricity utility, for a dam at Boskov Most . The Standing Committee of the Bern Convention requested immediate suspension of the project, with reference to the high biodiversity of the area and its importance as a core reproductive area for the Balkan lynx , one of the most endangered mammals on the planet. In January 2017, the bank cancelled

6579-586: The EBRD established a cross-departmental Human Rights Working Group and has developed internal human rights guidance. The EBRD provided €802 million of support under the Vital Infrastructure Support Programme launched in April 2020, an emergency support programme for infrastructure providers which is part of its overall Solidarity Package response to COVID-19 adopted on 13 March 2020. The package delivered emergency liquidity and

SECTION 50

#1732775347107

6708-508: The EBRD invested more than €10 billion, both in 2019 and 2020. The EBRD has signed partnership agreements with Oxfam and Save the Children . In the 90s, the start of the EBRD actions have been considered as slow as the amount of money loaned was rather modest compared to what was available. There have been criticism regarding potential conflict of interest as it appeared that instead of focusing on public interests, some bankers' operations were influenced by their clients' needs, contrary to

6837-484: The EBRD on the lack of progress the EBRD makes in its main mission, the “transition towards open and democratic market economies .” Inequality of the lending : most projects were related to the Visegrad countries that were the ones with the most developed private sectors meaning that the ERBD was underinvesting in the countries that were the most supposed to receive its participation. For instance, those countries (Czech Republic, Hungary, Poland) were involved in 46% of

6966-454: The EBRD president from 2012 to 2020, has pushed in the beginning of the 2010s for modernizing the bank. Reforms encompassed the bank's structure in itself, for instance by changing the management team, and its processes (for instance about policy dialogue or methodology regarding the concept of transition) in order for them to be more efficient. Since the 2000s, the focus has shifted towards the issue over sustainable market economies, notably in

7095-586: The EBRD: a €300 million plan for promoting energy efficiency, and a $ 180 million loan to lease agricultural and forestry equipment. The bank stated that it will continue to manage ongoing projects in Russia. Despite denying Russia new funds, the EBRD continues to insist on its 6.1% of ownership in the Moscow Stock Exchange , seeking profits from Russia with the privatisation of the Soviet economy . Building Southern Gas Corridor , European countries and companies support gas export from Azerbaijan and contribute to finance Azerbaijan's government. The Aliyev regime

7224-420: The EU's allegations were false and defamatory. He subsequently decided to step down from the boards of LetterOne and Alfa Group, so that they could avoid sanctions. As reported by several media, Fridman has already filed lawsuits challenging sanctions on at least two occasions, like in July 2022 and in December 2022. In December 2022, a man reported by Russian state media to be Fridman was arrested in London by

7353-407: The European Bank for reconstruction and development is made of a three-tier structure composed of firstly, the president and the staff, secondly the Board of Governors and finally the Board of Directors . The bank’s structure has changed over time, because of concerns about competition within the institution. In fact, in the beginning of the 90s, there were two different banking divisions (on one side,

7482-422: The Exxel Group which is a Buenos Aires private equity firm, and Edward Mathias from Carlyle Group which is a private equity company from Washington, D.C. Alfa Group's legal disputes with BP date back to 1991, when the Canadian oil company Norex represented a newly formed, Russian-Canadian joint venture in Siberia 's oil industry, operating the marginal Chernogor oil-fields close to Khanty-Mansijsk . With

7611-506: The German utility RWE for $ 7 billion (€5.1 billion). Headquartered in Hamburg , Germany with extensive assets in the British North Sea , RWE DEA had total natural gas production output of 2.6bn cubic metres in 2013. The purchase was opposed by the UK Energy and Climate Change Secretary Ed Davey , who raised concerns that Fridman might one day face international Ukraine-related sanctions against Russian companies and individuals which could force L1 Energy to shut down production in

7740-518: The Kyrgyz Republic and Tajikistan for instance) by intervening as a third party in commercial disputes which has become one of its major areas of activities. As a mediating actor, the EBRD has managed to involve other actors such as businesses and Chambers of Commerce among others. Moreover, a regional forum on commercial mediation was established by the bank as part of its work, which has managed to involve various representatives from countries in Europe and Asia, such as judges and experts for instance. It

7869-441: The National Crime Agency closed the investigation. In October 2023, Fridman reportedly announced to return to Russia. Fridman was born in 1964 in Lviv , Ukrainian SSR , USSR, where he spent his youth. He graduated from high school in Lviv in 1980. He says he was denied entrance to Moscow 's top physics college because he is Jewish, and instead attended the Moscow Institute of Steel and Alloys . He had various jobs while

SECTION 60

#1732775347107

7998-410: The North Sea, for $ 1.6 billion. In April 2015, LetterOne Technology (L1 Technology) was launched in London. Its focus was on buying "struggling telecom or technology companies that require a fresh infusion of capital". Various advisory board members were appointed including Brent Hoberman , Denis O'Brien , and Sir Julian Horn-Smith . The L1 Technology fund began acting as a holding company for

8127-416: The North Sea, thus imperiling oil supplies and 5% of Britain's North Sea natural gas output. On 4 March 2015, Davey gave Fridman a one-week deadline to convince the UK government not to force him to sell the North Sea oil and gas assets. In April 2015, the government gave Fridman up to six months to sell. In October 2015 Fridman and the LetterOne Group sold L1 Energy's British North Sea assets to Ineos ,

8256-413: The Republic of North Macedonia abandoned plans for the road, redirecting the EBRD's funds to other infrastructure projects. Even though, its major objectives is to push for democracy and respect of human rights, the EBRD has been accused of not working towards those goals by not applying enough pressure and even "holding its annual meetings in dictator-run countries". Furthermore, reports have highlighted

8385-447: The Russian Federation to allow Telenor to increase its ownership in VimpelCom. Alfa Group and Swedish-Finnish TeliaSonera jointly own the Turkish mobile operator Turkcell . In Turkey, TeliaSonera has acquired 47% of the shares in Turkcell Holding , which controlled 51% of Turkcell. Telia's partner was the Turkish company Cukurova . TeliaSonera and Cukurova agreed on a binding shareholders' agreement in 2005, depriving Cukurova from

8514-434: The Russian company Chernogorneft , the Canadian company entered into a 60% ownership in the joint-venture Yugraneft . Later on, NoreX increased their stake to 97,64%, and in September 1998 Chernogorneft was filed with bankruptcy by the Tyumen Oil Company (TNK). The arbitration court of Khanty-Mansinsk proclaimed for Chernegorneft a new chief executive officer, with a background from Alfa Group. The main owner of Chernogorneft

8643-429: The Southern Gas Corridor is likely to cement further the oppressive structures of the Aliyev government". The EBRD has invested over 3 billion euros ($ 3.5 billion) in 177 projects in Azerbaijan. The EBRD approved three loans for the Shah Deniz gas field (US$ 200 million, US$ 250 million and US$ 100 million) as well as a US$ 500 million loan for the Trans-Anatolian gas pipeline (TANAP), and stated its financial support to

8772-484: The TNK-BP joint venture, in 1999 Fridman had thwarted BP by seizing BP's stake in the Siberian oil company Sidanko , via bankruptcy maneuvers widely regarded as unfair practices. And although TNK-BP was highly successful financially, Fridman's relationship with BP during the TNK-BP years was contentious, and included blocking BP's 2011 planned partnership with Rosneft for Arctic oilfield exploration. He resigned as CEO of TNK-BP in May 2012. In 2013, TNK-BP

8901-406: The UK's National Crime Agency, on charges of money laundering , conspiracy to defraud the Home Office and conspiracy to commit perjury. The UK National Crime Agency did not name the man, stating only that it had detained a 58-year-old "wealthy Russian businessman" at a "multi-million-pound residence". He was later released on bail. Subsequently, the agency scaled back its probe. In September 2023

9030-775: The UN sanctions against Iraq during Saddam Hussein 's regime, and for pressure exercised against KPMG during their spring 2005 investigation of a Bermuda registered, Russian telecom company, Ipoc International. To counter the Bermuda government supported audit by KPMG of Ipoc International, Alfa Group hired Diligence, founded by Richard Burt and Lord Powell of Bayswater with Diligence Europe headed by Michael Howard . Diligence began its Project Yucca to infiltrate KPMG. The Bermuda government accused Diligence of impersonating secret service personnel to obtain KPMG information about KPMG's audit of IPOC International Growth Fund Ltd. The Bermuda government accused Alfa Group's Ipoc International of money laundering . Alfa Group stated that Diligence

9159-434: The Ukrainian Sense Bank that he co-founded. Officials said the proposal was calculated to persuade the UK to lift sanctions against him. Fridman denied making a quid pro quo offer to Ukraine. Following the invasion of Ukraine Sense Bank transferred millions of its own budget to the needs of the Armed Forces of Ukraine and territorial defense units . Fridman was sanctioned by the UK government in 2022 in relation to

9288-510: The VimpelCom shareholder agreement be cancelled, and the URS shares be acquired. In May 2005, the Alfa Group filed a lawsuit against Telenor, via Alfa's daughter company Eco Telecom Ltd , contesting the declination of Telenor's three VimpelCom board members to approve the URS acquisition. Eco Telecom especially contested Telenor's vetoing power in the VimpelCom shareholder agreement. After the trial, Alfa Group declined during four years to take part in

9417-459: The Vital Infrastructure Support Programme etc. In 2020 alone, it has invested €11 billion as part of 411 projects which corresponds to a 10% raison compared to 2019. 72% of its investments were received by the private sector. Moreover, because of this specific context, the EBRD focused some of its operations in sectors other than green investment meaning that it only focused 29% of its investment in this domain (compared to 46% in 2019). According to

9546-490: The Yugraneft disputes since 1999. The new venture controlled both Sidanko og TNK from 11 February 2003. The merger implied that NoreX' stake of 97% in Yugraneft come under control of Alfa Group and BP. NoreX, thereby, saw their possessions dwindle and transferred partly to BP, and appealed for copies of BP documents before a US court. Jones Day represented its client Alfa-Access-Renova (AAR) of Len Blavatnik , Mikhail Fridman, and Viktor Vekselberg in United States court. In 2004

9675-458: The assistance of SMEs through the intermediary of other banks or investment and venture capital funds which are linked to the EBRD’s investments. Each project is analysed, first by the EBRD management with the negotiations and the subsequent signing of a mandate letter drafting the important information about the project plan, the expected expenses as well as the responsibilities. Secondly, the project

9804-457: The bank, with total contributions amounting to €60 million. €5 million was donated by Russia in the same year of 2015. Not only involving the European institutions, the EBRD financed projects also implicate private actors such as firms as well as foreign investors in the process. As part of its lending policies, the EBRD mostly lends capital to the private sector as lending to the public sector

9933-414: The bankruptcy of the parent company. El Confidencial published a series of articles about the story of ZED's bankruptcy, and accused Fridman of staging an illegal takeover by removing Javier Perez Dolset from the business and ruining him financially. EBRD The European Bank for Reconstruction and Development ( EBRD; French : Banque européenne pour la reconstruction et le développement, BERD )

10062-441: The beginning of the negotiations that led to the creation of the EBRD, the question of democracy and human rights were included in the matter discussed. Those issues are clearly stated in the agreement. The EBRD is devoted to strengthen its approach to human-rights and also to gender-based issues. For instance, it posted a 14.8 percent year-on-year increase in the number of projects it supports that promote gender inclusion. Moreover,

10191-470: The board of managers meetings in Ukrainian Kyivstar , thereby blocking the normal procedures of annual assemblies, approval of accounts, and payments of dividends. In 2008 Telenor achieved several legal approvals in the U.S. Federal Court of Appeal in New York , and in 2009 the Alfa Group submitted to the rulings and took up normal shareholder activity in Kyivstar. In Russian VimpelCom, however,

10320-660: The case as a test to the credibility of Russia's legal system and openness to foreign investment. Russia analyst Christopher Granville views the Farimex vs. Telenor case as even more serious to Russia's credibility than earlier legal battles. And judge Gerard E. Lynch, presiding in the New York appeal cases lodged by Telenor over Kyivstar, has criticized Alfa Group's utilisation of remote courts in Western Siberia. In early October 2009, it became evident that Altimo (Alfa) and Telenor had for some time conducted negotiations for

10449-473: The company rebranded itself VEON, and changed its focus to mobile internet services such as banking, taxis, and messaging. In February 2016, Fridman's LetterOne fund invested $ 200 million in Uber . In August 2016 LetterOne invested $ 50 million in telecommunications start-up FreedomPop , to help finance its international expansion. In 2012 Fridman partnered with American real-estate developer Jack Rosen in

10578-471: The company's chairman. LetterOne's additional co-founders were Petr Aven and Andrei Kosogov . Headquartered in Luxembourg , the company was created to invest in international projects in energy, telecoms , finance, technology, and other sectors. As of 31 December 2013, LetterOne had $ 29 billion in assets under management . In May 2015 Mervyn Davies (Lord Davies) was appointed deputy chairman of LetterOne, and former Swedish Prime Minister Carl Bildt

10707-413: The company, Sidanko (BP) was rejected from taking part in auctions, and remaining bidders were legally restrained from offering more than US$ 200 million for Chernegorneft - a mere fifth of its assumed value. On 26 November 1999, TNK took over all of Chernorogneft for US$ 172 million. Letters of protest from prime minister Tony Blair to president Vladimir Putin helped little, the legally BP-owned company

10836-793: The contested projects are the Ombla power plant in Croatia , the Kumtor Gold Mine in Kyrgyzstan , and the Šoštanj lignite power plant in Slovenia . The EBRD's activities in the Balkans have attracted particular controversy and criticism, especially when they have centered on national parks or free-flowing rivers. This has often involved the completed or proposed construction of hydroelectric dams and road infrastructure. Indeed,

10965-409: The context of the financial crisis of 2007 which harshly impacted population and their trust in financial institutions, democracy and free market. As a result, a rethinking of the concept of transition has taken place within the EBRD and has impacted the activities of the bank. Furthermore, the concept of transition was reviewed in 2015. In fact, it led to the idea that the ideal market economy is made of

11094-472: The country, for instance it received hostility from the British whereas the French were important proponents of the project and influenced the process. In January 1990, negotiations about the EBRD objectives, its lending policy regarding the public and private sectors, started and involved all the EU countries at the time, as well as various other European countries, non-European countries and representatives from

11223-540: The development of investment volume into the Green Economy Transition (GET) approach, in support of the Paris climate goals. The EBRD had pledged, prior to 2015 Paris Agreement , to dedicate above 40 per cent of its financing to green investment by 2020. This goal was accomplished for the first time in 2017. With Russia actually being the biggest donor to an NDEP Support Fund for the environments inside

11352-487: The disaster, the Spanish newspaper El Mundo called Fridman ‘Dirty Michael’. In the summer of 2016, the Spanish entrepreneur Javier Perez Dolset, head of the ZED Corporation (mobile apps developer), addressed the Spanish prosecutor's office with a complaint about his Russian partners associated with VimpelCom Ltd. According to Dolset, they had illegally seized the capital of their joint venture, which resulted in

11481-555: The document. On September 5, 2023, the Security Service of Ukraine announced in absentia that Fridman was suspected of violating Article 110 of the Criminal Code, which provides for liability for financing actions to seize power, overthrow the constitutional order, or change the territory of the state. Under this article, he could face up to 8 years in prison with confiscation of property. The SSU believes that since

11610-448: The economic transition of the former Soviet Republics and Central and Eastern European countries as private banks and other sources of financing didn't want to invest for reasons such as those countries’ macroeconomic difficulties as well as political reasons regarding the country’s stability for instance. In the context of the EU’s investment banking, the EBRD and the EIB have been involved in

11739-572: The election of a new board of directors, and agreed to pay accumulated dividends. On 11 March 2009, the Federal district court in New York ruled for the second time that Alfa companies Altimo, Storm, Alpren and Hardlake had revealed contempt for the court by not depositing their Kyivstar shares in the United States. Alfa Group was convicted to daily penalties of US$ 100,000 from 12 March, and a further 100,000 daily if not either Alfa's shares in Kyivstar be sold, or ownership in competing business be reduced to

11868-509: The fact that an important part of the loans provided by the EBRD go to countries with authoritarian leaders as of the beginning of 2022, including states such as Belarus or Egypt among others, and this despite its major objective of promoting democracy. The EBRD announced on 23 July 2014 that it would suspend new investment projects in Russia, following an earlier declaration by the European Council . The European Council declaration

11997-528: The financial sector, SMEs, and sustainable infrastructure. They invest, engage in policy-making, and offer technical assistance in order to encourage these areas locally. The EBRD invests around €150 million in Armenia's economy every year. Its partner financial institutions lend approximately €100 million to local SMEs through a variety of programs that promote trade, green energy, and financial access. Gradually, climate change and sustainable development became

12126-437: The focus point of the European Union, then consequently found its importance as one of the main challenges that the EBRD has to tackle. It became linked to the objective of forming sustainable market economies. In 2021, Anastassia Obydenkova research has indicated that positive evolutions have been made, for instance that carbon emission from some of the states benefiting from EBRD loans have decreased. Source: The EBRD agreed

12255-704: The former Minister of Foreign Economic Relations for the Russian Federation; in 1994 Aven became president and chairman of Alfa-Bank. By late 1996, thanks to the success of Alfa-Bank and Alfa Group, Boris Berezovsky , in an interview by the Financial Times , named Fridman and Aven among the seven businessman and bankers who controlled most of the economy and media in Russia, and who had helped bankroll Boris Yeltsin 's 1996 re-election campaign. Both Fridman and Aven were quite close to Berezovsky. In his book The age of Berezovsky Aven says: "It

12384-545: The integration and modernisation process, as part of its projects, the EBRD has notably invested in important sectors such as telecommunications in the Central and Eastern European countries. Since the 90s, recipients of EBRD financing have diversified, in fact, from mainly targeting EEC countries, the bank has moved to the Asian continent and increasingly focused on other countries such as China. More generally, Suma Chakrabarti,

12513-504: The invasion. In September 2023 the Office of Financial Sanctions Implementation HM Treasury (UK) updated the text of the financial sanctions notice related to Mikhail Fridman. He is now referred to as "an involved person under the Russia regulations" instead of "a prominent Russian businessman and pro-Kremlin oligarch". Additionally, a phrase alleging close ties between Mikhail Fridman and Russian President Vladimir Putin has been deleted from

12642-535: The legal premises and appeals the verdicts to the regional court of Tyumen , which is the last court of appeal before the federal level in Moscow . Telenor Executive vice president Jan Edvard Thygesen has repeatedly said that a swap of shares in VimpelCom and Kyivstar between Telenor and Alfa Group is an option, but hard to achieve in practice. When Minister of Foreign Affairs Jonas Gahr Støre visited his Russian counterpart Sergej Lavrov in Moscow on 24 March 2009,

12771-601: The loan saying the "conditions for disbursement were not met." Again in North Macedonia, the EBRD was criticised by environmentalists after plans were announced to bisect National Park Galičica in the UNESCO Ohrid-Prespa Transboundary Biosphere Reserve with an A3 express road, which would have required certain zones of protection in the national park to be downgraded. Scientists from North Macedonia and across

12900-483: The merchant banking related to the private sector and on the other side the development banking side working mostly with the public sector). Consequently, the two divisions came to be merged into a single one, substituting this structure with another one instead dividing the bank with seven policy and country regional sub-divisions. Representatives from each member state compose this board, they have authority power. The Board of Directors consists of 23 members elected by

13029-533: The national semi-monopolistic pipeline system Transneft . On 11 April and 26 June 2001, TNK again got two legal victories in the Khanty-Mansijsk arbitration court, first through a reversal of earlier regulation regarding Chernogorneft's stock capital in the joint-venture, and thereafter through a nullification of the voting powers in 497,142 out of the 600,000 shares held by NoreX. At an extraordinary annual assembly of Yugraneft on 28 June, NoreX' candidate for

13158-404: The objective of the EBRD. According to an economist named Branko Milanović, the analysis of global distribution of incomes has shown that the positive globalisation impact has mainly favoured the super-rich part of the population, thus deepening the inequalities of wealth concentration within the population. Furthermore, this uneven concentration is notably visible in the countries benefiting from

13287-634: The ocean economy in a sustainable way. The EBRD also aims to support the corporate transition to decarbonisation , for instance in Poland (EV battery performance), in Turkey (elimination of plastics in single-use hygiene products), and in Ukraine (green supermarkets); and support green infrastructures. Linked to its objective of contributing to political transformation in the EBRD's country targets in which projects are financed, this institution contributes to political transformation in these same states. From

13416-457: The parent holding of Alfa Bank Group. Norex' demands for investigation and nullification remained fruitless. Norex brought the case before a U.S. Federal court in New York in February 2002, demanding US$ 1.5 bn in redemption from TNK and Alfa Group. The year after, BP and Alfa Group merged all their oil and gas interests into a 50/50 joint venture, in spite of BP's legal and financial losses in

13545-496: The private meeting was not "a sweetheart platform", and the Kremlin responded that the two oligarchs represented the interests of their business. In 2019, Mikhail Fridman acquired a 50% stake in one of the suppliers of computing devices for the Russian defense industry via the structures affiliated with A1 investment company. On 28 February 2022, the European Union blacklisted Fridman and had all his assets frozen as part of

13674-483: The private sector, mainly banks, industries and businesses, and by promoting policies that would favor them. It was created as a result of the end of the Cold War because of particular issues regarding the international system in place, the historical and political context at the time. Furthermore, its recipient countries had to ensure that they would work towards "multi-party democracy and political pluralism" in which

13803-508: The projects signed during the 1991–1993 period. Some NGOs have criticized the EBRD for financing projects they consider to be environmentally and socially harmful. Although it has increased its investments into energy efficiency and sustainable energy in recent years, these NGOs consider the bank continues to diminish the impacts of green investments by financing carbon-intensive development such as coal, oil and gas production, transportation and generation, motorways, and airports. Among

13932-488: The required fee, in January 1991 Fridman co-founded Alfa-Bank . The company grew to become one of the largest private banks in Russia. Alfa Group's later divisions include Rosvodokanal , a private water utility; AlfaStrakhovanie, a diversified insurance company; A1 Group, an investment company; and X5 Retail Group, a large chain of food retailers. Alfa Group flourished considerably after Fridman recruited Petr Aven ,

14061-457: The right to sell Turkcell shares without the prior consent of TeliaSonera, and with the latter company's right of first priority to buy eventual shares from Cukurova. However, Cukurova sold their shares to Alfa Group that same year. Through this US$ 3.5 bn purchase, Alfa Group exercised control of Turkcell's board of directors already from First quarter, 2006. In January 2007, a court of appeal in Geneva , Switzerland , ruled that Cukurova had violate

14190-457: The shareholder's agreement by selling their shares on to the Alfa Group. The court demanded Cukurova to see to it that the shares be transferred back and re-sold to TeliaSonera. A court of appeal in Vienna , Austria confirmed this ruling on 7 March 2008, and repeated the demand to enter into negotiations with Alfa Group over at transfer of the shares, but with no practical results. On 7 August 2009

14319-635: The start of the conflict, the banker has invested about 2 billion rubles in Russian defense enterprises, in particular, in the Tula Cartridge Plant . In April 2024, following a legal challenge, The General Court of the European Union took Fridman off the EU sanctions list. In May 2024, Fridman sued the Luxembourg government, becoming the first Russian billionaire to challenge European sanctions and demand compensation for his frozen assets. In August 2024? Fridman, after loss of trial in Luxembourg, started arbitration dispute with Luxembourg at

14448-558: The strife between Alfa and Telenor was elevated to become the prime issue. Still, Telenor was presented by a claim from the Russian bailiff of US$ 1.7 bn, on 3 April, via a Norwegian district bailiff. Three days later, Telenor asked the federal arbitration court in Moscow to sustain this action until the Tyumen court had negotiated the substantial issue. The case between Farimex and Telenor has aroused widespread, international concern. Roland Nash, Chief of research at Renaissance Capital viewed

14577-528: The world (North America, Africa, Asia and Australia, see below), with the biggest single shareholder being the United States , but only lends regionally in its countries of operations. Headquartered in London , the EBRD is owned by 71 countries and two European Union institutions, the newest shareholder being Algeria since October 2021. Despite its public sector shareholders, it invests in private enterprises, together with commercial partners. The EBRD

14706-743: The world signed a declaration in opposition to this and other projects proposed for the Ohrid-Prespa region, a message that was reinforced by a Joint Reactive Monitoring Mission from the World Heritage Centre, ICOMOS and the IUCN, which requested total cancellation of proposed A3 road sections. This recommendation was underlined by the World Heritage Committee at its 41st session in Kraków. Eventually, in February 2018,

14835-404: Was BP, via their holding company Sidanko . TNK gained control over 60% of Chernogorneft's debts, and the debt of US$ 35 million held by EBRD was reduced to US$ 9 million by Khanty-Mansijsk arbitration court on 30 July 1999. Thereby, TNK controlled 60% of the debt claims, and according to NoreX the Alfa Group took over Chernogorneft's oil sales below market prices. Resulting in a forced sell-out of

14964-459: Was Fridman and I who happened to be by Boris's bed after his attempted assassination in 1994, and it was our yacht that he chose to go after being discharged from hospital". Fridman and Aven sold off most of their Russian government securities in early August 1998, prior to the ruble crisis of 17 August 1998, and emerged relatively unhurt from the 1998 Russian financial crisis . During the crisis, Alfa-Bank used its holdings related to TNK to avoid

15093-419: Was appointed as the board's advisor. In 2013 LetterOne also formed L1 Energy, an energy investment vehicle, initially focused particularly on undervalued international oil and gas assets during the slump in oil prices. John Browne (Lord Browne) was appointed to its advisory board, and in March 2015 became its chairman. On 3 March 2015, L1 Energy acquired the international oil and gas company DEA from

15222-557: Was considered as one of the main particularity of the EBRD distinguishing the latter from other financial institutions. Firstly, notably advocated by European political actors such as the French President Mitterrand in 1989, the idea of creating this financial institution involving the European countries started before the fall of the Berlin Wall . The reception of this proposition was mitigated depending on

15351-582: Was forcibly sold to TNK below market price. TNK also got approval from the Khanty-Mansijsk arbitration court to take over Chernogorneft's stakes in two joint ventures, in spite of protests from venture partners Norex and Occidental Petroleum . BP fought on for years to retrieve its rightful ownership in Chernogorneft, and in August 2001 this got its first legal approval. In 2000, according to NoreX, TNK started to undermine Yugraneft's oil transports through

15480-475: Was locked in a complex four-year battle of claims and counter-claims of fraud with the Bermuda -based investment firm IPOC International Growth Fund associated with Leonid Reiman and Jeffrey Galmond over ownership of a 25.1% stake in MegaFon that was formerly held by Leonid Rozhetskin 's LV Finance. James Hatt, a British telecommunications executive, represented Fridman's interests while Jeffrey Galmond,

15609-447: Was made in the context of the 2014 pro-Russian unrest in Ukraine . As of 2014 Russia has been the biggest funding recipient of all countries. In 2013, the Russian Federation received €1.8 billion for investments from the EBRD and 1 billion € from the EIB. Russia employed the funds to finance a variety of projects like pipeline valves, property acquisitions, and a loan to a hypermarket chain. Two Russian projects were awaiting funding from

15738-417: Was not hired by Alfa Group but by BGR which was founded by Haley Barbour . BGR had worked for Alfa Group's telecom Altimo. Project Yucca ended on October 18, 2005, when KPMG received papers from Project Yucca. During Project Yucca, the shareholders of Diligence were CEO Nick Day who was a former British agent, Chairman of Diligence Richard Burt who was a former United States ambassador to Germany under Reagan,

15867-459: Was rejected. Alfa reacted to their legal loss by boycotting all normal shareholder activity in Kyivstar, for four years from 2004, effectively blocking the business of annual assemblies, and avoiding the consolidation and ratification of Kyivstar's annual accounts. No dividends were paid after 2003. In February 2006, Telenor took the issue to a U.S Federal court in New York. On 16 December 2008, Alfa Group resumed normal shareholder activities, joined in

15996-436: Was reported in 2005. In December 2023 the EU sanctioned AlfaStrakhovanie Group. Mikhail Fridman Mikhail Maratovich Fridman (also transliterated Mikhail Friedman ; Russian : Михаил Маратович Фридман ; Hebrew : מיכאיל פרידמן ; born 21 April 1964) is a Ukrainian-born, Russian–Israeli tycoon . He is one of the co-founders of Alfa-Group , a multinational Russian conglomerate. According to Forbes , he

16125-456: Was sold to Russia's state-owned energy group Rosneft for $ 56 billion, with Fridman and his Russian partners receiving $ 28 billion for their 50% stake, at the height of crude oil prices. Using the proceeds from the sale of their stakes in TNK-BP, Fridman and his Alfa Group partners Khan and Kuzmichev established the international investment company LetterOne (L1) in 2013, and Fridman became

16254-691: Was the Bermuda Minister of Finance, into the IPOC International Growth Fund. Richard Burt and Mikhail Fridman have a strong working relationship. In 2012 Fridman sold his entire stake in MegaFon for $ 5 billion. In 1997, Fridman had collaborated with Len Blavatnik and Viktor Vekselberg to purchase the state-owned TNK (Tyumen Oil Company), an oil company in Siberia, for $ 800 million. In February 2003,

16383-432: Was the Russian consul in New York from 2003 onwards, became very close to Fridman's business interests. In October 2019, Fridman told a Spanish court that he was a friend of Vahe. In 1988, along with German Khan and Alexey Kuzmichev , Fridman co-founded Alfa-Photo (also transliterated as Alfa-Foto), which imported photography chemicals. In 1989 the three partners founded Alfa-Eco (Alfa-Echo, Alfa-Eko, Alfa-Ekho),

16512-525: Was the second-richest Russian as of 2013 ($ 16.5 billion), moving down to ninth-richest Russian in 2023 ($ 12.6 billion). In May 2017, he was also ranked as Russia's most important businessman by bne IntelliNews . In February 2024, Fridman had a net worth of $ 13.1 billion, according to the Bloomberg Billionaires Index . In 1991, he co-founded Alfa-Bank , one of the largest private banks in Russia. After serving as CEO of TNK-BP ,

16641-458: Was thwarted by his Vimpelcom partner, the Norwegian telecoms group Telenor , which held stakes in both companies. Fridman resorted to protracted and aggressive efforts to strong-arm Telenor in 2005, and although the merger of Vimpelcom and Kyivstar was achieved in 2010, conflicts with Telenor over control of Vimpelcom lasted seven years in total. From 2003 until 2007 Fridman's Altimo

#106893