Russia's richest man responds to Putin's call to bring assets home
MOSCOW
(Reuters) - Russia's richest man Alisher Usmanov has transferred his
holdings in mobile operator Megafon and iron ore producer Metalloinvest
to Russian entities after President Vladimir Putin urged businessmen to
bring their assets home.
Fri, Dec 19, 2014, 7:21pm EST - US Markets are closed
Russia's richest man responds to Putin's call to bring assets home
11 hours ago
MOSCOW (Reuters) -
Russia's richest man Alisher Usmanov has transferred his holdings in
mobile operator Megafon and iron ore producer Metalloinvest to Russian
entities after President Vladimir Putin urged businessmen to bring their
assets home.
Putin redoubled his efforts to
encourage businessmen to "de-offshore" their assets on Thursday in his
annual end-of-year news conference, as the country's economy heads for
recession, dragged down by a slump in oil prices and Western sanctions.
Cyprus-based Telecominvest
Holdings Limited, a subsidiary of Usmanov's USM Holdings company, had
transferred Megafon shares to AF Telekom Holding LLC, which is
incorporated in Russia. AF Telekom now holds 53.8 percent of Megafon
shares, Megafon said.
Another Cyprus-based subsidiary
of USM Holdings, USM Steel & Mining, had handed over shares in
Metalloinvest to Russia-registered USM Metalloinvest LLC.
"This step is related to the
announcement by President Vladimir Putin of pursuing the
de-offshorisation of the Russian economy and the introduction to the tax
code of clauses related to taxation of profits of ... foreign
companies," USM Holdings said in a statement.
Usmanov is the biggest
shareholder at USM Holdings with a 48 percent stake, while his long-time
partners Vladimir Skoch and Farhad Moshiri own 30 percent and 10
percent respectively.
(Reporting by Maria Kiselyova, editing by Elizabeth Piper and Crispian Balmer)
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