Word: deripaska
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...billion from Abramovich. His tangled skein of allegations centers on Sibneft, an energy concern acquired at the end of 1995 by Berezovsky and Abramovich during the privatization of the Russian energy sector, and Rusal, a company formed in 2000 when Abramovich merged his metals businesses with those of Oleg Deripaska, another prominent oligarch. Stakes in Rusal were also held by Berezovsky and a Georgian businessman, Arkady (Badri) Patarkatsishvili...
...water was shut off after residents couldn't pay their bills. When Putin came in to save the day, he saw p.r. potential in Pikalyovo's distress. During a nationally televised meeting in the town, the Prime Minister scolded local officials and factory owners, including billionaire tycoon Oleg Deripaska, a onetime Kremlin favorite whose investment company Basic Element owns the town's BaselCement factory. "You have made thousands of people hostage to your ambitions, your lack of professionalism - or maybe simply your trivial greed," Putin said...
...right. Pikalyovo is one of hundreds of cities across Russia whose populations are supported by just one factory or one industry. If that factory or industry is wiped out by the global economic downturn - as Pikalyovo's was when the price of cement dropped and Deripaska's company Basic Element put half its workforce on forced leave - the whole town is sent into a tailspin. (See pictures of the global financial crisis...
...Pikalyovo was "leading a civil war" and to say that the situation was similar in her city, where workers were holding a hunger strike over unpaid wages at the local pulp mill, also owned by Basic Element. This time it took no prodding from Putin for Deripaska to announce plans to pay out some $2.8 million in back wages to about 2,000 workers. (See pictures of Russia celebrating Victory...
...shake its overreliance on energy and metals. Now, as the crisis starts to bite, the Kremlin is reacting by increasing its control over broad swaths of the economy. Through the state-controlled banks, it is bailing out selected business executives who are having trouble paying their debts--including Oleg Deripaska, a metals tycoon who until recently was Russia's richest man. It is also playing an increasingly intrusive role in the private sector. At a meeting in Moscow on Nov. 25, for example, Igor Shuvalov, Putin's First Deputy Prime Minister, told the nation's major retailers that the Kremlin...