Russia’s Richest Man Brings Key Assets Back to Russia: Reports

[senheiser]

Russia’s Richest Man Brings Key Assets Back to Russia: Reports / Sputnik International
© Sputnik/ Vladimir Fedorenko

21:30 20.12.2014 (updated 21:40 20.12.2014)


Alisher Usmanov's USM holdings decided to move its assets under the Russian jurisdiction in line with President Vladimir Putin's call for deoffshorization of the Russian economy.

© SPUTNIK/ MAKSIM BOGODVID

Russian Tycoon Buys Off Nobel Prize to Return to DNA Co-Discoverer
MOSCOW, December 20 (Sputnik) — USM Holdings owned by Russia’s richest man Alisher Usmanov has moved its stocks of Megafon and Metalloinvest shares to Russian holding companies AF Telekom Holding and USM Metalloinvest, Forbes reports citing a press statement.


The transactions were completed by the same corporate group.

"Both companies will be moved under the Russian jurisdiction, they are of a strategic importance for the Russian economy," the statement reads.

The statement also said the move is being taken according to the policy announced by Russian President Vladimir Putin. During his annual address to the Federal Assembly on December 4, Putin called for deoffshorization of the Russian economy. The president also suggested introducing a "guideline on tax on profits of foreign companies" into the Russian tax code.

Putin Suggests Total Amnesty for Offshore Capital Returning to Russia
Megafon carrier serves more than 71 million customers. Metalloinvest is the largest iron ore producer in Russia and the CIS.


USM Holdings was established in 2012 to consolidate various assets owned by Usmanov, including Mail.Ru Group, UTV media holding (Disney Russia, Muz-TV and U channels), the Kommersant publishing house, alongside with Megafon and Metalloinvest.

Alisher Usmanov, Vladimir Skoch and Farhad Moshiri are major shareholders of USM Holdings.

@LeveragedBuyout

 

[LeveragedBuyout]

Russia’s Richest Man Brings Key Assets Back to Russia: Reports / Sputnik International
© Sputnik/ Vladimir Fedorenko

21:30 20.12.2014 (updated 21:40 20.12.2014)


Alisher Usmanov's USM holdings decided to move its assets under the Russian jurisdiction in line with President Vladimir Putin's call for deoffshorization of the Russian economy.

© SPUTNIK/ MAKSIM BOGODVID

Russian Tycoon Buys Off Nobel Prize to Return to DNA Co-Discoverer
MOSCOW, December 20 (Sputnik) — USM Holdings owned by Russia’s richest man Alisher Usmanov has moved its stocks of Megafon and Metalloinvest shares to Russian holding companies AF Telekom Holding and USM Metalloinvest, Forbes reports citing a press statement.


The transactions were completed by the same corporate group.

"Both companies will be moved under the Russian jurisdiction, they are of a strategic importance for the Russian economy," the statement reads.

The statement also said the move is being taken according to the policy announced by Russian President Vladimir Putin. During his annual address to the Federal Assembly on December 4, Putin called for deoffshorization of the Russian economy. The president also suggested introducing a "guideline on tax on profits of foreign companies" into the Russian tax code.

Putin Suggests Total Amnesty for Offshore Capital Returning to Russia
Megafon carrier serves more than 71 million customers. Metalloinvest is the largest iron ore producer in Russia and the CIS.


USM Holdings was established in 2012 to consolidate various assets owned by Usmanov, including Mail.Ru Group, UTV media holding (Disney Russia, Muz-TV and U channels), the Kommersant publishing house, alongside with Megafon and Metalloinvest.

Alisher Usmanov, Vladimir Skoch and Farhad Moshiri are major shareholders of USM Holdings.

@LeveragedBuyout

That's a savvy currency play.

 

[Norwegian]

That's a savvy currency play.

When are Americans bringing back their offshore money from unknown Island nations?

 

[LeveragedBuyout]

When are Americans bringing back their offshore money from unknown Island nations?

When the 10 year treasury breaches 3%, there will be a tsunami of money that returns to the US. As far as corporates bringing their offshore profits home--they will return the money when they aren't punished for bringing money into the US. A Russia-style 13% flat tax rate might be a good start.

With Russia at 17% benchmark interest rates, having already suffered a gigantic devaluation, and oil appearing to bottom out, speculators betting on a Ruble bottom is not unusual, and may even succeed.

I try to focus on the financial aspect rather than the other obvious explanation of Usmanov's action, which I will leave to others to explicitly state.