Moscow-based financier Stephen Jennings is finally giving up control of Renaissance Capital, the investment bank he founded 17 years ago, to his Russian billionaire partner Mikhail Prokhorov.
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One of Russia’s richest tycoons said on Monday he would run for president against Vladimir Putin in next year’s election, prompting speculation that the Kremlin may be trying to contain growing public dissent in its “managed” democracy, the FT reports. Mikhail Prokhorov, 46, the third-richest man in Russia and owner of the New Jersey Nets basketball team, returned to the political fray after thousands of middle-class voters demonstrated at the weekend over alleged vote-rigging in parliamentary elections. Mr Putin’s announcement in September that, after four years as prime minister, he would return to the presidency next year, has fanned middle-class anger. According to the Wall Street Journal, State television, which typically gives little coverage to opposition figures, led its 6 p.m. newscast with Mr. Prokhorov’s announcement, highlighting his assertion that he was doing it without high-level blessing. Read more
Russian metals giant Norilsk Nickel said on Monday that it would spin off its power assets, worth $2.5bn, before the end of this year, as the group’s key owners accelerated their split and speculation grew over a possible Kremlin-backed takeover bid. The statement came just a week after Mikhail Prokhorov, the company’s co-owner, said he would sell his half of a combined 54.8 per cent stake in Norilsk to partner Vladimir Potanin and stand down as its chief executive as part of a broader carve-up of their assets. Prokhorov is to take over the firm’s power and hydrogen fuel cell assets. Read more