Viktor Vekselberg
Encyclopedia
Viktor Felixovich Vekselberg ' onMouseout='HidePop("69777")' href="/topics/Drohobych">Drohobych
, Ukraine, Soviet Union
) is the owner and president of Renova Group
, a large Russian conglomerate.
After working as an engineer in an obscure state lab for many years, Vekselberg moved to business in 1990. He rose to prominence after Boris Yeltsin
's reelection in 1996 as co-owner and chairman of Tyumen Oil (TNK), one of Russia
's largest oil and gas companies. He took a controlling interest in the company in 1997 and has subsequently developed a joint venture with BP
. About the same time he co-founded SUAL Holding, which since grew to control Russia's second-largest aluminum business and is ranked ninth in the world. Later, he integrated those and other assets under the umbrella of Renova Group
, delegating operating responsibilities to managers. Acting as a chairman of the executive board of TNK, he was instrumental in negotiating and establishing a 50–50 joint venture with British Petroleum in the largest private transaction in Russian history. He is currently a member of the board of directors and the vice-president of TNK-BP
.
Vekselberg is now overseeing a vast restructuring of his assets: the division of property with partner Leonard Blavatnik
, the merger of Renova's aluminium assets with those of Oleg Deripaska
, and the integration of various electricity and telecommunications investment.
Viktor Vekselberg is often considered to be one of the remaining Russian oligarchs
. The Forbes magazine estimated his net worth at $14 billion in March 2009.
s from the Forbes publishing family
in New York City. The collection was transported to Russia and exhibited in the Kremlin and in Dubrovnik
in 2007. Vekselberg is the single largest owner of these eggs in the world, owning 15 of them (11 Imperial, two Kelch, and two other).
In September 2006, he agreed to pay the approximately $1 million in expenses to transport the Lowell House
Bells from Harvard University
in the United States back to their original location in the Danilov Monastery
and to purchase replacement bells. The historic bells returned to Moscow September 12, 2008, with the assistance of the U.S. Director of the organization, Edward Mermelstein
.
Drohobych
Drohobych is a city located at the confluence of the Tysmenytsia River and Seret, a tributary of the former, in the Lviv Oblast , in western Ukraine...
, Ukraine, Soviet Union
Soviet Union
The Soviet Union , officially the Union of Soviet Socialist Republics , was a constitutionally socialist state that existed in Eurasia between 1922 and 1991....
) is the owner and president of Renova Group
Renova Group
Renova Group is a large Russian conglomerate with interests in aluminium, oil, energy, telecoms and a variety of other sectors. The main owner and president is Viktor Vekselberg....
, a large Russian conglomerate.
Business empire
Victor Vekselberg was born in 1957 in Western Ukraine. He graduated from the Moscow Transportation Engineering Institute in 1979. In 1993, he became Chairman of the Board of Directors of Renova, one of Russia's most progressive investment and business development companies.After working as an engineer in an obscure state lab for many years, Vekselberg moved to business in 1990. He rose to prominence after Boris Yeltsin
Boris Yeltsin
Boris Nikolayevich Yeltsin was the first President of the Russian Federation, serving from 1991 to 1999.Originally a supporter of Mikhail Gorbachev, Yeltsin emerged under the perestroika reforms as one of Gorbachev's most powerful political opponents. On 29 May 1990 he was elected the chairman of...
's reelection in 1996 as co-owner and chairman of Tyumen Oil (TNK), one of Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
's largest oil and gas companies. He took a controlling interest in the company in 1997 and has subsequently developed a joint venture with BP
BP
BP p.l.c. is a global oil and gas company headquartered in London, United Kingdom. It is the third-largest energy company and fourth-largest company in the world measured by revenues and one of the six oil and gas "supermajors"...
. About the same time he co-founded SUAL Holding, which since grew to control Russia's second-largest aluminum business and is ranked ninth in the world. Later, he integrated those and other assets under the umbrella of Renova Group
Renova Group
Renova Group is a large Russian conglomerate with interests in aluminium, oil, energy, telecoms and a variety of other sectors. The main owner and president is Viktor Vekselberg....
, delegating operating responsibilities to managers. Acting as a chairman of the executive board of TNK, he was instrumental in negotiating and establishing a 50–50 joint venture with British Petroleum in the largest private transaction in Russian history. He is currently a member of the board of directors and the vice-president of TNK-BP
TNK-BP
TNK-BP is a major vertically integrated Russian oil company. It is Russia's third largest oil producer and among the ten largest private oil companies in the world. TNK-BP is Russia's third largest oil company in terms of reserves and crude oil production...
.
Vekselberg is now overseeing a vast restructuring of his assets: the division of property with partner Leonard Blavatnik
Leonard Blavatnik
Len Blavatnik is a Russian-American businessman, currently living in New York and London, including at a home on Kensington Palace Gardens. He has made his fortune through diversified investments, through Access Industries, in Russia, Europe, North and South America.-Origins:Born in the Soviet...
, the merger of Renova's aluminium assets with those of Oleg Deripaska
Oleg Deripaska
Oleg Vladimirovich Deripaska is the Russian Chief executive officer of Basic Element company and a member of the Board of Directors and CEO of United Company RUSAL, a Russian aluminium industry company...
, and the integration of various electricity and telecommunications investment.
Viktor Vekselberg is often considered to be one of the remaining Russian oligarchs
Russian oligarchs
Business oligarch is a near-synonym of the term "business magnate", borrowed by the English speaking and western media from Russian parlance to describe the huge, fast-acquired wealth of some businessmen of the former Soviet republics during privatization in Russia and other post-Soviet states in...
. The Forbes magazine estimated his net worth at $14 billion in March 2009.
Repatriation of major art objects
In February 2004, Vekselberg purchased nine of the Fabergé eggFabergé egg
A Fabergé egg is any one of the thousands of jeweled eggs made by the House of Fabergé from 1885 to 1917. Most were miniature eggs that were popular gifts at Eastertide...
s from the Forbes publishing family
Forbes family (publishers)
The Forbes family includes a number of related people that founded, and have worked for, Forbes magazine. Noted members include B.C. Forbes, the founder of the magazine; his son and successor, Malcolm Forbes; and Malcom's son, Steve Forbes, current President and CEO of the company...
in New York City. The collection was transported to Russia and exhibited in the Kremlin and in Dubrovnik
Dubrovnik
Dubrovnik is a Croatian city on the Adriatic Sea coast, positioned at the terminal end of the Isthmus of Dubrovnik. It is one of the most prominent tourist destinations on the Adriatic, a seaport and the centre of Dubrovnik-Neretva county. Its total population is 42,641...
in 2007. Vekselberg is the single largest owner of these eggs in the world, owning 15 of them (11 Imperial, two Kelch, and two other).
In September 2006, he agreed to pay the approximately $1 million in expenses to transport the Lowell House
Lowell House
Lowell House is one of the twelve undergraduate residential houses within Harvard College, located on Holyoke Place facing Mount Auburn Street between the Harvard Yard and the Charles River...
Bells from Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
in the United States back to their original location in the Danilov Monastery
Danilov Monastery
Danilov Monastery, in full Svyato-Danilov Monastery or Holy Danilov Monastery , is a monastery on the right bank of the Moskva River in Moscow, Russia...
and to purchase replacement bells. The historic bells returned to Moscow September 12, 2008, with the assistance of the U.S. Director of the organization, Edward Mermelstein
Edward Mermelstein
Edward A. Mermelstein is a Russian-American real estate attorney, broker and developer based in New York City and a founder of the law firm, Edward A. Mermelstein & Associates, which merged to form Rheem Bell & Mermelstein, LLP, for whom he is a partner...
.
Family
He is married to Marina and has two children, a daughter, Irena, and a son, Aleksander. He has said that his daughter is due to inherit the majority of his shares and wealth when she turns 21, as well as complete control of his business.Controversies
- In April 2009, Swiss Federal Finance Department initiated a criminal investigation against V.Vekselberg in connection to alleged violations of securities law. As a result of the investigation, V.Vekselberg was fined for $38mln by Swiss authorities.
- In 2008, V.Vekselberg proxied a deal between Russian and Hungarian governments, buying the former embassy building from Hungary for $21mln and immediately selling it to the Russian government for $116mln, while the market price of the building was estimated at $50mln. Investigation of the paper trail by Alexey NavalnyAlexey NavalnyAlexei Anatolievich Navalny is a Russian political and social activist who in recent years gained great prominence amongst Russian bloggers and mass media due to his social campaigning activity...
and the Rospil project has found several invalid and backdated documents, thus suggesting a collusionCollusionCollusion is an agreement between two or more persons, sometimes illegal and therefore secretive, to limit open competition by deceiving, misleading, or defrauding others of their legal rights, or to obtain an objective forbidden by law typically by defrauding or gaining an unfair advantage...
(e.g. the tender held by the Hungarian side was totally fictive, as the building was already sold by that time). Hungarian officials responsible for the deal (Tátrai Miklós, Marta Horvathne Fekszi and Arpad Szekely) were detained in February 2011, but no criminal investigation was started on the Russian side.