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Mechel’s Case Cost a Half of Wealth to Owner
The wealth of Igor Zyuzin narrowed from $11 billion to $5.5 billion in the recent few days, The Financial Times reported. Zyuzin is the principal owner of Mechel Group recently attacked by Prime Minister Vladimir Putin.
Of interest is that the estimate of Zyuzin’s wealth varies from a media source to a media source. Forbes, for instance, ranked it the 12th in the list of Russia’s richest people, estimating his wealth at $13 billion. Experts in Finance edition, however, counted just $7.75 billion (the 25th place in the list).
Mechel lost over 30 percent on Russia’s and U.S. exchanges after Prime Minister Vladimir Putin lashed out at it past week for overpricing the coking coal. The stocks went through another slump of similar extent July 28, when Putin specified that Mechel could have dodged taxes via off-shores.
The Mechel case triggered a raft of inspections for coal firms. The company has attracted attention of the Investigating Committee of the RF Prosecutor General Office and the Federal Antimonopoly Service has initiated actions against Mechel, Raspadsky Ugol and Evraz Holding.
www.kommersant.com
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