Ilya Segalovich, a founder of Yandex NV (YNDX), Russia’s biggest Internet search engine, plans to spend proceeds from a secondary share sale last month on charity projects.
Yandex shareholders raised $607 million in the offering on March 18, according to regulatory filings. Segalovich, who is Yandex’s chief technology officer, sold 0.2 million shares, while Chief Executive Officer and co-founder Arkady Volozh sold 5.1 million shares. Baring Vostok Capital Partners sold 18.2 million shares.
“The decision to sell shares was made due to financial reasons, not because we don’t believe in the company’s future,” Segalovich said in an interview with Bloomberg in St. Petersburg. “I will spend the proceed for charity” Segalovich said. “I sold a very small amount of shares.”
Segalovich is known as a donor to Maria’s Children, a charity founded by his wife, Maria Yeliseyeva. The fund offers arts education and other programs to orphans, its website says.
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