Economics
Usmanov Drops Mail.ru Control in Move Seen Spurred by Sanctions
- Billionaire transfers voting control to Mail.ru management
- Usmanov plans to keep presence in Russian e-commerce market
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One of Russia’s richest men, Alisher Usmanov, has transferred control of his majority voting stake in social-networks operator Mail.ru Group in a move that could insulate the company if the billionaire is added to the U.S. sanctions list.
Usmanov’s holding company USM and the Kremlin-friendly businessman’s wireless carrier MegaFon PJSC authorized Mail.ru management led by Chief Executive Officer Boris Dobrodeev to exercise voting rights on a 59 percent voting stake in the Russian internet company, according to an emailed statement Monday.