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Commodities Slump Takes a Bite Out of Ukraine’s Richest Man

  • Akhmetov’s fortune has tumbled 80% over the past seven years
  • His DTEK seeks to restructure more than $1 billion of debt
Rinat Akhmetov owns Shakhtar, Ukraine’s top soccer team.
Rinat Akhmetov owns Shakhtar, Ukraine’s top soccer team.
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Rinat Akhmetov has survived war, the murder of a business partner and attempts by a former comedian-turned-president to curb his monopoly. But it has come at a hefty price.

His fortune, once worth $22.4 billion, tumbled 80% over the past seven years, one of the largest declines tracked by the Bloomberg Billionaires Index. The Ukrainian tycoon’s latest challenge is to keep his businesses afloat as the coronavirus pandemic crushes industrial commodity prices.