Sanctioned Russian’s Family Sells $6 Billion Stake in Gold Miner
(Bloomberg) -- Said Kerimov, the son of sanctioned Russian billionaire Suleiman Kerimov, resigned from the board of gold miner Polyus PJSC on Monday, the same day his family's holding company reduced its stake in the business to less than 50%.Â
Wandle Holdings Ltd., which is beneficially owned by Said, sold 40.8 million shares of Polyus to anthracite mining mogul Akhmet Palankoyev, according to a regulatory filing Wednesday. The price paid wasn't disclosed. The value of the stake was about $6.3 billion based on Monday's closing price.
While Suleiman Kerimov has been sanctioned by the U.S., U.K. and European Union for alleged money laundering and his ties to the Russian government, Said hasn't been targeted. However, he is being considered for sanctions by the EU, people familiar with the discussions told Bloomberg News Wednesday.Â
Assets controlled by sanctioned people are subject to freezes, though the definition of control differs by jurisdiction. For the U.S., it refers to assets that are more than 50% owned in aggregate by sanctioned individuals.
The share sale by Said's Wandle Holdings shrunk the family's stake in Russia's largest gold producer to 46% from 76%. A filing last month showed that the Kerimov family shifted the headquarters of Wandle from Jersey in the U.K. to Cyprus.
Suleiman Kerimov is Russia's ninth-richest person with a net worth of $14.5 billion, according to the Bloomberg Billionaires Index. He transferred his stake in Polyus to Said in 2015. Â
Three years later he was slapped with sanctions by the U.S. for being an official of the Russian government and allegedly bringing hundreds of millions of euros into France -- as much as 20 million euros ($21.8 million) at a time in suitcases -- without reporting it to tax authorities.Â
©2022 Bloomberg L.P.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
