Tag Archives: Oligarch

Russian Billionaire Sues Montenegro Over Lost Investment

by Dusica Tomovic

Oleg Deripaska, owner of the Central European Aluminum Company, is personally suing Montenegro for the loss of his investment in the troubled KAP aluminum plant.

Russian tycoon Oleg Deripaska, owner of the Central European Aluminum Company, CEAC, is suing Montenegro for “hundreds of millions of euros” over the failure of its plant in the capital, Podgorica, the firm said on Wednesday.
CEAC, a Cyprus-based major shareholder and one of the largest creditors of the Kombinat Aluminijuma Podgorica, KAP, has been informed by its parent company En+ Group that its president, Deripaska, has personally served a Notice of Arbitration against the state of Montenegro, claiming unlawful expropriation of his investment and related treaty breaches.
“Deripaska will be seeking redress in the hundreds of millions of euros,” the company said in a statement sent to BIRN on Wednesday.
The statement said the dispute arises from “Montenegro’s unlawful expropriation of Deripaska’s investment in KAP”, formerly Montenegro’s largest industrial concern which once contributed some 51 per cent of the country’s exports and about 15 per cent of its GDP.

Ukraine | Ukraine stunned as vast cash reserves of political elite are made public

New wealth declaration system shows officials owning Fabergé eggs, weapons collections and huge stashes of currency

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Germany | Ukrainischer Oligarch bereichert sich an IWF-Krediten

Der IWF hat in den letzten Monaten Milliarden ins ukrainische Finanzsystem gepumpt, um die Banken des Landes zu stabilisieren. Etwa 1,8 Milliarden Dollar standen dabei dem größten Geldinstitut PrivatBank zu, das vom Oligarchen Igor Kolomoiski kontrolliert wird. Doch statt das Geld in die ukrainische Wirtschaft zu investieren, hat Kolomoiski die Notkredite über ein Netzwerk von Offshore-Firmen ins Ausland geschafft.