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Bloomberg: Richest Ukrainian makes $3 billion on state asset sales

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May 3, 2012, 1:17 p.m. |

Rinat Akhmetov, Ukraine’s richest man, added $3 billion to his net worth in the past six months by buying state-owned energy assets sold by his hometown political ally, President Viktor Yanukovych.
© AFP

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Rinat Akhmetov, Ukraine’s richest man, added $3 billion to his net worth in the past six months by buying state-owned energy assets sold by his hometown political ally, President Viktor Yanukovych.

As the sole bidder in two of five government auctions held since November, Akhmetov’s DTEK Holdings BV paid about $600 million to acquire state stakes in some of the country’s leading power generators and distributors that gave him control of about 70 percent of the country’s thermal power output.

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harley May 3, 2012, 4 p.m.    

So, if the reporters are correct; Yanukovych supporter,Akmetov, increased his wealth by $3 billion with an investment of only $600 million, for a net gain to Akmetov of $2.4 billion and presumably a net loss of $2.4 billion to Ukraine (and her citizens), due to the underpricing of the asset. Super.

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Phill M May 3, 2012, 7:05 p.m.    

Hopefully, whoever replaces Yanuk after the next election will annul the auctions, seize the assists, and resell them at an open and fair auction for $2.5 billion.

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Your Critic May 3, 2012, 7:12 p.m.    

Makes me throw up, to read how the Ukraine people are diving deeper into poverty while the associates of the politicians are stealing everything in sight, and I am sure they are sending all the profits out of Zookraine for the day there is nothing left to steal, or hopefully the real Ukranian people revolt.

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Jaroslaw Sawka May 7, 2012, 9:09 a.m.    

Famous last words !!!

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