Moscow mayor Yuri Luzhkov's adviser for many years, Mr. Yevtushenkov's declared personal fortune makes $5.4 billion.
He knew better than many other Russian tycoons. He got busy with cellular telephony while they were slicing out raw material and metal industries. Yevtushenkov's was the right choice-the business was burgeoning. The MTS, Moscow telephone net, became leading cellular operator and the Systema's most precious possession, in a few years' matter. The annual corporation profit makes four billion dollars. The MTS accounts for 80 per cent of that, capitalization exceeding that of the mother company-$14.4 billion, as against 8.2.
Russia has called many moneybags to account for past sins. Unlike them, Yevtushenkov and his Systema have every assistance from authorities-they never took part in security auctions and wisely sold off their scanty petroleum assets, just in time.
Now is the time to profit on previous investments. Yevtushenkov chose not to sell his chief possession apiece but offer its stock. Prospective Systema holders hope luck and intuition will stay with him. Yevtushenkov recently became his corporation head so to assume personal responsibility for future affluence of the business.
He now concentrates on electronics and information technologies. The billionaire's most daring endeavor is ahead-the government is selling off its 75% block of Svyazinvest shares within the year. The Systema will certainly bid. If it wins, the corporation will be proud possessor of another huge gem.
