Russia’s Richest Man Brings Key Assets Back to Russia: Reports

© Sputnik / Vladimir Fedorenko / Go to the mediabankUSM Holdings owned by Alisher Usmanov has moved its stocks of Megafon and Metalloinvest shares to Russia
USM Holdings owned by Alisher Usmanov has moved its stocks of Megafon and Metalloinvest shares to Russia - Sputnik International
Alisher Usmanov's USM holdings decided to move its assets under the Russian jurisdiction in line with President Vladimir Putin's call for deoffshorization of the Russian economy.

Sixty-one-year old Alisher Usmanov is one of the most famous Russian businessmen with a fortune estimated at $16.1 billion, according to the Forbes 2014 ranking - Sputnik International
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MOSCOW, December 20 (Sputnik) — USM Holdings owned by Russia’s richest man Alisher Usmanov has moved its stocks of Megafon and Metalloinvest shares to Russian holding companies AF Telekom Holding and USM Metalloinvest, Forbes reports citing a press statement.

The transactions were completed by the same corporate group.

"Both companies will be moved under the Russian jurisdiction, they are of a strategic importance for the Russian economy," the statement reads.

The statement also said the move is being taken according to the policy announced by Russian President Vladimir Putin. During his annual address to the Federal Assembly on December 4, Putin called for deoffshorization of the Russian economy. The president also suggested introducing a "guideline on tax on profits of foreign companies" into the Russian tax code.

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Megafon carrier serves more than 71 million customers. Metalloinvest is the largest iron ore producer in Russia and the CIS.

USM Holdings was established in 2012 to consolidate various assets owned by Usmanov, including Mail.Ru Group, UTV media holding (Disney Russia, Muz-TV and U channels), the Kommersant publishing house, alongside with Megafon and Metalloinvest.

Alisher Usmanov, Vladimir Skoch and Farhad Moshiri are major shareholders of USM Holdings.

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