Russia’s richest man first to bring foreign assets back home

Published time: December 19, 2014 13:29 
Edited time: December 19, 2014 15:17 

Get short URL 
<http://rt.com/business/215979-usmanov-deoffshorization-assets-russia/>  

 

President of the International Fencing Federation (FIE) Alisher Usmanov.(RIA 
Novosti / Maksim Bogodvid)

Tycoon Alisher Usmanov has become the first Russian businessman to bring the 
controlling stakes of his key assets, mobile phone operator Megafon and iron 
ore producer Metalloinvest, back to Russia, after President Putin urged 
companies to de-offshore.

"This step is related to the announcement by President Vladimir Putin of 
pursuing the de-offshorization of the Russian economy and the introduction to 
tax code clauses related to taxation of profits of foreign companies," USM 
Holdings said in a statement Friday. 

On Thursday, the President reaffirmed his commitment to de - offshorization 
during his annual Q&A session with journalists. He stressed that his first goal 
was to legalize the money rather then add more money to the budget. 

READ MORE: ‘Can’t stuff this bear’  
<http://rt.com/news/215655-putin-quotes-media-conference/> & other Putin Q&A 
quotes 

Bringing assets of Russian companies back and legalizing them has become one of 
the key points of Putin policy. There are some estimates that about US$2 
trillion has fled the Russian economy in recent years. At the beginning of 
December President Putin announced an amnesty on all funds returning to Russia, 
a month after signing an anti-offshore bill curbing capital flight. 

READ MORE: Putin offers amnesty for money coming back to Russia 
<http://rt.com/business/211339-putin-address-assembly-economy/>  

 

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