Putin Calls And Russia's Richest Man Responds
Russia's richest man Alisher Usmanov has transferred his holdings in mobile operator Megafon and iron ore producer Metalloinvest to Russian entities after President Vladimir Putin urged businessmen to bring their assets home.
Putin redoubled his efforts to encourage businessmen to "de-offshore" their assets on Thursday in his annual end-of-year news conference, as the country's economy heads for recession, dragged down by a slump in oil prices and Western sanctions.
Cyprus-based Telecominvest Holdings Limited, a subsidiary of Usmanov's USM Holdings company, had transferred Megafon shares to AF Telekom Holding LLC, which is incorporated in Russia. AF Telekom now holds 53.8 percent of Megafon shares, Megafon said.
(Reporting by Maria Kiselyova, editing by Elizabeth Piper and Crispian Balmer) TO READ MORE – http://www.reuters.com/article/2014/12/19/us-russia-crisis-usmanov-idUSKBN0JX1A720141219