Published On: Tue, Oct 14th, 2014

Putin Buddies Arkady and Boris Rotenberg Move Assets to Sons to Dodge Sanctions

Billionaire Arkady Rotenberg (R) with Russian President Vladimir Putin

A childhood friend and sometime judo partner of Vladimir Putin, Arkady Rotenberg and his brother Boris are moving their assets to their sons  to avoid sanctions, as reported by Bloomberg. Arkady divested from Mostrotest, a major Russian infrastructure company that cleaned up at the winter Olympics in Sochi and had $3 billion in sales last year. Arkady’s son Igor now owns 26% of the company, as well as a stake in TPS Holding. Boris Rotenberg sold his 50% stake in Finland’s Hartwell Arena to his son Roman.

The brother’s fortunes have declined since the sanctions were imposed by the U.S. on Putin’s inner circle. Arkady has lost over $300 million, and his net worth is now a mere $1.9 billion. Shares of Mostrotest have declined 39% so far this year, which makes one wonder if the Rotenberg sons resent having cope with their fathers’ losing assets.

 

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