Abu Dhabi Lures Billionaire Vladimir Lisin's Holdings Away From Cyprus - Bloomberg
Vladimir Lisin has transferred his stakes in Russia’s biggest steelmaker and a rail freight operator to companies registered in Abu Dhabi, the latest example of a billionaire shifting assets to the oil-rich emirate.
The businessman, who’s worth about $23 billion according to the Bloomberg Billionaires Index, moved his stakes in Novolipetsk Steel PJSC and Freight One JSC from Cyprus to Abu Dhabi special purpose vehicles Serenity II Holdings and Nebula II Holdings, according to a person with knowledge of the matter, who asked not to be identified to discuss private information. A spokesperson for the steelmaker confirmed the information.
Much of Lisin’s fortune is derived from his 79.3% stake in Novolipetsk Steel, a publicly traded producer of the metal. He owned the shares through Fletcher Group Holdings, a Cyprus-based holding company, as of December 2022, according to the company’s website.
Russian tycoons have flocked to the United Arab Emirates following Vladimir Putin’s invasion of Ukraine, drawn by low taxes, international connectivity, and a relative openness to their wealth that stands in contrast to much of the rest of the world. Moscow-based coal producer SUEK and Zug, Switzerland-based fertilizer firm EuroChem, both founded by billionaire Andrey Melnichenko, opened local trading units in the Gulf oil exporter.
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