Credit Crunch Hits Russian Billionaire
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Credit Crunch Hits Russian Billionaire
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October 5th, 2008 at 11:57 am
[...] Mortgage Rates wrote an interesting post today onHere’s a quick excerpt Moscow – Billionaire Oleg Deripaska, regarded as one of Russia’s richest men, has become one of the highest-profile Russian victims of the global financial crisis. The development signals that the financial turmoil has swept into the country. Mr Deripaska was forced to give up a 20 per cent stake in Canadian car-parts maker Magna to creditors. He had bought the stake in Magna -seen as a showcase Western acquisition -for US$1.4 billion (S$2 billion) only a year ago. The company’s share valu [...]
October 5th, 2008 at 12:17 pm
[...] Mortgage Rates wrote an interesting post today onHere’s a quick excerpt Moscow – Billionaire Oleg Deripaska, regarded as one of Russia’s richest men, has become one of the highest-profile Russian victims of the global financial crisis. The development signals that the financial turmoil has swept into the country. Mr Deripaska was forced to give up a 20 per cent stake in Canadian car-parts maker Magna to creditors. He had bought the stake in Magna -seen as a showcase Western acquisition -for US$1.4 billion (S$2 billion) only a year ago. The company’s share valu [...]