A key man in the financial world, he expands his empire with the recovery of control of Dia, the supermarket chain with a presence in Argentina.
After years of restrictions, Fridman is once again the main shareholder of LetterOne, the fund that owns 77% of Dia.
Mikhail Fridmanone of the most influential businessmen in Russia, mikhail-fridman.jpg . Despite the international sanctions imposed after the invasion of Ukraine, managed to regain control of several of its most important assets, including the supermarket giant Daypresent in Argentina.
Who is Mikhail Fridman and why is he a millionaire?
The businessman was born in Ukraine in 1964 and, from a young age, demonstrated great business ability. Co-founder of Alfa BankRussia’s largest private bank, has expanded into other sectors, such as oil, telecommunications and retail. In 2003, Fridman and his partners formed a successful alliance with British Petroleum to create TNK-BPwhich marked a turning point in his career. After selling their shares in TNK-BP in 2013, they pocketed more than 14 billion dollarsestablishing himself as one of the richest men in his Russia.
Throughout his career, the investor has been known for his ability to move in circles close to political power, especially with the Kremlin. His success has been fueled by his network of contacts in the sectors of oil, banking, telecommunications and retail tradethus allowing you to found your own investment fund, LetterOne. This investment has had a strong presence in Europe, including acquisitions in companies in the supermarket sector.
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The recovery of the Dia Group by Mikhail Fridman
Following the international sanctions imposed following the Russian invasion of UkraineFridman lost control of several of his assets, including the shares of LetterOnethe fund that owns 77% of Daya major supermarket chain that operates in several countries, including Argentina. However, despite the restrictions, The General Court of the European Union ruled in his favorcanceling the sanctions that weighed on him and his partner Petr Aven, allowing them to regain control over their investments. This decision opened the door for the Ukrainian-born to recover his assets, including control over the supermarket giant, whose management has been affected by political tensions and sanctions.
Despite the difficulties, the businessman has managed to stabilize himself as one of the most influential shareholders in Dayensuring your participation in the company through your investment fund, LetterOne. This recovery not only means a resurgence for the Russian magnate, but also a change in the strategy of the supermarket chain, which continues to be a key player in the retail sector in several countries, including Argentina.
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How much is Mikhail Fridman’s net worth today?
Currently, Mikhail Fridman’s net worth amounts to 13.3 billion dollarsaccording to the most recent calculations by Forbes. Despite sanctions and legal challenges, his fortune remains impressive, reflecting the consolidation of his influence in the sectors of banking, oil, telecommunications and retail trade. While his wealth has been affected by international restrictions, he remains one of the most powerful men in Russia and a key player in the global business arena.
Source: Ambito
