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ISTANBUL/BRUSSELS (Reuters) - Russian businessman Andrey Melnichenko ceded control of two of the world's largest coal and fertilizers companies to his wife the day before he was sanctioned by the European Union, according to three people familiar with the matter.
Russian businessman Andrey Melnichenko ceded control of two of the world's largest coal and fertilizers companies to his wife the day before he was sanctioned by the European Union, according to three people familiar with the matter. Melnichenko, who made his fortune in Russia's energy industry in the years following the 1991 fall of the Soviet Union, gave up his stakes in the coal producer SUEK AO and fertilizer group EuroChem Group AG on March 8, the day of his 50th birthday, leaving his wife, Aleksandra Melnichenko, in control of the companies, the people said. Until March 8, Melnichenko controlled the two companies through a chain of trusts and corporations stretching from Moscow and the Swiss town of Zug to Cyprus and Bermuda, according to legal filings reviewed by Reuters.
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