Russian billionaire Alisher Usmanov, whose holding company USM so far controlled Mail.Ru Group via MF Technologies, “is no longer the ultimate controlling party” of the group, according to a statement published earlier this week.
USM and MegaFon, two key shareholders of MF Technologies, have authorized the group’s management led by CEO Boris Dobrodeev to exercise voting rights for their shares.
The move could protect the group from international turbulence, should Usmanov be added to the U.S. sanctions list. The billionnaire is widely seen as being connected to Russian government circles.
As noted by Bloomberg, the transfer in Mail.Ru Group follows MegaFon’s delisting from the London Stock Exchange, announced in July. This decision lets Usmanov run his e-commerce business through the carrier safely, said Alexander Vengranovich, an analyst at Sova Capital, in an exchange with the news agency.
In a separate statement, Usmanov said he is leaving Mail.Ru Group’s management because “high-tech companies should be led by the younger generations.”
He also said he intends to create a major e-commerce company in Europe, competing with Amazon and eBay, in junction with Alibaba, reported Russian e-commerce publication e-pepper.
Listed on the LSE since 2010, Mail.Ru Group owns a variety of Russian Internet companies, including the country’s leading social networks VK (VKontakte) and OK (Odnoklassniki), several large game companies, popular messaging services, and e-commerce activities.
Mail.Ru Group has made an alliance with Alibaba Group in order to create a whole ecosystem that encompasses e-commerce, social communications and gaming.
