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Former British Prime Minister George Osborne has won one of his first missions since reinventing his position as an investment banker and advises a major metal group founded by Russian oligarch Oleg Deripaska. Secured the role of the new employer.
Robey Warshaw, Corporate Advisory Company Osborne jOiled in aprilRusal, a London-listed subsidiary of EN +, will negotiate some issues with Norilsk Nickel, the world’s largest nickel producer, which counts Russian billionaire Vladimir Potanin as its controlling shareholder. We are supporting.
Osborne, the British Prime Minister of David Cameron’s administration from 2010 to 2016, said people contributed to the success of the business, partly because of his relationship with EN + chairman Greg Barker. Barker was Minister of the Cameron coalition and was Osborne’s political ally.
Although he had no banking background, Osborne gave up much of his huge portfolio of jobs since he left politics, including editing the Evening Standard newspaper in London and spells at investment manager BlackRock, and partnered with him. Joined the Robay War Show as.
The Boutique Advisory Farm was founded in 2013 by former Morgan Stanley banker Simon Robey and former UBS banker Simon Warshaw. Prior to Osborne’s participation, there were only three partners and a few staff. Made a profit of £ 207m Over the last seven years, he has provided advice on some of the UK’s largest corporate transactions.
When Osborne joined, Robey Warshaw said the former Prime Minister’s career and politically integrated network would enhance the advice he gave his clients. However, others in the advisory industry have warned that this decision would lead to further scrutiny of unobtrusive companies.
Listed on London in 2017, EN + has control of Rusal, Hong Kong-listed largest aluminum producer outside of China, and also owns Russian hydropower assets.
Barker, who resigned as a member of parliament in 2015 and became a peer, became a part-time chairman of EN + shortly before listing on London in 2017. Currently, as part-time chairman, he oversees the most common restructuring of Rusal. Contaminated assets have spun off to a new Moscow-listed company.
In 2018, the United States sanctioned Deripaska’s then-dominated EN + and Rusal on the relationship between the oligarchs and the Kremlin, causing turmoil in the global aluminum market.
Deripaska relinquished control of EN + and Rusal in 2019 in a Barker-mediated transaction in exchange for the United States lifting sanctions on both companies. Deripaska remains a “specially designated citizen” by the United States and holds a 44.95% stake in EN +, but his voting rights are limited to 35%.
Barker received a $ 5.9 million “discretionary bonus” from EN + for his role in brokering transactions.Osborne said In 2008 He has met Russian oligarchs five times on the Greek island, including four on weekends.
Interros, dominated by Rusal and Potanin, who own 27.8 percent of Norilsk, and owns 30 percent, has long been an uneasy companion. Interros will act as a managing partner and Potanin will act as Norilsk’s CEO as part of the 2012 agreement between the two major investors.
Robey Warshaw, EN +, Interros and Norilsk Nickel all declined to comment.
According to two people familiar with the meeting, Rusal aims to reach a new agreement on Norilsk’s dividend policy, management, environment, society and governance issues. The current agreement between major shareholders will expire at the end of 2022.
The large dividends paid by Norilsk are the main source of income for Rusal, which has a large amount of debt.
Norilsk, one of the world’s most profitable mining companies, has been plagued by a series of controversies over suspected mismanagement and a recent series of environmental disasters, and last year Potanin was released by Russian President Vladimir Putin. I was dressed.
Additional report by Nastassia Astrasheuskaya in Moscow
Osborne’s Tory ties help win advisory role for Deripaska-backed EN+ Source link Osborne’s Tory ties help win advisory role for Deripaska-backed EN+
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