Condition Akhmetov fell by 80%

As the richest man of Ukraine Rinat Akhmetov “hit” the decline of commodity markets.

Состояние Ахметова упало на 80%

As the Wave passes, this writes Bloomberg.

It is reported that in 2013, the state Akhmetov was 22.4 billion dollars, but over the last seven years fell by 80%,which is one of the most significant drops, the tracked index billionaires.

“53-year-old businessman forged a conglomerate from the ruins of the post-Soviet period, have avoided prosecution and saved his Empire from more than a decade of political instability, including the annexation of Crimea by Russia and military conflict with the Kremlin-backed separatists”, – noted in the material.

It is emphasized that the President of Ukraine Vladimir Zelensky Ukrainian oligarchs promised to release from influential positions, but recently appointed a former top Manager of DTEK’s Prime Minister. Journalists believe that this may be a signal that his relationship with Akhmetov became more warm, though according to the President, it’s just a coincidence.

The current task of the Ukrainian tycoon, according to journalists, is the preservation of its business afloat, because the pandemic coronavirus led to lower prices for industrial goods.

In Ukraine, industrial production declined in February for the fifth consecutive month in connection with the tensions in global trade, and pandemics, which limits the demand for goods.

Metinvest, the largest manufacturer of hard times in the country began last year with the fall in world metal prices and the growth of the hryvnia against the dollar more than 16%. Consequently, this has led to the decline in profits of the holding company. The press service noted that the situation was so bad that the company has cancelled the traditional new year’s eve party in an upscale restaurant.

Leaving messages of Metinvest in the current month, the company is not faced with the problem of shortage of orders, however, may suspend some of the projects of modernization in times of crisis.

Director General Maksym tymchenko at a press conference said that warm winter weather led to lower consumption of electricity and natural gas. As a result, the production of coal in the energy company Akhmetov’s DTEK may fall by 30% this year.

It is emphasized that DTEK has invested close to $ 1.2 billion in renewable energy, but can spend less money in this area, because the global economy is slowing, and government regulation makes the industry less attractive for investment.

“DTEK has come to rely on themselves in crisis situations and solve them. But today, our margin of safety is over,” – said Timchenko.

Meanwhile, the representative of the SCM, the holding company for Akhmetov, in an email said it plans to focus on “core” industrial enterprises, not to expand the agricultural activities of the company HarvEast.