Mikhail Prokhorov
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Mikhail Prokhorov (born May 3, 1965) is a Russian self-made billionaire and oligarch. He made his name in the financial sector and went on to become one of Russia's leading industrialists in the precious metals sector. He is the former chairman of Norilsk Nickel, the world's largest producer of nickel and palladium, and the current chairman of Polyus Gold, Russia's largest gold producer.
In May 2007, Prokohorov launched a $17 billion private investment fund, Onexim Group, focused on the development of nanotechnology, including hydrogen fuel cells, as well as other high-technology projects and non-ferrous and precious metals mining. One of the key areas of development is the production of materials with ultra–tiny structures used in energy generation and medicine.
In June 2007, Russian Prime Minister Mikhail Fradkov announced the formation of the Government Council for Nanotechnology, to oversee the development of nanotechnology in the country. Prokhorov was one of 15 individuals appointed to the council, which will be chaired by Russian First Deputy Prime Minister Sergei Ivanov.
Mikhail Prokhorov's net worth is currently estimated at $19.5 billion, making him the 24th richest man in the world according to Forbes magazine's list of the World's Richest People in 2008.
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[edit] Early Life and Education
Mikhail Prokhorov was born on May 3, 1965, one of two children in his family. His father was a member of the Soviet sports committee and his mother was a scientist. His parents sent him to a language medium school in Moscow and then to the Moscow Financial Institute. In 1989, he graduated with a first class degree from the International Economic Relations Department of Moscow State Financial Institute. He also has an older sister named Irina.
[edit] Career
From 1989 to 1992 he was head of the International Bank for Economic Cooperation’s Management Board. In 1993, during the largely unregulated privatization of former state-controlled industries after the fall of Communism, Prokhorov (together with Vladimir Potanin) engineered the acquisition of Norilsk Nickel by the Unexim Bank, of which he was then chairman of the board.
[edit] Head of Norilsk Nickel
Prokhorov is largely credited with transforming Norilsk from an inefficient[citation needed] conglomerate into one of the largest and most profitable natural resource corporations in the world. After selling many of its non-mining assets, he moved to modernize a complicated, expensive business venture which required icebreakers to transport metal over the frozen Arctic region. Prokhorov invested in an innovative Finnish freighter that did not require icebreakers.[citation needed]
Norilsk is headquartered in the Siberian city of the same name. Environmental and labor conditions are harsh there, and pollution remains a problem; Prokhorov has invested heavily in pollution control. He has also converted Norilsk Nickel's gold-mining concerns into the $8.5 billion corporation Polyus Gold, Russia’s largest gold producer, of which he is chairman of the board.
[edit] Other Activities
In March 2004 he founded the Cultural Initiatives Foundation (The Mikhail Prokhorov Foundation), a charitable foundation. He gives financial support to CSKA Moscow's basketball, hockey and football clubs, and is a member of the Supreme Council of the Sport Russia organisation.
In August 2006 he was awarded the Order of Friendship for his significant contribution to the growth of Russia’s economic potential, when the President of the Russian Federation, Vladimir Putin, signed an order for the granting of state honours on August 18, 2006.
[edit] Reputation and Controversy
Prokhorov is a bachelor known throughout the world and especially in Russia for his lavish lifestyle. He was satirized on a Russian TV commercial for his love of travelling the world in a private jet in the company of beautiful women. He is a keen sportsman and takes an active interest in basketball, kickboxing, track athletics and skiing.[citation needed]
At an annual two-week Christmas party for the Russian rich at the French Alpine resort of Courchevel in January 2007, he was arrested for allegedly arranging prostitutes for his guests. After four days he was released without charge.[citation needed]
