Svyazinvest Explained

OJSC Svyazinvest
Type:Open joint stock company
Foundation:November 1994
Defunct:October 1, 2013
Location:103375 Tverskaya St. 7, Moscow
Key People:Chairman of the Board of Directors: Leonid Reiman, CEO: Alexander Kiselyov
Num Employees:~
Revenue:~
Industry:Telecommunications
Products:Telecommunications, Internet services, Cable television
Homepage:http://eng.svyazinvest.ru/

OJSC Svyazinvest (Russian: ОАО Связьинвест) was Russia's largest telecommunications holding company. Based in Moscow, it was founded according to Order №1297 of the Russian government on November 25, 1994, and was registered on September 18, 1995. It was an entirely state-owned company until some shares were privatized in the late 1990s. Its operation including brand and subsidiaries were fully incorporated to Rostelecom, the former long-distance telephony monopoly. In late September 2013, Rostelecom completed the final stage of its reorganization, under which the state-run telecom holding Svyazinvest and 20 other firms were integrated into Rostelecom. The government's combined common stake in the merged company amounted to 51.12% after the reorganization.[1]

American financier George Soros invested hundreds of millions of dollars in the company. He later called it "the worst investment he's ever made".[2]

History

The company was founded in accordance with Presidential Decree №1989 "On Specific Features of State Management of the Public Switched Network in the Russian Federation" dated October 10, 1994, and Government Resolution №1297 dated November 25, 1994, and Government Resolution №742 dated July 24, 1995. Svyazinvest's charter capital was formed by consolidating state-owned stakes in 85 joint stock telecommunications companies. Svyazinvest passed official state registration on September 18, 1995.[3]

In accordance with Resolution №618 issued by the Russian government on May 23, 1997, the Russian Federal Property Fund and the State Committee of the Russian Federation for State Property Management put up for sale an interest equaling 25% + 1 share in Svyazinvest at a cash auction without any investment terms.[4]

In November 1999 Svyazinvest's board of directors amended the company charter and turned it into a management company.[5] As part of the measures to assign the status of a management company to Svyazinvest work got under way to improve procedures to manage associates, specifically by consolidating companies located in one region.

In 2004, George Soros sold his stake in Svyazinvest to Len Blavatnik for $650 million.[2] [6]

In April 2011, Svyazinvest subsidiaries were transferred to Rostelecom.[7]

In May 2011 with Igor Shchyogolev's support, Alexander Trubetskoy became chairman of the board and Vadim Semyonov, who is a citizen of both Canada and Russia, became CEO of Svyazinvest on 3 November 2010 replacing Evgeny Yurchenko because Yurchenko refused to support Konstantin Malofeev's decisions calling Malofeev "Russia's great raider" (Russian: «великим рейдером России»).[7] [8] [9]

Subsidiaries

Svyazinvest is three-quarters owned by Rosproperty and one-quarter owned by Rostelecom.

Management

Directors general

Chairman of the Board

As of June 29, 2006, Svyazinvest's Board of Directors included the following as members:

As of June 29, 2006, the Management Board included the following as members:

See also

References

External links

Notes and References

  1. Web site: Russian ministry seeking organizers for Rostelecom privatization. Prime business news agency. 14 December 2013.
  2. News: Korchagina . Valeria . Did Soros Finally Exit Svyazinvest? . . 18 March 2004 . 22 March 2022.
  3. Web site: Новости . Р. И. А. . 2011-07-25 . Борьба олигархов за "Связьинвест". Справка . 2022-12-19 . РИА Новости . ru.
  4. Web site: 2009 . Государство опять на связи . 2022-12-19 . Interfax . ru.
  5. Web site: 1999-11-19 . "Связьинвест" повернулся к мелким акционерам . 2022-12-19 . www.kommersant.ru . ru.
  6. Web site: 2010-09-13 . Как приватизировали "Связьинвест" . 2022-12-19 . www.kommersant.ru . ru.
  7. News: Министра Щеголева в Связьинвесте сменит французский князь . Minister Shchegolev in Svyazinvest will be replaced by a French prince . ru . peoples.ru . 10 May 2011 . 29 March 2022 . 29 March 2022 . https://web.archive.org/web/20220329211512/https://www.peoples.ru/news/news_ministra_shhegoleva_v_svjazinveste_smenit_francuzs.shtml.
  8. News: Шлейнов . Роман (Shleynov, Roman) . Как князя Александра Трубецкого завербовали в «Связьинвест»: Потомок русских эмигрантов гражданин Франции князь Александр Трубецкой неспроста попал в список кандидатов в совет директоров «Связьинвеста». Князь – соратник, проверенный временем: он торговал еще с СССР . How Prince Alexander Trubetskoy was recruited into Svyazinvest: A descendant of Russian emigrants, a French citizen, Prince Alexander Trubetskoy, ended up on the list of candidates for the board of directors of Svyazinvest for a reason. The prince is a comrade-in-arms, time-tested: he traded with the USSR . ru . . 15 August 2011 . 29 March 2022 . 29 March 2022 . https://web.archive.org/web/20220329210927/https://www.vedomosti.ru/technology/articles/2011/08/15/knyazsvyaznoj.
  9. News: Цуканов . Игорь (Tsukanov, Igor) . Сальманов . Олег (Salmanov, Oleg) . Дзядко . Тимофей (Dzyadko, Timofey) . Смена власти в «Связьинвесте» произошла в экстренном порядке: Акционеры не стали ждать 3 ноября, чтобы утвердить увольнение Евгения Юрченко и назначить на его место однокурсника Дмитрия Медведева. . The change of power in Svyazinvest took place on an emergency basis: Shareholders did not wait for November 3 to approve the dismissal of Yevgeny Yurchenko and appoint Dmitry Medvedev, a classmate, to take his place. . ru . . 5 October 2010 . 29 March 2022.

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