Premier League - Abramovich worth over £11bn
Thu, 17 Feb 13:41:00 2011
Russian authorities have released details of the assets and wealth of Chelsea owner Roman Abramovich, estimated to be worth more than £11 billion.
Russia's election commission released the details as required for next month's parliamentary election in the Eastern province of Chukotka, where Abramovich is in line to be a parliamentary deputy.
Since the recent economic downturn, Abramovich's wealth is on the rise again as Forbes magazine estimates the oligarch to be Russia's fourth-richest man.
But according to Abramovich's spokesman John Mann, the numbers may not show the full extent of his wealth.
"It is the first time it (Abramovich's wealth) has been published in this format because of the new rules.
"This shows the interest income on his bank deposits. It is not his full income."
Abramovich's fortune is mostly held in companies including Millhouse Capital, Eucla Investments Limited, Primerod International Limited and Chelsea Limited, which owns the Premier League club.
With much of his wealth tied into company investment, the figures released are a fraction of the 44-year-old's oil fortune.
John Mann believes that these figures could put to bed rumours of Abramovich's tax status.
"Perhaps the fact that the Russian properties are listed first will encourage reporters to stop falsely reporting that his principle home is London.
"It will also stop people reporting on properties he has never owned."
Abramovich's declaration of wealth will increase fascination into how he spends his money outside of lavish investments, such as smashing the British transfer fee record by purchasing former Liverpool striker Fernando Torres for £50 million.
Apart from the extensive list of residences in several countries, Abramovich's taste in cars may seem less opulent than expected.
The most luxurious of the vehicles declared is a Mercedes S500L, but a four-year-old Volkswagen Golf fills out his garage.
"He's a sensible guy," said spokesman Mann about the modest collection. "I guess he doesn't want to give that image."
Abramovich's more majestic purchases, such as his four super-yachts and collection of private jets and helicopters, were not disclosed in the report.
The declaration is unlikely to interest the residents and voters from Chukotka, where the average income is estimated at £11,000 a year.
But Abramovich's work while governor of Chukotka between 2000 and 2008 will not go unnoticed, as he spent a reported £2bn on public facilities as part of Putin's attempts to push oligarchs to give back their wealth to society.
Campaigners for greater transparency in Russia, such as Elena Panfilova, head of Transparency International's Moscow bureau, have welcomed the declaration.
"Even if there's a small sliver of light it's already easier to see. We have seen one piece (of his wealth), and hopefully more will appear."
Some highlights of Abramovich's December 2010 declaration of wealth include:
Seven in Britain, two in the United States, three in France, four in Russia, and one in the Caribbean. Estimated total value of property: £300m
Seven, notably Mercedes S500L (2010), BMW 760Li (2010), VW Golf (2007). Estimated total value of car collection: £650,000
Cash and shares
£71.78m across 22 separate bank accounts, £25.48m tied up in shares
100% of Chelsea Limited (football club estimated worth of £402.19 million), 100% of Lowndes Square Management Company Limited, 100% of Croe France Chateau de la Croe and Eucla Investments Limited, 25% of Primerod International Limited, 100% of Wotton Overseas Holdings Limited, and 100% of Camberley International Investments Limited.
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