Yelena Baturina
Encyclopedia
Yelena Nikolayevna Baturina (Еле́на Никола́евна Бату́рина) (born 8 March 1963) is a Russian oligarch, Russia's richest woman and the only Russian woman worth more than a billion dollars. She is the joint 993rd richest person in the world currently, after tumbling from a much higher wealth. Her husband, Yuriy Luzhkov
, was mayor of Moscow from 1992 to 2010.
, in 1987 when they were both serving on the Mosgorispolkom, a Soviet-era municipal commission. They married in 1991. The next year he became mayor of Moscow. In 2010 he was sacked by President Medvedev amidst accusations of corruption and mismanagement voiced on state run television. Yuriy himself had at one time been tipped to run for president, though he never did.
("Inteko" (Интеко) in Russian), which focuses on construction though it began as a plastics business. After Luzhkov became the mayor of Moscow in 1992, Inteco grew quickly, and he was accused of corruption because he awarded municipal contracts to his wife's company. For instance, Inteco was controversially awarded the contract to produce 85,000 seats for Luzhniki Stadium
, Moscow's largest stadium, in 1995. At one point Inteco was said to control 20% of construction in the capital. It is now being restructured away from building projects. In 2005 Inteco sold its cement works and DSK-3, a producer of prefabricated buildings, for $1.1 billion. Baturina then bought shares in Gazprom
and Sberbank
.
magazine, Baturina's net worth was $4.2 billion in 2008, up from $3.1 billion in 2007, $2.3 billion in 2006 and $1.1 billion in 2004. According to magazine Finans, her wealth fell during the credit crunch
to just $1 billion in February 2009, causing her to ask the Russian government for a bailout for Inteko. Her wealth, as of 2011, was listed as $1.2 billion.
Baturina has a diverse portfolio. She owns hotels in the Black Sea tourist resort of Sochi
, over 72,000 hectares of agricultural land in the Belgorod Oblast
, and also a factory that produces a million cans of sweetened condensed milk
each year.
.
On 13 October 2005, Inteco lawyer Dmitry Steinberg was shot at the entrance to his house. Baturina attended his funeral.
enthusiast and the president of the Equestrian Federation of Russia. She has two daughters with Luzhkov, Elena (born 1992) and Olga (born March 1994).
Yuriy Luzhkov
Yury Mikhaylovich Luzhkov is a Russian politician who was the Mayor of Moscow from 1992 to 2010. He was also vice-chairman and one of the founders of the ruling United Russia party....
, was mayor of Moscow from 1992 to 2010.
Early life
Baturina is a Moscow native who began working at the Fraser plant (where her parents worked) after graduating from high school. She soon left for the Institute of Economical Problems of All-Around Development of the National Economy. She later got a degree, graduating from the Moscow-based State University of Management. Baturina met her future husband, Yuriy LuzhkovYuriy Luzhkov
Yury Mikhaylovich Luzhkov is a Russian politician who was the Mayor of Moscow from 1992 to 2010. He was also vice-chairman and one of the founders of the ruling United Russia party....
, in 1987 when they were both serving on the Mosgorispolkom, a Soviet-era municipal commission. They married in 1991. The next year he became mayor of Moscow. In 2010 he was sacked by President Medvedev amidst accusations of corruption and mismanagement voiced on state run television. Yuriy himself had at one time been tipped to run for president, though he never did.
Career
In 1991 Baturina founded her company, IntecoInteco
Inteco is a Russian construction company, 99% of which is owned by Yelena Baturina, Russia's richest woman and wife of former Moscow city mayor, Yuriy Luzhkov.-Early years:...
("Inteko" (Интеко) in Russian), which focuses on construction though it began as a plastics business. After Luzhkov became the mayor of Moscow in 1992, Inteco grew quickly, and he was accused of corruption because he awarded municipal contracts to his wife's company. For instance, Inteco was controversially awarded the contract to produce 85,000 seats for Luzhniki Stadium
Luzhniki Stadium
The Grand Sports Arena of the Luzhniki Olympic Complex in Moscow, or briefly Luzhniki Stadium , is the biggest sports stadium in Russia. Its total seating capacity is 78,360 seats, all covered. The stadium is a part of the Luzhniki Olympic Complex, previously called the Central Lenin Stadium...
, Moscow's largest stadium, in 1995. At one point Inteco was said to control 20% of construction in the capital. It is now being restructured away from building projects. In 2005 Inteco sold its cement works and DSK-3, a producer of prefabricated buildings, for $1.1 billion. Baturina then bought shares in Gazprom
Gazprom
Open Joint Stock Company Gazprom is the largest extractor of natural gas in the world and the largest Russian company. Its headquarters are in Cheryomushki District, South-Western Administrative Okrug, Moscow...
and Sberbank
Sberbank
Sberbank Rossii is the largest bank in Russia and Eastern Europe. The company's headquarters are in Moscow and its history goes back to Cancrin's financial reform of 1841...
.
Personal wealth
According to ForbesForbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
magazine, Baturina's net worth was $4.2 billion in 2008, up from $3.1 billion in 2007, $2.3 billion in 2006 and $1.1 billion in 2004. According to magazine Finans, her wealth fell during the credit crunch
Credit crunch
A credit crunch is a reduction in the general availability of loans or a sudden tightening of the conditions required to obtain a loan from the banks. A credit crunch generally involves a reduction in the availability of credit independent of a rise in official interest rates...
to just $1 billion in February 2009, causing her to ask the Russian government for a bailout for Inteko. Her wealth, as of 2011, was listed as $1.2 billion.
Baturina has a diverse portfolio. She owns hotels in the Black Sea tourist resort of Sochi
Sochi
Sochi is a city in Krasnodar Krai, Russia, situated just north of Russia's border with the de facto independent republic of Abkhazia, on the Black Sea coast. Greater Sochi sprawls for along the shores of the Black Sea near the Caucasus Mountains...
, over 72,000 hectares of agricultural land in the Belgorod Oblast
Belgorod Oblast
Belgorod Oblast is a federal subjects of Russia . Its administrative center is the city of Belgorod. Population: 1,532,670 .-History:...
, and also a factory that produces a million cans of sweetened condensed milk
Condensed milk
Condensed milk, also known as sweetened condensed milk, is cow's milk from which water has been removed and to which sugar has been added, yielding a very thick, sweet product which when canned can last for years without refrigeration if unopened. The two terms, condensed milk and sweetened...
each year.
Brother
In 2007 Viktor Baturin, Yelena's brother, with whom she founded Inteco, sued Inteco for $120 million for wrongful dismissal.Intimidation of Inteko
On 9 October 2005 executive director of Inteko-agro Alexander Annenkov was attacked in Belgorod by three assailants armed with axes. He survived. At the time Baturina had been having business problems in Belgorod, with her attempts to modernise farmland there being opposed by local governor Yevgeny SavchenkoYevgeny Savchenko
Yevgeny Stepanovich Savchenko is the governor of Belgorod Oblast in Southern Russia. He has been in office since 1993, he is a member of the...
.
On 13 October 2005, Inteco lawyer Dmitry Steinberg was shot at the entrance to his house. Baturina attended his funeral.
After husband's dismissal
In November 2010 Luzhkov gave an interview to the Telegraph newspaper stating that the couple was sending their daughters to study in London to protect them from possible persecution from the Russian authorities. He said that a house had been bought in the west of the city for them. He said that he and his wife intend to visit them regularly. Luzhkov also claimed that the Russian authorities were planning to break up Baturina's business empire and that the couple would fight the attempt: "We will not give up. My wife will battle for her business and for her honour and self-worth. That is for sure."Personal life
Baturina is an equestrianEquestrianism
Equestrianism more often known as riding, horseback riding or horse riding refers to the skill of riding, driving, or vaulting with horses...
enthusiast and the president of the Equestrian Federation of Russia. She has two daughters with Luzhkov, Elena (born 1992) and Olga (born March 1994).