Victor Pinchuk

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Victor Mykhailovych Pinchuk
Віктор Михáйлович Пінчýк
Viktor Pinchuk David Shankbone 2010.jpg
Pinchuk at the 2010 Time 100 Gala.
Born (1960-12-14) December 14, 1960 (age 53)
Ukraine Kyiv, Ukraine
Occupation Businessman and philanthropist
Net worth US$3.8 billion (October 2013)[1]
Spouse(s) Olena Arshava (div.)
Olena Leonidivna Pinchuk
Children 4

Victor Pinchuk (Ukrainian: Віктор Михáйлович Пінчýк, Victor Mykhailovych Pinchuk; born December 14, 1960) is a Ukrainian businessman and philanthropist. In March 2012, Forbes ranked him 255th on the list of the wealthiest people in the world, with a fortune of $4.2 billion.[2] Pinchuk is the founder and main owner of EastOne Group LLC, an international investing, project funding and financial advisory company based in London, and of Interpipe, one of Ukraine's leading pipe, wheels and steel producers. Pinchuk is the owner of four TV channels and a popular tabloid, Fakty i Kommentarii. He has been a member of the Ukrainian parliament, the Verkhovna Rada, for two consecutive terms from 1998 to 2006. He is married to Olena Pinchuk, the daughter of former President of Ukraine Leonid Kuchma.

Early life and career[edit]

Pinchuk was born in 1960 in Kyiv to Jewish parents[3][4] who moved to the industrial city of Dnipropetrovsk. He graduated from Dnipropetrovsk Metallurgical Institute in 1983, 7 years later he founded Interpipe Company on the basis of his patented innovations which were successfully adopted by leading metallurgical factories in the USSR.

Interpipe Corporation, whose customers include Gazprom and Rosneft, is a major producer of seamless pipes and railway wheels. In 2004, Interpipe became the first Ukrainian company member of the World Economic Forum. Interpipe is very active in the fight against HIV/AIDS at the workplace and in 2004 became the first Eastern European company member of the Global Business Coalition against HIV/AIDS. In 2004 Pinchuk and Rinat Akhmetov, two of Ukraine's richest men, acquired the Kryvorizhstal steel factory for about $800 million.[5] Later, the first Tymoshenko Government reversed this sale, and held a nationally-televised repeat auction that netted a $4.8 billion.[5] In 2006, Pinchuk founded an investment advisory company, EastOne. Its portfolio includes industrial assets such as production of pipes and tubes, railcar wheels, specialty steels and alloys, machinery, as well as media.

Pinchuk was a member of the Ukrainian Parliament between 1998 and 2006 for Labour Ukraine.[6]). He left politics after he came to the conclusion that Ukraine had reached a level of development when business and politics should be separated.

Pinchuk is a member of the Board of the Peterson Institute for International Economics, of the International Advisory Council of Brookings Institution and of the Corporate Advisory Board of the Global Business Coalition against HIV/AIDS, TB and Malaria.

Philanthropy[edit]

Pinchuk has supported philanthropic projects in Ukraine. In 2006, he consolidated these activities under the Victor Pinchuk Foundation, which is now considered the largest private Ukrainian philanthropic foundation.

Its projects include the creation of a network of modern neonatal centres throughout Ukraine, cooperation programs with the Clinton Global Initiative, the Elton John AIDS Foundation and the ANTIAIDS Foundation of his wife Olena Pinchuk, the creation of the Kyiv School of Economics, a cooperation with the Aspen Institute, the opening of the first large scale contemporary art centre in Ukraine PinchukArtCentre, the creation and development of the only Ukrainian private chamber orchestra, the production and promotion of a film with Steven Spielberg on the Holocaust in Ukraine, human rights projects with George Soros and support of local Jewish communities.

In June 2009 Pinchuk organized the Paul McCartney free concert on the Maidan Square in Kyiv in front of 500,000 people. As an initiative of the Pinchuk Art Center,[7] in December 2009 Pinchuk announced a new $100,000 prize for artists under the age of 35. The Future Generation Art Prize is awarded every two years and is open to any young artist who applies online. The jury includes Elton John, Eli Broad, Richard Armstrong, Glenn D. Lowry and/or Miuccia Prada. Damien Hirst, Takashi Murakami, Andreas Gursky and Jeff Koons, artists whose work Pinchuk collects, serve as mentors who support to the finalists and the winner.[7] In December 2010, the main prize was awarded to Brazilian artist Cinthia Marcelle.

In February 2013, Victor Pinchuk has committed to give half or more of his fortune during his lifetime and beyond to philanthropic causes, joining the Giving Pledge, a philanthropic initiative founded in 2010 by Bill Gates and Warren Buffett.

Yalta European Strategy[edit]

In 2004 Pinchuk created the Yalta European Strategy (YES) - an international independent organization that is promoting Ukraine joining the European Union. Its annual summer meeting in Yalta has become the main high-level Ukraine-EU forum for debate and policy recommendations development. At the recent annual meetings among others, Bill Clinton, Hillary Clinton, Tony Blair, Stefan Fule, Paul Krugman, Alexei Kudrin, Shimon Peres, Dominique Strauss-Kahn, Larry Summers and other political and business leaders were present to discuss Ukraine's European perspectives and global challenges. Pinchuk has long promoted closer ties between Ukraine and the EU.[8]

Personal life[edit]

Victor Pinchuk is married to Olena Pinchuk, the daughter of former President of Ukraine Leonid Kuchma. Olena Pinchuk runs the ANTIAIDS Foundation, which focuses on prevention and retroviral distribution and AIDS care in Ukraine. She and Victor Pinchuk are friends of singer Elton John[citation needed] and former US President Bill Clinton, whose 60th birthday Pinchuk attended in New York.[9] Victor Pinchuk has three daughters and a son.

Viktor Pinchuk spent more than $6 million on his 50th birthday party in the French ski resort of Courchevel. He flew in Cirque de Soleil and Chef Alain Ducasse for the occasion.[10]

Rankings[edit]

Forbes ranked him # 336 on the list of the wealthiest people in the world in 2011, with a fortune of $3.3 billion.[1] Pinchuk was listed as one of the "2010 Time 100 - The World's Most Influential People" in Time Magazine. He was ranked #1 on the ranking of promoters of Ukraine abroad by the Institute of World Policy and #37 on the Power 100 ranking of ArtReview in 2010.

See also[edit]

References[edit]

External links[edit]