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Arkadiy Abramovich

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In this name that follows Eastern Slavic naming customs, the patronymic is Romanovich and the family name is Abramovich.
Arkadiy Abramovich
Аркадий Абрамович
Born
Arkadiy Romanovich Abramovich

(1993-09-14) 14 September 1993 (age 31)
Moscow, Russia
OccupationBusinessman
Years active2011–present
Parent(s)Roman Abramovich (father)
Irina Abramovich (mother)

Arkadiy Romanovich Abramovich (Russian: Аркадий Романович Абрамович; born 14 September 1993) is a Russian billionaire businessman heir who is the owner of ARA Capital, a private investment company.[1]

Early life and family

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Abramovich is one of five children born to Russian billionaire Roman Abramovich and former Aeroflot stewardess Irina Abramovich (née Malandina).[2] His parents divorced in 2007.[3] He has one brother, Ilya, and three sisters: Arina, Sofia, and Anna.[2] Arkadiy also has two younger half-siblings: Aaron and Leah Lou.

Career

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Arkadiy Abramovich is the founder and owner of ARA Capital, a private investment vehicle whose assets include Zoltav Resources PLC.[4][5] Until February 2022, Zoltav was listed on the London Stock Exchange's Alternative Investment Market under the ticker symbol ZOL. Through ARA Capital, Abramovich also bought a 26% stake in Crosby Asset Management.[6][7] In 2010, it was widely reported that Arkadiy made a bid for leading Danish football team FC Copenhagen; however, no bid materialised.[8][9]

In 2013, Arkadiy started working as an intern at the London office of Russian, VTB Bank.[10] During the same year, he bought a 45% share in the shell company Zoltav Resources, and purchased a stake in an oil field in Siberia for a reported $46 million.[11] $26 million of the $46 million were funneled through Zoltav to purchase CenGeo Holdings - owner of the undeveloped Koltogor oil field in Western Siberia. The remaining $20 million were pledged by ARA Capital to fund the field's development in return for more shares.[12][13]

In 2014, Zoltav completed the acquisition of Royal Atlantic Energy (Cyprus) Limited and began trading on the London Stock Exchange's Alternative Investment Market (AIM) department. Zoltav also purchased a full license for gas exploration, extraction and production in the Bortovoy area of Saratov Oblast. Bortovoy contains several active gas fields, 750 billion cubic feet of substantiated gas reserves, 3.9 million barrels of condensate, and a processing plant.[14][15]

In 2015, Arkadiy founded a company called Greenhouse,[16] specializing in vegetable farming. Though the value of the investment remains undisclosed, reports note that the farming venture would focus on growing cucumbers and tomatoes in the Belgorod region, 700 km south of Moscow. According to authorities in the Rostov region, earlier the same year Abramovich Jr. began planning a major investment (approx. $700 million) in greenhouse development in the region. The terms are still under negotiation.[17] In 2017, it was reported that Arkadiy had offered €250 million to purchase a controlling stake in CSKA Moscow.[18]

In January 2022, Arkadiy consolidated 98.91% of Zoltav Resources stock under ARA Capital control, following a buyback from minor shareholders and Bandbear Ltd.[19] A month later Zoltav Resources delisted from the London Stock Exchange.[20][21]

Offshore Trust and Lithuanian Citizenship

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In early 2022, offshore trusts holding billions of Roman Abramovich's assets were amended to transfer beneficial ownership to his seven children, including Arkadiy.[22] At the time of this transfer, Arkadiy held Lithuanian citizenship. Documents from the Cyprus Confidential leak included a scanned copy of Arkadiy's Lithuanian passport.[23] Holding Lithuanian citizenship at the time of the transfer was considered to have helped shield some of Abramovich's assets from sanctions, as his children became the new beneficiaries.[24] In 2023, Lithuania has proposed new legislation to allow stripping citizenship for national security reasons, in response to Arkadiy and another of Abramovich's children, Anna, holding Lithuanian passports.[25]

References

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  1. ^ "Abramovich Jr. Follows in His Father's Footsteps". The Moscow Times. 12 August 2011. Retrieved 11 October 2011.
  2. ^ a b Il Giornal: "Abbandonata dal marito, Galina Berezovskij si consola con 227 milioni di euro" 24 July 2011 (in Italian) \"Irina Vyacheslavovna Malandina, ex-hostess dell'Aeroflot nonché madre dei suoi 5 figli,"
  3. ^ "Profile: Arkadiy Abramovich, oligarch's son". The Independent. Retrieved 1 August 2015.
  4. ^ "Zoltav Resources – Zoltav is an oil and gas exploration and production company focused on assets in the CIS, particularly in the Russian Federation". www.zoltav.com. Retrieved 14 December 2022.
  5. ^ Bierman, Stephen; Corcoran, Jason (15 August 2011). "Billionaire Abramovich's 17-Year-Old Son Seeks Oil Deals". Businessweek. Archived from the original on 14 September 2011. Retrieved 11 October 2011.
  6. ^ "Crosby soars on Abramovich investment". The Guardian. 18 April 2011. Retrieved 11 October 2011.
  7. ^ Partington, Richard (19 April 2011). "Chelsea owner's son buys £3m stake in oil investor". City A.M. Retrieved 11 October 2011.
  8. ^ Burt, Jason (3 December 2010). "Roman Abramovich's son Arkady is linked with takeover of Danish champions FC Copenhagen". telegraph.co.uk. Retrieved 11 October 2011.
  9. ^ "Abramovich family rumoured to be eyeing FC Copenhagen". The Copenhagen Post. 2 December 2010. Archived from the original on 17 December 2010. Retrieved 11 October 2011.
  10. ^ "Abramovich Junior Interning at VTB London". The Moscow Times. 4 February 2013. Retrieved 14 November 2017.
  11. ^ Hickman, Leo (20 March 2013). "How Roman Abramovich's son Arkadiy is following in his father's footsteps". The Guardian. ISSN 0261-3077. Retrieved 14 November 2017.
  12. ^ Webb, Tim (20 March 2013). "Like father, like son: Abramovich junior strikes oil". The Times. ISSN 0140-0460. Retrieved 14 November 2017.
  13. ^ Minchom, Clive (15 December 2013). "Arkadiy Abramovich Making His Own Way In Business With Zoltav Resources Has New $170 Million Deal Pending". Jewish Business News. Retrieved 14 November 2017.
  14. ^ "Arkadiy Abramovich's Zoltav Resources Announces New Oil Acquisitions". Jewish Business News. 19 June 2014. Retrieved 14 November 2017.
  15. ^ Ashcroft, Jamie (18 June 2014). "Arkadiy Abramovich's Zoltav Resources restarts AIM trading after Russian acquisition". Proactiveinvestors UK. Retrieved 14 November 2017.
  16. ^ "Son of oligarch Abramovich builds greenhouses all over Russia". Construction.RU - Russia-wide construction online journal (in Russian). Retrieved 14 November 2017.
  17. ^ Kuchma, Anna (17 May 2016). "Why has Roman Abramovich's son become a cucumber farmer?". Retrieved 14 November 2017.
  18. ^ "Son of Chelsea owner Roman Abramovich launches club takeover - Tribal Football". Retrieved 14 November 2017.
  19. ^ "Сын Абрамовича консолидирует 98,9% акций нефтекомпании Zoltav". Interfax.ru (in Russian). Интерфакс. 1 February 2022.
  20. ^ "Zoltav сына Абрамовича завершила делистинг с Лондонской биржи" (in Russian). Интерфакс. 15 February 2022.
  21. ^ "De-listing and Cancellation of Trading on AIM". Regulatory News Service. 15 February 2022. Retrieved 16 May 2022.
  22. ^ "Lithuania seeks new powers to strip citizenship after Roman Abramovich's children exposed as Lithuanian passport holders - ICIJ". 8 December 2023. Retrieved 8 March 2024.
  23. ^ "Lithuania seeks new powers to strip citizenship after Roman Abramovich's children exposed as Lithuanian passport holders - ICIJ". 8 December 2023. Retrieved 8 March 2024.
  24. ^ "Romano Abramovičiaus vaikų kišenėse – lietuviški pasai". siena.lt. Retrieved 8 March 2024.
  25. ^ "Lithuania Drafts Law to Strip Citizenship After Abramovich Report". Bloomberg.com. 6 December 2023. Retrieved 8 March 2024.
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