Victor Pinchuk

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Victor Mykhailovych Pinchuk
Viktor Pinchuk David Shankbone 2010.jpg
Pinchuk at the 2010 Time 100 Gala
Born (1960-12-14) 14 December 1960 (age 55)
Kyiv, Ukrainian SSR, Soviet Union
Other names Віктор Михайлович Пінчук
Occupation Businessman and philanthropist
Known for Interpipe Group
EastOne Group LLC
Net worth DecreaseUS$1.52 billion (April 2015)[1]
Spouse(s) Elena Arshava (div.)
Olena Kuchma Franchuk
Children 4

Victor Pinchuk (Ukrainian: Віктор Михáйлович Пінчýк, Viktor Mykhailovych Pinchuk; born 14 December 1960) is a Ukrainian businessman and philanthropist. As of January 2016, Forbes ranked him as 1250th on the list of wealthiest people in the world, with a fortune of US $1.44 billion.[1]

Pinchuk is the founder of EastOne Group LLC, an international investing, project funding and financial advisory company based in London, and of Interpipe Group, one of Ukraine's leading pipe, wheel 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 Ukrainian President Leonid Kuchma.[2]

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 with a doctorate in industrial engineering in 1987.[5] Three years later, he founded the Interpipe Company on the basis of his patented innovations, which were adopted by leading metallurgical factories in the USSR.

Interpipe is a major producer of seamless pipes and railway wheels. In 2004, Pinchuk and Rinat Akhmetov, two of Ukraine's richest men, acquired the Kryvorizhstal steel factory for about $800 million.[6] Later, the first Tymoshenko Government reversed this sale, and held a nationally-televised repeat auction that netted $4.8 billion.[6] In 2006, Pinchuk founded an investment advisory company, EastOne.[7] Its portfolio includes industrial assets such as production of pipes and tubes, rail car 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.[8][9] 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. Pinchuk holds a share of VS Energy International Ukraine together with Mikhail Spektor and Igor Kolomoisky.[10]

In 2015, Pinchuk brought a $2 billion civil action against fellow Ukrainian oligarchs Ihor Kolomoyskyi and Gennadiy Bogolyubov in the High Court of Justice in London over the 2004 purchase of a Ukrainian mining company. Allegations made include murder and bribery.[11][12] In January 2016, an undisclosed out of court settlement was reached just before the trial was due to start.[13]

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.[5] Its projects include the creation of a network of modern neonatal centres throughout Ukraine, cooperation programs with the Clinton Global Initiative,[2] 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 production and promotion of a film with Steven Spielberg on the Holocaust in Ukraine, and support of local Jewish communities.[5]

In June 2009, Pinchuk organized the Paul McCartney free concert on Independence Square in Kyiv in front of 500,000 people. As an initiative of the Pinchuk Art Center,[14] 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. Damien Hirst, Takashi Murakami, Andreas Gursky and Jeff Koons, artists whose work Pinchuk collects, serve as mentors to the finalists and the winner.[14]

In February 2013, Pinchuk committed to giving 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.

In November 2014 in Kyev, Pinchuk was presented with the 2014 Metropolitan Andrey Sheptytsky Award for his work in fostering Ukrainian-Jewish relations.[15]

Yalta European Strategy[edit]

In 2004, Pinchuk created Yalta European Strategy (YES) - an international independent organization that is promoting Ukraine joining the European Union. Its annual summer meeting in Yalta is a Ukraine-EU forum for debate and policy recommendations development. Bill Clinton, Hillary Clinton, Tony Blair,[13] Stefan Fule, Paul Krugman, Alexei Kudrin, Shimon Peres, Dominique Strauss-Kahn, Larry Summers and other political and business leaders have attended.[citation needed]

Pinchuk promotes closer ties between Ukraine and the EU.[16] He is an active participant in the World Economic Forum at Davos.[17]

Personal life[edit]

Victor Pinchuk is married to Olena Pinchuk, the daughter of the second 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 Pinchuk are friends of singer Elton John and former US President Bill Clinton, whose 65th birthday party Pinchuk attended in Los Angeles.[2][9] Victor Pinchuk has three daughters and a son.

Pinchuk spent more than $6 million on his 50th birthday party in the French ski resort of Courchevel, flying in Cirque du Soleil and chef Alain Ducasse.[18]

Rankings[edit]

Forbes ranked him No. 1250 on the list of the wealthiest people in the world in 2016, with a fortune of US $1.44 billion.[1] Pinchuk was listed as one of the "2010 Time 100 - The World's Most Influential People" in Time Magazine. He was ranked No. 38 on ArtReview magazine's 2013 Power 100 ranking of people in contemporary art.

See also[edit]

References[edit]

  1. ^ a b c "Forbes The World's Billionaires". 
  2. ^ a b c Chozick, Amy; Eder, Steve (20 August 2016). "Foundation Ties Bedevil Hillary Clinton's Presidential Campaign". The New York Times. Retrieved 23 November 2016. 
  3. ^ Arielle Thédrel (2009-10-27). "Victor Pinchuk, oligarque philanthrope". Le Figaro (in French). Retrieved 26 September 2014. 
  4. ^ Cnaan Liphshiz (February 6, 2013). "Jews occupy top 3 places on Ukrainian list of philanthropists". JTA. Retrieved 14 October 2013. 
  5. ^ a b c Danilova, Maria (13 December 2013). "In Ukraine, a Jewish Oligarch Is a Bridge to the West". Tablet Magazine. Retrieved 23 November 2016. 
  6. ^ a b Monopolies thrive as toothless state bows to moguls, Kyiv Post (March 18, 2010)
  7. ^ "EastOne Group Ltd: Company Profile". Bloomberg. Retrieved 24 November 2016. 
  8. ^ Ukraine Political Parties, GlobalSecurity.org
  9. ^ a b "Victor Pinchuk: Friend or foe of Ukraine?". KyivPost. 14 October 2016. Retrieved 23 November 2016. 
  10. ^ "Михаил Спектор: Сделаем упор на энергетику, гостиничный бизнес и недвижимость, все остальное – продадим". 
  11. ^ David Barrett (4 December 2015). "Ukrainian oligarchs clash in court over $2bn business deal amid claims of murder and bribery". Daily Telegraph. Retrieved 22 April 2016. 
  12. ^ Armitage, Jim (13 March 2015). "Oligarchs at war: Claims of murder among Ukrainian billionaires in High Court case". The Independent. Retrieved 30 September 2015. 
  13. ^ a b Owen Bowcott, Shaun Walker (22 January 2016). "Ukrainian oligarchs settle mine dispute worth billions out of court". The Guardian. Retrieved 25 November 2016. 
  14. ^ a b Carol Vogel, New Prize to Honor Artists Under 35, The New York Times (December 7, 2009)
  15. ^ "Ukrainian Jews seek to rehabilitate Holocaust era priest". JPost.com. Retrieved 23 November 2016. 
  16. ^ Ross, Rory (18 April 2015). "Hillary Clinton's Big Benefactor Has Trade Links with Iran". Newsweek. Retrieved 23 November 2016. The Clintons spoke at Pinchuk’s Yalta European Strategy conference, which seeks integration between Ukraine and Europe. 
  17. ^ Schoen, Douglas E. (16 October 2016). The End of Authority: How a Loss of Legitimacy and Broken Trust Are Endangering Our Future (First ed.). Rowman & Littlefield. p. 100. ISBN 9781442220324. Retrieved 25 November 2016. 
  18. ^ Henry Samuel (17 December 2010). "Ukrainian oligarch spending £4 million on birthday bash in Courchevel". Telegraph.co.uk. Retrieved 26 September 2014. 

External links[edit]