Akhmetov's fortune tumbled 80% over past seven years - Bloomberg
"His fortune, once worth $22.4 billion, tumbled 80% over the past seven years, one of the largest declines tracked by the Bloomberg Billionaires Index," the report reads.
It notes that the Ukrainian tycoon's latest challenge is to keep his businesses afloat as the coronavirus pandemic crushes industrial commodity prices.
"Akhmetov's DTEK Energy, Ukraine's largest private power company, said last month it's seeking to restructure more than $1 billion of debt and will shutter its main coal mining unit, which employs about 20,000 people. Prices for steel produced by Metinvest, another key business, have slumped 20% this year," Bloomberg wrote.
According to the report, DTEK has invested about $1.2 billion in renewable energy, but may spend less in that area as the global economy slows and government regulations make the industry less attractive for investments.
A representative of SCM, Akhmetov's holding company, said that it plans to remain focused on "core" industrial businesses, rather than expand its HarvEast agricultural operations.
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