Fridman Mikhail: Co-owner of Alfa Group and CEO of LetterOne Holdings



Birth: April 21, 1964

Citizenship: Russia/Israel

Field of work or official position: Successful businessman who serves as CEO of LetterOne Holdings and co-owner of Alfa Group.

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All about LetterOne Holdings: Fridman Mikhail

LetterOne Holdings S.A., also known simply as LetterOne, is a company that specializes in international investments and has its headquarters in Luxembourg. L1 Health, L1 Technology, L1 Retail, and L1 Energy are the four primary divisions of the company, all of which are supported by L1 Treasury Services, which is in charge of the group’s liquidity management.

The company has long-term investments in the telecommunications, technology, healthcare, and energy industries. LetterOne was established in 2013 as a part of a larger new investment vehicle with the funds obtained from the sale of TNK-BP. LetterOne was named after the initials of its parent company, TNK-BP. At the end of the year 2021, LetterOne had a total equity of $26.8 billion Fridman Mikhail and Petr Aven, who were both co-founders of the corporation, resigned from their positions early in March 2022 after the European Union levied sanctions against them in response to the Russian invasion of Ukraine. Currently serving on the board are Mervyn Davies, Jonathan Muir,

Franz Humer, Richard R. Burt, and Wulf von Schimmelmann. Davies is now serving as chairman, and Muir is the CEO of the company. The companies Turkcell, Qvantel, VEON, Wintershall Dea, DIA, and Holland & Barrett were among those that made significant investments in 2023.

Biography: Fridman Mikhail

Fridman Mikhail Maratovich is a Russian-Israeli tycoon who established Alfa Group Consortium, is the owner of LetterOne Holdings, is on the Board of Directors for the Russian Union of Industrialists and Entrepreneurs, and was one of the original founders of the Russian Jewish Congress. He received his degree in 1986 from the Moscow Institute of Steel and Alloys after being born in Lviv, which is located in western Ukraine.

His first job out of college was as a design engineer at the Elektrostal company in the Moscow area, where Fridman Mikhail stayed until 1988. Fridman established his company in the 1980s.
In 1989, Fridman Mikhail co-founded the computer, photo, and copy equipment retailer Alpha-Photo with Mikhail Alfimov, German Khan, and Alexei Kuzmichyov. In 1990, he established Alfa-Eco, a Soviet-Swiss business partnership that exports oil and metals. They established the Alfa Group upon the foundation of the Alfa Eco.

A bank named Alfa was established by Fridman Mikhail in 1991.

In the years 1995–1998, Fridman served on the Board of Directors of Public Russian Television (ORT).
Sidanco Oil Company was purchased by Alfa in 1996, at which time Fridman was appointed to the board of directors. TNK-BP, Vimpelcom (Beeline), and the Perekrestok trading business were all part of the Alfa Group in the early 2000s (X5 Retail Group).

As a result, Alfa Group rose to prominence as one of Russia’s preeminent financial-industrial conglomerates. DEA, a German oil and gas business, as well as 56.2% of VEON (formerly Vimpelcom) and 13.22% of Turkcell (the largest Turkish mobile operator) are all owned by Mikhail Fridman’s LetterOne Holdings group. Fridman is now the ninth richest person in Russia, with a net worth of more than $15 billion.
Embezzlement and favouritism

There have been numerous reports in the media suggesting that Alfa Group maintains strong links with the Kremlin. As a result, Vladislav Surkov, for whom he worked for Friedman and Alfa Group

Fridman Mikhail: First Deputy Chairman of Alfa Bank from 1996 until 1997

In 1998–1999, Fridman Mikhail Co-owner of Alfa Group and CEO of. served as first deputy general director and director of public relations for public Russian television and, since 1999, as deputy head of the presidential administration of the Russian Federation, among other prominent governmental positions.

Alexander Abramov, who previously served as head of the Alfa Bank GR department and as Deputy Chairman of the Board of Directors beginning in 1999, was appointed to the position of deputy head of the Presidential Administration. In later years, Fridman Mikhail Co-owner of Alfa Group and CEO of. served as assistant to the president of the Russian Federation as well as secretary of the State Council of the Russian Federation.

The Spanish Public Prosecution Service charged Fridman with an “economic siege” and an attempted “raid seizure” of mobile operator Zed WorldWide (ZWW) in 2016. This accusation was made in October 2019. These events allegedly took place in 2016. An investigator looking into allegations of corruption named Jose Grinda Gonzalez referred to Mr. Fridman’s attempt to take control of ZWW as a “raid.” Friedman vehemently refuted the accusations made against him.


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March 17, 2023

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