Russian tycoon Prokhorov quits business for politics

Russian tycoon Mikhail Prokhorov, ranked by Forbes as Russia’s third richest man with a fortune of $18 billion, formally quit business on Tuesday to go into politics.

“The post of the president of Onexim (Prokhorov’s investment vehicle) has been liquidated and I am no longer engaged in business,” Prokhorov said.

Prokhorov, who was elected chairman of the pro-business Right Cause political party in June, has announced that his party aims to win the second place at the forthcoming parliamentary elections to the State Duma in December to become the second party of power.

Right Cause, which was established two years ago, currently has no representation in Russia’s lower house of parliament.

In late June, Prokhorov also left the post of the general director of Russia’s largest gold miner Polyus Gold.

‘I have stayed in some boards of directors only by virtue of the legislative history. But this takes a small amount of time,” Prokhorov said.

Prokhorov remains the main beneficiary of both Onexim and Polyus Gold even though he has quit his executive posts.

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