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The following article was published in our article directory on December 6, 2013.
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Iskander Makhmudov

Article Category: Advice

Author Name: Russian Capitalist Wiki contributors

Makhmudov�s rise to prominence began in 1991 with collapse of the USSR and replacement of the faltering state planned economy with free market capitalism. Government-initiated privatization invited groups of new entrepreneurs that included Makhmudov, his colleagues, and others.

Government policies openly encouraged entrepreneurs to acquire major stakes in commodities and industries undergoing rapid privatization. These men succeeded in the financially high-risk world of Russian privatization by anticipating�and later realizing�high returns. The intentionally weak regulatory environment allowed production to be vertically integrated, resulting in concentration of production in fewer hands than evident in mature western economies.

Born on Dec. 5, 1963, in Bukhara, Uzbekistan, he has an estimated worth of $11.9 billion.

Biography

Brief history
During the 1980s, Soviet leader Gorbachev introduced political and economic reforms as part of perestroika. These advances permitted the formation of new cooperatives that were privately owned and operated to turn a profit. The larger and more successful cooperatives produced goods the Soviet system could not or did not produce. It was in this environment that Makhmudov met another entrepreneur and investor in cooperatives, Mikhail Chernoy, in 1989.

Together they responded to the call for privatization by blending their specialties and joining forces on behalf of an aluminum producer, Trans World Group. In 1993, Makhmudov and Chernoy ended their aluminum industry affiliation.

In the late 1990s, the chief Russian prosecutor opened an intensive investigation into the Russian aluminum industry with special attention to a revenue avoidance practice known as tolling. After a lengthy inquiry, the investigation found no information suggesting impropriety on Makhmudov�s part. That finding marked the first of several occasions when Makhmudov�s individual associations and growing success drew criticism, resulting in repeated findings that the allegations were groundless.

In 1999 Makhmudov and his Russian partners created the Ural Mining and Metallurgical Company (UMMC; UGMK in Russian). Makhmudov has served as UMMC president since its inception. In 2001 Makhmudov acquired a controlling stake in the Kachkanar iron ore smelter, a formerly productive enterprise that had languished under Soviet management and almost ceased production in 1997. Makhmudov led a slate of new directors to impose technological upgrades to the facility, enabling it to soon reach competitive parity. In 2002 UMMC received permission from the Russian anti-monopoly authority to consolidate the assets of 11 related operations. This approval enabled Makhmudov to create UMMC Holding and implement a modernized �top-down� management structure across a burgeoning enterprise.

Education
Makhmudov graduated from Tashkent University with a degree in Oriental studies. He then worked in different Soviet military organizations in Libya and Iraq. His first steps as a businessman were with the Chernoys and the Reuben brothers and their Trans-World Group, once the largest metal trader in Russia.

Career
From 1991 to June 1994, Makhmudov was the deputy marketing director of JSC Alice.

From July 1994 to February 1996, he was the director of JSC Industrial-Financial Company Meta Service. In 1996, he became the CEO of the Ai mining and processing plant, the leading enterprise in the Urals for the extraction of copper ore.

In 1999, Makhmudov and his partners created the Ural Mining and Metallurgical Company, a Russian metallurgical company that is the second largest copper producer in Russia. Additionally, Iskander Makhmudov holds a major stake in Kuzbassrazrezugol, Russia�s largest coal company, and, along with a partner, acquired a 50 percent stake in the Rodionov Publishing House, which publishes the Russian version of �Business Week�.

Philanthropic Endeavors

Ural Mining and Metallurgical Company (UMMC)
Makhmudov, as chief executive of UMMC, serves as an industry model of corporate social responsibility. UMMC has contributed approximately one billion dollars to a range of established social and charitable programs, providing services in nineteen towns. Recent UMMC budget estimates included plans for contributions of $250 million.

Examples of sponsored programs illustrate Makhmudov�s commitment. UMMC has set up a medical center to provide services for its employees. This center provides consultation, diagnostic examinations and tests, therapies and surgery. It is equipped with high technology testing devices imported from Germany. Late in 2010, special children's polyclinics were opened. In 2011 these polyclinics served not only the children of UMMC employees but also disabled children, orphans and children from disadvantaged families in the region--all free of charge.

Regarding art and culture, UMMC supports art collectives, theatrical and dance programs and popular music festivals throughout the region where its plants and facilities are located. On sports, physical culture is promoted for the benefit of large numbers of regional athletes and for individual highly skilled athletes. The company sponsors a UMMC Olympics in which 30% of its employees take part. UMMC also provides support and training for a championship women's basketball team whose players compete for positions on the Russian Olympic team. UMMC has paid for construction or re-construction of sports stadia, skating rinks and sports complexes.

In order to provide decent living conditions for its employees, including new employees brought in from other regions, UMMC established its own housing program in 2004. The main focus of this program is to build new apartments and provide no-interest loans. In light of high interest rates charged now in Russia, many UMMC employees could not afford new housing without this subsidy.

In support of vulnerable populations such as children (and in addition to health services described above), UMMC sponsors special programs for youth that include sports tournaments, development of gifted children initiatives, funding for orphanages in the Urals and Siberia, and the "Heart to Heart" program which collects clothing, books and funds for children in orphanages and residential treatment centers. UMMC also supports veterans; specifically, supplementing limited government assistance for retirees. Makhmudov has led programs for material assistance for housing and health care expenses, travel expenses to health facilities, and special pensions for war veterans. For non-veteran retirees, UMMC provides private pension funds to retired employees and supplemental pensions for employees who were especially valuable to the company during their careers.

UMMC also supports major initiatives to advance spiritual revival. In response to the destruction or closing of religious buildings during the Soviet period, UMMC has provided financial assistance to more than fifty Eastern Orthodox cathedrals and Muslim mosques.

2014 Winter Olympics
Mr. Makhmudov owns a ice arena in the city of Sochi, Russia, which will host the 2014 Winter Olympics. It was reported in February 2013 that he will give the arena to the Russian government, free of charge, for use in the Olympics.

Clinics, Orphans, & Veterans
Mr. Makhmudov has given over one billion USD to charitable causes over the past decade, including medical clinics, housing programs, orphanages, and programs for war veterans. According to the Yekaterinburg News: �As of 2011, those clinics expanded their operations to serve free of charge not only the children of UMMC employees, but also disabled children, orphans and children from disadvantaged families in the community.�

Remote Area Medical Services
Mr. Makhmudov�s company plans to send five L-410 UVP E20 planes to the Orenburg region to help the area with regional cargo shipments by the end of next year. �Three of the planes from the Czech aircraft factory are passenger airplanes and the remaining two are convertible aircraft that can provide the region with medical services in remote areas, RusBusinessNews reports.�

Rusfonda partnership
After a few partnership agreements, Makhmudov�s company LLC Transoil has become the first official partner of Rusfonda, one of the largest charity funds in Russia. The partnership is focused at uniting efforts to save ill children who need expensive medical care and advancing medical technology. Transoil has also agreed to work towards financing health projects to help children with cancer. Its first tranche of aid amounted to $170 million.

Keywords: Iskander Makhmudov

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