Career and Business Interests
Pugachev made a fortune through shipyards and property deals. Between 1992 and January 2002 he was the Chairman of the Board of Directors of the International Industrial Bank. On 26 December 2001 he was elected as a senator representing Tuva in the Federation Council of Russia. Pugachyov was described as "a member of Putin's inner circles" and a man "with strong financial and business ties to the hierarchy of the Russian orthodox church" by American think-tank the Jamestown Foundation. In 2006 he purchased Luxe.tv, which transmitted in western Europe, Asia and Russia, but the company was wound up on 15 October 2010 in Luxembourg. The May 2008 issue of Russian Forbes magazine listed him in its Golden Hundred of Russia's richest (Russians only) list at number 50, with an estimated fortune of $2 billion US Dollars.
On 31 March 2009 Sergey Pugachyov's investment holding company, Obyedinyonnaya Promyshlennaya Korporatsia (OPK), lost the rights to a major construction project for Red Square in Moscow after his property was handed over to a State structure. According to the Jamestown Foundation this failed project could be a sign of disgrace for Pugachyov.
On January 4, 2011, it was reported that Pugachev was dismissed as a senator ahead of the end of his term in April 2012 for failing to fulfill his responsibilities appropriately and for his long absence from the republic of Tuva, which he represented in the Federation Council. Along with his senatorial seat, Pugachyov lose his immunity from prosecution.
Read more about this topic: Sergey Pugachyov
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