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SBD Global/June 21, 2013/Olympics

Russian Billionaire Oleg Deripaska Wants Return On $1.4B He Invests In 2014 Sochi Games

Russian metals tycoon Oleg Deripaska "is calling on the government to help him make a return" on the $1.4B he is plowing into the Sochi 2014 Olympics, according to R-SPORT. Deripaska "is one of a clutch of oligarchs called upon to pay for Russia's first Winter Games" in a gargantuan, and world record, $51B construction project. The 45-year-old, worth an estimated $8.5B, "is responsible for upgrading the Black Sea resort's airport and seaport, as well as building the Olympic Village through his Basic Element holding company." Deripaska said, "Such a large-scale project as the Olympics should serve as an example for the development of private-public investment partnerships, and a powerful stimulus for its further growth. At the moment, the opposite is happening. ... I see no reason not to participate in such grandiose projects in the future, but let's not forget that we, as investors fulfilling our promises, expect a return on our investments" (R-SPORT, 6/19).
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