. Last Updated: 09/17/2014

Mikhail Prokhorov

Business

Mikhail Prokhorov

Mikhail Prokhorov (Михаил Дмитриевич Прохоров) was born on May 3, 1965. His father was head of the international relations department of the State Sports Committee; his mother was a researcher at the Moscow Chemical Materials Institute.

Education: International economic relations, Moscow Finance Institute, 1989.

1989-1992: Head of the management board department, International Bank for Economic Cooperation (IBEC)

1992-1993: Chairman of the board of Vladimir Potanin's International Finance Company (MFK bank)

1993-present: Chairman of the board, Onexim Bank

November 1995: Onexim Bank won 38 percent of Norilsk Nickel in a loans-for-shares auction for $170.1 million, just $100,000 higher than the bid starting price. At the time, Norilsk produced 25 percent of world nickel output.

April 1998-2000: President and chairman of the board, Onexim Bank

1998: The financial crash of 1998 left Onexim Bank with more than $2 billion in debt, $800 million of that to foreign creditors. After the crisis, all of Onexim Bank's viable activities were transferred to Rosbank, a move that was validated by making a legal merger one of the key components of the debt-restructuring proposal. At the time, the transfer was criticized and perceived as asset stripping and a way to leave creditors high and dry.

Late 2000: Onexim Bank announced the completion of its merger with Rosbank (story). Prokhorov served as president of Rosbank from 2000 to 2001.

2001-2007: General director and chairman of the board, MMC Norilsk Nickel. Prokhorov overhauled the company, selling off most of its non-mining assets and creating Polyus Gold from its gold assets (story).

2004: Founded the Cultural Initiatives Charitable Foundation (Mikhail Prokhorov Foundation), run by his sister Irina

March 2006: Polyus Gold spun-off of MMC Norilsk Nickel’s gold mining assets

January 2007: Prokhorov is arrested at a holiday party at the French Alpine resort of Courchevel for allegedly arranging prostitutes for his guests. He was released after four days without charge and officially cleared of wrongdoing in September 2009.

February 2007: Prokhorov resigned as Norilsk CEO in February 2007 and declared his intention to separate his assets from those of Vladimir Potanin

May 2007: Following the decision to exit Interros, Prokhorov launched the private investment firm Onexim Group, a $17 billion private investment fund focused on technology and mining. President of Onexim Group. Prokhorov has served as Onexim Group's president from 2007 to the present.

2008: Launched Snob, a Russian-language high-culture magazine and community, with Kommersant founder Vladimir Yakovlev

April 2008: Prokhorov sold his 25 percent stake in Norilsk Nickel to aluminum producer RusAl — controlled by Oleg Deripaska — in return for a large cash payment and 14 percent of RusAl stock

June 2008-December 2008: Member of the board of Norilsk Nickel

September 2008: Onexim Group purchased a 50 percent stake (minus one share) in Russian investment bank Renaissance Capital

October 2008-present: Head of Russia's Union of Biathlonists

2009: Member of the board of Sheremetyevo Airport

2010: Bought an 80 percent stake in the New Jersey Nets, becoming the first foreigner to own a National Basketball Association (NBA) team. He is also a shareholder of the team's Brooklyn arena, the Barclays Center.

2010: Chairman of the board of IFC Bank

December 2010-present: Chairman of the board of Soglassye Insurance Company

December 2010-present: CEO, Polyus Gold

May 2011: Elected leader of the pro-business Right Cause party (story)

Mikhail Prokhorov's net worth was estimated at $18 billion by Forbes magazine in 2011, making him Russia's third richest man and the 32nd richest man in the world.

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