Mavrodi, of MMM pyramid scheme fame, has said does not plan to attend many Duma sessions. But even before his election last month in the Khimki district north of Moscow, he spoke of his intention to form the People's Capital faction.
On Thursday, Alexei Mitrofanov, the foreign minister in Zhirinovsky's shadow cabinet, said he would help Mavrodi put the faction together.
Mitrofanov declared 16 deputies had already agreed to join the faction, dedicated to the protection of shareholders in schemes like MMM against government interference. A faction needs 35 members to register.
"People's capital is not bureaucratic capital, amassed because of someone's closeness to power," Mitrofanov and Mavrodi said in a joint statement. "People's capital is accumulated crumb by crumb, ruble by ruble. It has to be protected."
After his election, Mavrodi announced the suspension of all shares previously issued by his company until next year. Angered by the move, investors burned the shares and chanted "Thief!" and "Swindler!" as Mavrodi failed to appear.
The new faction leader did not show up at Thursday's press conference either.
Mitrofanov said he was not quitting Zhirinovsky's Liberal Democratic Party and that he had the party leader's blessing to assist Mavrodi.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.