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Usmanov Details Corus Deal

Alisher Usmanov said a trust for the wife of one of Prime Minister Vladimir Putin's deputies helped him buy stock in Corus Group, a British steelmaker now part of Tata Steel.

The trust for Olga Shuvalova, wife of First Deputy Prime Minister Igor Shuvalov, was a partner while the billionaire invested in Corus from 2003 to 2005, Usmanov said. Shuvalov was an economic aide to then-President Putin at the time.

Shuvalova's trust invested $50 million in the deal, while Vasily Anisimov, a co-owner in Usmanov's Metalloinvest, provided about $100 million, Usmanov said by phone, commenting on a report by Barron's Dec. 3. A Russian bank put up $50 million and Usmanov invested the remaining $119 million, he said. Shuvalov earned 15 million rubles ($480,000) last year, according to his declaration, while his wife disclosed 373 million rubles of income.

(Bloomberg)

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