Oleg Bagrin was born in 1974. He graduated from the State Management University and received a Ph.D. degree and an MBA degree at the University of Cambridge.
In 2000-2002 was the director of the Treasury.
In 2002-2003 he was a deputy chairman of Avtobank.
Since 2004 he has been a board member of Novolipetsk Steel company. He is the chairman Strategic Planning Committee and a member of the Audit Committee.
In 2003-2005 he was in charge of financial assets of Rumelko company.
Since 2005 he was been director-general of Libra Capital investment company.
In August 2005 owner of Novolipetsk Steel Vladimir Lisin transferred 200.1 million shares into possession of two companies whose beneficiaries, according to IPO prospectus of Novolipetsk Steel prepared for London Stock Exchange, were board members of Novolipetsk Steel Vladimir Skorokhodov, Oleg Bagrin and Igor Fyodorov, director-general Vladimir Nastich, his deputy for economics and finance Galina Aglyamova, chairman of the board of directors of Stoilensky mining plant Alexander Saprykin, director of Novolipetsk Steel trading house Alexander Zarapin. .
At the moment the agreement was arranged market value of the shares was 228 million dollars. The stake was in pledge until the payment. Originally, buying-in was to be carried out on 31 December 2006, but then the deadline was changed for 31 December 2007, according to financial reports of Novolipetsk Steel. Last year the deal was closed. However, according to accounts of the company, Lisin's team did not pay Lisin with money but returned him 86.816 million shares. So, in fact, the managers got the shares for nothing.
Board members and top managers of Novolipetsk Steel not only made an agreement with Lisin. As they owned about 2.5%, or 150 million shares purchased, as it was said, from Lisin and "other private individuals", analysts believed that 0.6%, or 36.7 million shares, were purchased before the deal with Lisin.
Board members and executives of Novolipetsk Steel had received a big dividend for three years. In 2005 and 2006 they got at least 1.2 billion rubles. In 2007 another 450 million rubles were paid.
Such a generous bonus became a precedent for the Russian market.
Source: Vedomosti, 22 April 2008
In 2007 Nikolay Maksimov sold 50% plus one share of Novolipetsk Steel. The main term of the agreement was joint development of metallurgical assets. Thus, 50% plus 1 share were nominally held by Oleg Bagrin's Libra Capital Investment Company which serviced a lot of Vladimir Lisin's deals.
Considering 1.8 billion debt, Nikolai Maksimov was supposed to receive 600 million dollars, whereas the value of the holding was 3 billion dollars. He was paid the first 300 million dollars tranche a year after the deal had been made. Novolipetsk Steel promised to pay the second half in three months, after an audit of accounts of the holding company.
But then Novolipetsk Steel submitted a report of PricewaterhouseCoopers auditing form and claimed that contractual value of Maxi Group had been overstated and therefore Nikolai Maksimov owed a significant amount of money to Novolipetsk Steel.
Every accountant is able to solve the trick that fixed one-billion debt on Maksimov: PWC auditors illegally counted a debt to the company, so-called accounts receivable, as a debt of the company. PricewaterhouseCoopers' report was confirmed by Gagarin and partners company. Founder of Gagarin and partners Igor Fyodorov who directly supervised the work of company's lawyers was a board member of Novolipetsk Steel, as well as Oleg Bagrin. As a result, Nikolai Maksimov who owned 50% minus 1 share of the holding company was completely removed from the corporate managing.
Later sevel so-called auctions were held which resulted in putting productive assets of Maxi-Group on a balance sheet of Novolipetsk Steel. Maksimov failed to dispute Novolipetsk Steel's operation in court. As if by agreement, judges consistently decided for Lisin. And when Maksimov was ready to produce conclusive evidence the courts denied him the right of action for unknown reason.
Source: Nasha Versiya, 24 January 2011
According to Finance magazine, in 2011 Bargin's wealth approached to 5.8 billion rubles. He was ranked 427 in the list of Russia's 500 richest people, whereas in 2010 he was ranked 444.
Source: Finance, 14 February 2011