Altushkin Igor Alexeevich



Born in 1970; Graduated from Ural State Economic University. He is married and has four children.

1993 -2003 - General Director of ZAO "Ekaterinburg Commerce and Industry Company»

1996-2003 - General Director of OOO PKF "Aeron"

1997 - 2003 - General Director of "Uralelectromed-Vortsvetmet"

2000 - 2000 Board member in OAO «Revdinskiy brickyard»

2003-2007 - Consultant to the Office of the President of OAO "Ural Bank for Reconstruction and Development"

Since 2007 - Chairman of the Board of Directors of ZAO “Kyshtym Copper Electrolyte Plant». "Russian Copper Company» was founded on its basis in 2004. It includes the mining companies «Ormet"(Orenburgsk Oblast)," Alexandrinsk mining company "(Chelyabinsk Oblast), "Uralgidromed (Sverdlovsk Oblast), SP «RosKazMed» (Kazakhstan), and the reprocessors : Kyshtym Copper Electrolyte Plant ( Chelyabinsk Oblast), Novgorod Metallurgical Plant, Plant of exact alloys "(Sverdlovsk Oblast)," Karabashmed "and" Revdinskiy plant for non-ferrous metals processing"(Sverdlovsk Oblast).

Besides the controlling stake in the "RMK", Altushkinu owns 20% stake in the Ural Bank for Reconstruction and Development.

According to the latest assessment by Forbes, 39-year-old Igor Altushkin has taken the 880th place in the ranking of billionaires of the world with the fortune of 1.1 billion dollars. He got allocated on the 104th line in the ranking for 2010 by Finance magazine, while his fortune has been estimated at 680 million U.S.
Source: RBC daily on 17.03.2010



In 1992 Altushkin founded the company "Aeron". According to the plan of Altushkin, the firm was to work with companies directly, and with individuals - through the collection points for non-ferrous metals. During the three years "Aeron" had created more than 100 branches, bringing together suppliers, who had been forced to work only with that one company. Altushkin became the largest supplier of raw materials for copper production in the Urals.

In 1994, the entire efficient business "Aeron" was moved into a new structure - Yekaterinburg commercial and industrial companies" (EPTK).

In 2005, the media got a letter stating the results of some journalistic investigation related to Altushkin. It says that Altushkin worked closely with the leader of OPS «Uralmash” Sergey Terentyev in supplying raw materials to ZAO “Karabashmed». Altushkin collaborated with Terentyev openly, so their business relationship was known.

In 2002, Terentyev was released from jail, where he had been detained on a charge of murder, and returned to the enterprises, which he had previously protected. Among them there was OOO «Koper-L". That company was associated with a criminal action investigated in the Sverdlovsk region in 2003. The entrepreneurs Pershin and Bryukhanov featured in it as those cashing money for the company.

Ekaterinburg intelligence officers found out that the companies – members of RMK - developed a system of tax evasion. OOO «Koper-L», OOO «Uralelectromed-Vtortsvetmet ", ZAO "Ekaterinburg commercial and industrial company" purchased scrap and processed it at the enterprises of the established RMK. Profits were derived through fictitious contracts registered on OOO «Polyeth" and OOO "Informimpeks" in Moscow; in fact they were allocated in Yekaterinburg offices by Altushkin. They also evaded taxes by processing their actions through commission agreements concluded for the benefit of shell companies. Pershin and Bryukhanov cashed the funds as well.

In December 2003, the offices of Altushkin's entities were searched within the criminal case on tax evasion during which the stamps of foreign firms were confiscated that had been used for the production of financial documents.

A criminal case of Altushkin was removed from the Sverdlovsk region and taken to the production department for investigation of especially grave crimes in the sphere of taxation under the Investigation Committee of the Russian MIA. The 16-th Russian Prosecutor General's Office withdrew the case and sent it to the prosecutor of the Sverdlovsk region, indicating a decision of termination. In October 2004 the investigation was terminated, apparently due to the recognition of violations in the process of investigation.

Perhaps the dismissal was due to the fact that the former prosecutor of the Sverdlovsk region, Boris Kuznetsov was in sympathy with the structures of Altushkin, perhaps he had some sort of financial gains. It is possible that in 2004, Judge of the Verkh Isetsky District Court of Yekaterinburg Morozov declared illegal the order of search in the office of Altushkin under Kuznetsov's influence; it had previously refused to issue a remedy for the arrest of funds on the accounts of fly-by-night enterprises, to which they had put money kept after the tax evasion. It also ruled on the illegality of acts stated upon the documentary checks. The decision to discontinue the investigation was also carried by the subordinates of Kuznetsov.
Source: RIA "New Region" from 01.02.2005

Altushkin decided that it was better to process the scrap produced at his enterprises at his own discretion. In spring 2003 Altushkin went out of the business of Ural Mining and Metallurgical Company (UMMC) - he sold his share in the "UMMC-Holding" to its owners. The termination of the partnership led to cessation of non-ferrous metals scrap supplies to the company by Altushkin structures, including the company «Uralelektromed-Vtortsvetmet ", which had been the main supplier of scrap of non-ferrous metals to the enterprises by UMMC. Altushkin also sold a blocking stake in the Middle Ural Copper-Smelting Plant (SUMZ, part of UMMC) to UMMC. In the fall of that year together with the President of JSC "Ural Bank for Reconstruction and Development" Sergei Dymshakov Altushkin bought a controlling stake in the bank, which had previously belonged to Andrew Kozitsyn, CEO of UMMC, and who had sold it to the bank's management. The bank purchase finalized the division of businesses between UMMC and Altushkin. Thus, Altushkin prepared an opportunity to create his own holding company, and then his relationship with Kozitsyn finally got eased off that had appeared at a time when the businessman had declared his independence.
Source: Kommersant (Ekaterinburg )№172 (2775) on 23.09.2003

In 2004 Altushkin completed the establishment of a holding company and registered ZAO «Russian Copper Company» («RMK»).
Source: Kommersant (Ekaterinburg) №171 (3010) on 15.09.2004

However, after the separation of the business of the former partners Altushkin and Kozitsyn, there was one undivided asset left - OAO «Verkhneuralsk Ruda”. 3% of the shares was owned by the administration, and it was decided to be auctioned off. First it did not take place because of reports on the mine in the building where it was held. As soon as the trading took place, the winner appeared to be ZAO «Ormet”, a part of RMK. UMMC did not agree with the results of the auction, arguing that the auction had been conducted with violation of procedure.
Source: Kommersant (Samara) №179 (3018) on 25.09.2004

After that, the results of the auction was canceled - because of the fact that the new owner did not manage to sign an agreement on payment of the package. Thus at UMMC gained a chance to claim it again. It is possible that Altushkin canceled the trades voluntarily, because the Council of Deputies did not approve the sale of shares timely. The Company of Kozitsyn could point to the fact, and then Altushkin would lose his money. In case of cancellation of the results, he could simply try to buy shares again.
Source: "Kommersant" №185 (3024) on 05.10.2004

In October 2004, the copper companies agreed that the shares were to be given to RMK, in exchange for the company conceded its right of possession of the shares in OAO "Siberia-Polymetal» to UMMC. The deal also provided a mutual monetary calculation.
Source: Kommersant (Ekaterinburg) №224 (3063) on 30.11.2004

In the autumn of 2006 the RMK planned to build a zinc plant in Orsk. Local production of zinc concentrate would allow the company by Altushkin to become a serious competitor to UMMC. But the city administration first agreed to provide the company with the land, then refused to do so citing the fact that in the opinion of the public the enterprise would adversely affect the environment. They decided to move the area. Mayor Yuri Berg offered the company another location. It also mandated ecologists to conduct a survey of the areas for the potential business's impact on the environment. The experts made a negative conclusion. Representatives of RMK expressed their surprise through the media that they had been denied of the territory, as the mayor himself had originally offered them two platforms.
Source: Kommersant (Ekaterinburg) №72 (3648) on 27.04.2007

Subsequently, the Government of Orenburg Region took the final decision and made the entire east Orenburg a "forbidden zone" for RMK, again referring to the opinion of ecologists. The Governor of the region Alexei Chernyshev said that the authorities had been successfully implementing the program to reduce harmful emissions into the environment, and the new production did not fit into that policy. Thus, plans of Altushkin did not happen to come true. It is possible that it was really a concern for the environment, but one can also assume that such an outcome was organized by UMMC, which did not want to see a new strong competitor in the person of Altushkin.
Source: Kommersant (Ekaterinburg) №164 (3740) on 11.09.2007

However, soon after that the Board of Directors of RMK decided to conserve all the investment projects planned for 2009 because of the unstable situation on the stock markets.
Source: Kommersant (Ekaterinburg) №196 (4013) on 28.10.2008

In March 2010 Altushkin drew the attention of investigators who led the case on VAT refund for non-existent supply of non-ferrous metals instituted in late September 2009 in respect of the leaders of "Commercial and Industrial Company «Metallinvestservis».

The founder of the company "TPK" Metallinvestservis "is British company Metal Investment Service. That, in turn, according to the British registry of legal entities, it belongs to Cyprus Individual Investments Ltd. The latter is also stated the founder of ZAO «FTPK - Integrated Services "(with a share of 30%), which owns 1% in the two subsidiaries of the «TPK" Metallinvestservis: OOO «Norilsk metals" and OOO "Metallgarant». Another owner of "FTPK - Integrated Services" is Alpenica Enterprises Ltd, r egistered in Cyprus . It is stated in the register of legal entities of UK that the final beneficiary of Metal Investment Service - Juti Foundation Trust, registered in Liechtenstein. According to the data basis of "Screen", the founder of the TPK "Metallinvestservis" is British Metal Investment Service (UK) Ltd. According to the British registry of legal entities, its leaders are Yuri Zaitsev and Sergey Tishchenko, a financial adviser - Ruslan Shamurin.

The company was copped for well-established schemes of payments for non-ferrous metals allegedly delivered to the processing. The scam used fake details, including those registered on off-shore, and organizations. The company actually did sell non-ferrous metals on the London Stock Exchange through the parent structure in the UK, but the actual volume of deliveries did not coincide with the numbers. Judging by the number of questionable transactions of the company, investigators calculated that it had damaged the state at 5 billion rubles. The investigators suspected that employees of "Metallinvestservis" were not the main organizers of the scheme, and the real crooks were in London. Altushkin's implication in the case was considered on the basis of the testimony of officers of the Russian Mission "Metallinvestservis"only, who mentioned his name in connection with the fraud. Formally, there was almost no connection between the company and Altushkin - the company was a supplier of RMK. A source close to the investigation, declared to journalists that it is not so easy to take the law of Altushkin. Altushkin himself denied any involvement in the case, stating that "Metallinvestservis" was just a provider of RMK.
Source: RBC daily on 17.03.2010