Saint Petersburg, , Russia
|| June 16, 1955
|Last Modifed||Angry Russian|
Mar 29, 2012 07:54am
|Info||Anatoly Borisovich Chubais is a Russian politician best known for his role in Russian privatization and the creation of Russian tycoons. Although the exact amount of his personal wealth (estimated according to rumors at one billion dollars) is not known, he is often considered to be a tycoon himself. The 2004 survey by PricewaterhouseCoopers and Financial Times named him the world's 54th most respected business leader. |
Chubais allegedly gained his personal wealth mostly from non-salary sources through his participation at key executive positions in Yeltsin's government during the time of disorder that followed the collapse of the Soviet Union. Chubais is primarily known for his role under Yegor Gaidar as the vice-premier of the Russian Government. Gaidar and Chubais were the principal "young reformers" associated with shock therapy, privatization, and the rise of the Russian oligarchs.
From November 1994 through January 1996 he was First Vice-Premier — in charge of economy and finance — in the Government of Viktor Chernomyrdin. During this time, the creation of Russian oligarchs was finalized. The Russian oligarchy was formed in late 1995 in the "loans-for-shares" program. In this scheme, a small group of individuals well-connected to government structures were handed valuable pieces of state property in return for cash "loans" (which in many cases were funded by the bank accounts of the state bank), cash which had previously been gained by the same people in the government-controlled privatization. In July 15, 1996, – March 7, 1997 Chubais was the Chief of the Russian presidential administration. It is during his term that this office became very influential.
Chubais is one of the most controversial figures in Russian politics as a result of his close involvement in the rigged Russian privatization during the 1990s. Despite the widespread allegations, Chubais has never been charged for bribery or corruption.