Executives of Russian billionaire Vekselberg are held in bribery probe, as Kremlin grip tightens

Russian law enforcement officers investigating bribery allegations have detained two senior executives who work for billionaire Viktor Vekselberg, one of a dwindling group of tycoons who built their fortunes independently of the Kremlin.

State investigators said they had opened a criminal case into allegations that executives in firms controlled by Vekselberg had bribed regional officials. On Monday, armed state security agents in ski masks searched the central Moscow offices of Renova Group, which manages Vekselberg’s assets.

“The company will cooperate with law-enforcement bodies. All staff are working as usual,” Renova spokesman Andrey Shtorkh said. “This is not connected with Vekselberg personally.”

Vekselberg, who is listed by Forbes magazine as Russia’s 7th richest person, could not be reached for comment.

Vekselberg’s conglomerate has interests in telecoms, mining, and utilities. The tycoon, 59, once won favour with the Kremlin by buying a set of Faberge eggs made for the former Russian royal family and bringing them back to Russia.

But as President Vladimir Putin has tightened the state’s control over all aspects of the economy, Vekselberg and tycoons like him who are not part of Putin’s inner circle have seen their influence wane.