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NEW RICHEST MAN IN EUROPE AIMS TO BETTER UKRAINE'S ECONOMY Rinat Akhmetov Surpasses IKEA Founder for Richest Man in Europe Title

The Foundation for Effective Governance
Kyiv, Ukraine, Tuesday, July 1, 2008

NEW YORK and KIEV, Ukraine, July 1 /PRNewswire/ -- Rinat Akhmetov, Ukrainian businessman and philanthropist, recently rose to the status of the richest man in Europe, according to Korrespondent Magazine.

His estimated wealth at $31.1 billion exceeds that of the previous richest European title holder, Ingvar Kamprad, founder of IKEA, by more than $100 million.

Mr. Akhmetov's business empire includes companies from the mining, oil, energy, engineering, financial and mass media sectors, along with the Donetsk-based Shakhtar football club. He is also the founder and benefactor of non-profits dedicated to the economic betterment of Ukrainians.

Through building his wealth in his own country, Mr. Akhmetov has dedicated himself to working toward a better, more economically stable Ukraine. This is why he started The Foundation for Effective Governance, and recently donated $150 million to the Foundation for the Development of Ukraine.

Through these organizations, Mr. Akhmetov is making a strategic investment in Ukraine that could fundamentally alter the region and improve the daily lives of Ukrainian Citizens.

The Foundation for Effective Governance, created in 2007, is established on a budget, provided by Mr. Akhmetov, that will amount to $50 million over the next five years (up to 2012).

This funding has and will help the organization, guided by a board of international leaders such as former Canadian Prime Minister Kim Campbell, Former U.S. Senator Lincoln Chaffee, and Peruvian Economist Hernando DeSoto, among others, to develop and support long-term projects and programs which are of strategic economic importance for Ukraine.

"Ukraine is my home," Mr. Akhmetov said. "I hope to help to my home country grow economically so that all Ukrainians may have the opportunity to succeed in business as I have.

For this reason, I am honoured to be able to provide the necessary support for The Foundation which has the potential to create much needed economic stability for all Ukrainians."


Born in Donetsk, Ukraine, Rinat Akhmetov has been a driving economic force in Ukraine since the mid 1990's when he graduated from Donetsk National University with a degree in economics. He became the head of Donetsk City Bank and President of the football team, FC Shakhtar.

Mr. Akhmetov is founder of Systems Capital Management, Ukraine's leading financial firm. Mr. Akhmetov is involved with charities and philanthropies that are often humanitarian, and often to support causes that assist Ukrainian citizens. Mr. Akhmetov's stated aim is to develop and implement long-term projects and programs which encourage economic growth in Ukraine.


In 2007, Rinat Akhmetov founded The Foundation for Effective Governance to Support Economic Development of Ukraine. On December 6, 2007, FEG launched in Kiev with a goal to improve the standard of living of each Ukrainian citizen.

Akhmetov's stated aim is to develop and implement long-term projects and programs which encourage economic growth in Ukraine. In order to reach these goals the Foundation will attract leading Ukrainian and international experts with proven experience, strong expertise, and excellent reputations.

The Board of Trustees ensures the Foundation works to its mission and principles by taking an active part in building the Foundation's strategy, selecting programs, as well as assessing the Foundation's performance.

Among its board members are former U.S. Senator Lincoln Chafee, former Canadian Prime Minister, Kim Campbell and former president of the National Bank of Hungary Gyorgy Suranyi.

For further information about the Foundation for Effective Governance, please visit its official website: www.feg.org.ua