Tuesday 22nd January: One of the worlds richest men has told Sky News that the British economy is "lagging" the rest of the world and that "the UK Government should listen more to City bankers."
In an exclusive interview with Oleg Deripaska, the Russian oligarch tells Sky News Business Presenter Jeff Randall that in his view the City of London is not as attractive a place to raise finance as either the USA or Asia and that the UK needs to "stay competitive" to attract foreign business investment.
In particular, the billionaire blames the "conservative" nature of UK financial regulation as a disincentive.In 2010 Mr Deripaska listed Rusal, the worlds biggest aluminium producer, in Hong Kong, not London.
But Mr Deripaska says that he does believe that Britain has proved "lucky and clever" in avoiding the Eurozone crisis by taking the decision to stay out of the European single currency.
Mr Deripaska denies that he or indeed other Russian business leaders are in "Putins pocket" and says the days of foreign companies paying off the Russian mafia to do business in Russia have gone. Russia is no longer the "Wild West" according to Mr Deripaska but he admits that in the 1990s "there was a failure of all institutions."
Mr Deripaska was once Russias richest man, but his business interests suffered badly following the global financial crisis of 2008. In the interview, he refutes the suggestion that the current Russian President Vladimir Putin used his influence to save Mr Deripaskasbusinesses after the provision of a $16 billion loan from the Russian authorities.He tells Sky News that this was an "open deal" which "he was forced to repay at the first possible moment" and at an interest rate of 8%.
The Russian billionaire is known in the UK for his friendship with Nathaniel Rothschild, which led to the political row billed as Yachtgate. There were heated exchanges between George Osborne and Peter Mandelson following visits to Deripaskas yacht which was anchored off the Greek island of Corfu in 2008.
Mr Deripaska owns and is Chief Executive of Rusal, the worlds largest aluminium producer. However his business interests run much wider. He has significant stakes in carmaker Gaz, airports, construction and financial services.
Forbes magazine estimate his net worth as of March 2012 as $8.8bn which would make him the 104th richest man in the world, but Mr Deripaska says he "doesnt have the free time" to follow Roman Abramovichs lead and buy an English Premier League side.
Sky News Business Presenter Jeff Randall travelled to Moscow to speak at length to the Russian oligarch Oleg Deripaska. The full interview will be broadcast on Jeff Randall Live at 7pm on Tuesday 22nd January.
A copy of the full transcript can be found here http://skynews.skypressoffice.co.uk/newstranscripts/jeff-randall-220113-oleg-deripaska-owner-and-chief-executive-rusal
ENDS
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Tuesday 22nd January: One of the worlds richest men has told Sky News that the British economy is "lagging" the rest of the world and that "the UK Government should listen more to City bankers."
