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. Last Updated: 07/27/2016

Luzhkov's Wife Goes Public With Finances

Yelena Baturina, the wife of Moscow Mayor Yury Luzhkov, has joined the list of business leaders forced to open their books in order to win access to capital markets.

Baturina's Inteko holding company commissioned investment bank NIKoil to underwrite a three-year, 1.2 billion ($39 million) bond placement and to comply with Federal Securities Commission regulations. Inteko had to disclose details of its finances, ownership structure and management remuneration.

This past June, key Norilsk Nickel shareholders Vladimir Potanin and Mikhail Prokhorov similarly had to disclose their ownership stakes in the metal giant to clear regulatory hurdles in Norilsk's acquisition of Stillwater Mining in the United States.

Oil majors LUKoil and Yukos, cellular operator Mobile TeleSystems and gas trader Itera have also made their financial records transparent to woo foreign investors.

Inteko representatives refused to comment Wednesday, but issuing a prospectus is in many ways self-explanatory and it casts light into the dealings of Baturina, whose spouse, too, has a reputation for far-reaching business interests.

The document lists Baturina's workplaces, which include Inteko, Inteko Center, Oskol Cement and Housing Factory No. 3.

The company, whose share in the Moscow construction market stood at 11 percent last year, posted revenues of 8.8 billion rubles ($290 million) in 2002, up 300 percent on an annual basis.

Inteko is owned by two shareholders: Baturina, who holds a 99 percent stake, and her brother Viktor, who owns 1 percent of the firm.

This week's financial disclosures are not the first time Inteko has made headlines.

Back in 1999, the Federal Security Service reviewed its accounts in connection with a probe into suspected currency-export violations by companies in the Vladimir region.

Luzhkov later described the investigation as politically motivated, saying his wife's business "has always been honest to the utmost."

Baturina took home a hefty paycheck worth 14.4 million rubles ($474,000) for January-March this year, which works out to a monthly salary of some $158,000.