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. Last Updated: 07/27/2016

Business in Brief

Mogilevich's Detention

A Moscow court extended to Sept. 23 the detention of Semyon Mogilevich, an organized crime suspect on the FBI's most-wanted list, who has been charged with tax evasion, Interfax said Tuesday.

Alexander Pogonchikov, a lawyer for Mogilevich, said the court ruled that more investigation was needed, although the Prosecutor General's Office did not support the motion for extended detention, Interfax reported. (Bloomberg)

Razgulyai Plans Share Sale

Grain and sugar producer Razgulyai Group will soon sell 70 million new shares, president Igor Potapenko said, Interfax reported Tuesday.

The shares, equal to a 36.8 percent stake and worth around $553 million based on Tuesday's closing price, will be sold in Moscow, Potapenko said, Interfax reported. (Bloomberg)

Dubai Firm Eying OGK-1

Dubai World, a state-owned investment company, may buy OGK-1 for $5 billion, Dow Jones Newswires reported Tuesday, citing two sources with knowledge of the matter.

Dubai World is in talks with OGK-1's parent company, Unified Energy System, via Roskommunenegro, a Russian energy trader chaired by Igor Kozhin, the son of Vladimir Kozhin, who runs the Kremlin's property department, Dow said. (Bloomberg)

Severstal's Esmark Plans

Severstal, the country's largest steelmaker, will pursue its $672 million bid for Esmark even after the U.S. company recommended that shareholders accept a higher offer from India's Essar Steel Holdings

Severstal told Esmark's management that it was "disappointed" with their decision, according to the copy of a letter from the company. (Bloomberg)

WCI Sued for Severstal Deal

WILMINGTON, Delaware -- WCI Steel, a metals processor that emerged from bankruptcy in 2006, was sued by shareholders challenging a $140 million buyout bid by steelmaker Severstal.

The investors say directors should have accepted a $172 million offer from Optima International of Miami, and were swayed by a steelworkers union to favor the Severstal deal. (Bloomberg)

UES Seeks Tajik Debt

DUSHANBE, Tajikistan -- Unified Energy System has demanded repayment of a $3 million debt for electricity supplies, Tajikistan's national power company said Tuesday.

Failure to meet outstanding electricity costs is a worrying omen for the impoverished country, which was crippled last winter by widespread power shortages. (AP)

For the Record

Billionaire Vladimir Potanin's Prof-Media holding company may sell shares in an IPO in late 2009, chief investment officer Sergei Tikhonov said Tuesday. (Bloomberg)

Gazprom Neft plans to invest $1.5 billion in its Omsk oil refinery over the next three or four years, chief financial officer Vadim Yakovlev said Tuesday. (Bloomberg)

The country's potash producers will spend $15 billion in the next 10 years building new mines as prices for the soil nutrient soar, Uralkali chief executive Vladislav Baumgertner said Tuesday. (Bloomberg)