Russian billionaire Gennady Timchenko is no longer a shareholder of Russian Sea Group, after having sold his 30 percent stake in the company to Gleb Frank, his son-in-law, according to the Russian Izvestiya publication.
Following the sale, Frank holds 34 percent of the company, the same amount as Timchenko business partner Maxim Vorobiev. Both executives hold large stakes in Russian Sea Catching as well.
Anton Kurevin, a spokesman for Timchenko, confirmed the sale of the shares to Rockwell Capital, an investment fund owned by Frank.
The
