Bendukidze Sells Heavy Machinery Business in Russia

Founder of the United Heavy Machinery (OMZ) and Georgian State Minister for Reform Issues Kakha Bendukidze has sold his shares ? 25,93% – of the enterprise, the Russian media reported on November 3. Neither amount of the deal, nor a new owner was disclosed.

Bendukidze combined Russia?s largest plants, including nuclear power machinery, shipbuilding and mining, and turned his holdings into a diversified and growing business. But as some analysts suggested after selling the shipbuilding last year the OMZ has lost its status of growing business.

The Russian daily Kommersant speculates that either Russian state-run Gazprom, or Russian investment company Basic Elements, have bought shares of the OMZ. But both of these companies have already denied this.
 
The Georgian leadership recruited the Russian-based tycoon Kakha Bendukidze, a native Georgian, as Economy Minister last June. Later, in December 2004, he was appointed as the State Minister to oversee structural and economic reforms.

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