Andrey Molchanov / A. Filippov / ITAR-TASS

The founder of LSR Group and senator from the Leningrad Region Andrey Molchanov is returning to the management of the company. His name appeared on the list of the board of directors of LSR Group. Molchanov was elected chairman of the board of directors and also headed the strategy and investment committee, according to LSR materials following the annual meeting of shareholders of LSR Group, which took place today.

It was not possible to obtain comments from the LSR press service.

Molchanov, whose fortune Forbes estimated at $1.6 billion in 2013, was chairman of the board of directors of LSR until 2007, when he stepped down from the operational management of the company and became an assistant to the Minister of Health of the Russian Federation. In 2008, Molchanov became a member of the Federation Council from the Leningrad Region.

Earlier, the media reported on the possible departure of Andrei Molchanov from the Federation Council, but official confirmation never followed.

But according to the law on the status of a State Duma deputy and a member of the Federation Council, entrepreneurial activity is incompatible with the status of a parliamentarian, and his/her inclusion in the management body of a business company or other commercial organization is grounds for early termination of powers.

Molchanov, through the company Streetlink Limited, controls 62% of the LSR Group, 33% are in free circulation, and another 5% are owned by managers.

In 2007, the company held an IPO on the LSE and raised $772 million, and in 2010, during an SPO, it raised $398 million.

According to the results of 2012, LSR increased its net profit by 2 times to 4.9 billion rubles, EBITDA grew by 32% to 13.3 billion rubles, and revenue by 18% to 61 billion rubles.

LSR Group founder Andrey Molchanov returns to managing the company