Economy & Politics

Etienne Schneider aims for a position at Sistema

Former Luxembourg Minister of Economy Etienne Schneider is in the running for a seat on the board of directors of Sistema, a holding company owned by the Russian oligarch Vladimir Yevtushenkov.

Heledd PRITCHARD

Former Luxembourg Minister of Economy Etienne Schneider is in the running for a seat on the board of directors of Sistema, a holding company owned by the Russian oligarch Vladimir Yevtushenkov.

(pj with Heledd PRITCHARD) – Definitely, Sistema seems to appreciate the Luxembourg personalities. Already the former Minister of the Economy, Jeannot Krecké (LSAP) has been a member of the board of directors of this company for eight years. And now, the name of Etienne Schneider (LSAP) is circulating on a similar item, our colleagues point out. LuxTimes.

The one who left his functions in the government on February 4 is thus part of the list of 12 candidates communicated by the company to sit on the board of directors of Sistema PJSFC, active in the sectors of telecommunications, high technology , banking, retail and healthcare. The interested party does not deny and even confirmed this possibility in the newspaper d’Lëtzebuerger Land.


Wirtchaft, FEDIL New Years Reception, Etienne Schneider, Foto: Chris Karaba / Luxemburger Wort

The name of the Minister of the Economy is mentioned on the side of the European Space Agency (ESA). A position that interests the future ex-minister but under certain conditions.


The majority shareholder and president of the said company is none other than the Russian oligarch Vladimir Petrovich Yevtushenkov. A billionaire who was released from house arrest in 2014 following an investigation into Sistema’s purchase of one of Russia’s largest oil companies, Bashneft, which had been privatized. East-West United Bank, based in Luxembourg, is part of Sistema.

According to official information, the Luxembourger would act as an independent director. The shareholders will have to vote on his name at the annual general meeting on June 27. Sistema’s revenues in 2019 reached 8.28 billion euros and its total assets amounted to 16 billion euros at the end of the year.

The ArcelorMittal track

Earlier this year, rumors circulated that Etienne Schneider could sit on the board of directors of the steel company ArcelorMittal from here. CA of which Jeannot Krecké remains the administrator, by the way. It was also discussed that the former minister (who succeeded Paulette Lenert and Franz Fayot) occupies a high-level position within the European Space Agency (ESA), the body which manages the European space program.

During his tenure in government, Etienne Schneider had rightly spearheaded the country’s space programs, by launching the LUXEOSys project military satellite which recently proved to be twice as expensive as the original budget.

Follow us on Facebook, Twitter and subscribe to our 5pm newsletter.


Tags

Related Articles

Back to top button
Close
Close