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Billionaire fined over Oerlikon share purchase

Russian billionaire Viktor Vekselberg’s holding firm Renova has been fined SFr40 million ($38 million) for violating Swiss stock exchange reporting requirements.

Details of the fine by the finance ministry, imposed in December, were announced on Thursday in a statement by Renova.

It follows the purchase of two stakes in the Swiss technology group Oerlikon through Renova. The finance ministry found Renova violated disclosure rules when buying the shares in 2006.

The fine amounts to 20 per cent of the current value of Renova's stake in Oerlikon.

Vekselberg and Renova rejected the accusations and announced plans to appeal the decision in court, saying the fine punished "ordinary market behaviour" and the move threatened the investment climate in Switzerland.

Separate proceedings are also underway against Renova over the purchase of stakes in the Sulzer engineering group. and agencies

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