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Marc Rich Investments acquired by Crown Resources

Marc Rich is not expected to take an active part in the management of the merged company

(Keystone Archive)

The Russian Energy Trader, Crown Resources, has reached a deal to acquire Marc Rich Investments (MRI), owned by the fugitive billionaire who is a long-time resident of Swizerland.

MRI is the Swiss-based commodities trading arm of the Marc Rich Holding company, owned by Marc Rich.

Crown said in a statement that they had reached an agreement in principle to acquire the shares of MRI. They added that the deal would be concluded in the next 60 days.

The MRI chief executive, Thomas Frutig, told journalists, "It is envisaged that MRI will be merged into Crown in order to create a new commodity trading powerhouse."

The deal will combine Crown's strength in Russian crude oil and energy trading with Marc Rich's long-standing experience in crude oil products and metal creating a first-tier trading house.

Crown declined to say how much the deal was worth.

Marc Rich has been widely scrutinized over the past few weeks following a pardon from the former United States president, Bill Clinton.

Clinton's pardon on his final day of office has come under criminal and congressional investigation.

Rich fled the United States in 1983 to escape charges of wire fraud, racketeering and income tax evasion

swissinfo with agencies

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