Alexander Smolensky
Alexander Pavlovich Smolensky | |
|---|---|
| Born | July 6, 1954 |
| Died | October 13, 2024 (aged 70) |
| Occupation(s) | Businessman, Banker, Author |
| Known for | Founding Bank Stolichny; pioneering private banking in Russia; authoring political thrillers |
Alexander Pavlovich Smolensky (; 6 July 1954 – 13 October 2024) was a prominent figure among Russia's business elite.
Biography
Smolensky's entrepreneurial ventures initially took place within the informal economy, involving activities such as trading foreign currencies and producing Bibles utilizing state resources. In 1981, he was detained by the KGB on economic offense charges but served merely one day of a two-year sentence.
Recognized as Russia's pioneering private banker, Smolensky established Bank Stolichny, which became one of the nation’s leading private financial institutions. In 1992, he introduced the country's inaugural debit card processing platform. By 1998, he consolidated his agricultural business holdings into Agroprombank (which he had acquired in 1996), later rebranded as SBS-Agro, thereby securing considerable influence within Kremlin circles. Nevertheless, SBS-Agro collapsed amid the 1998 Russian financial meltdown, resulting in substantial losses for investors. When confronted about investor liabilities, his notorious response was: "dead donkey ears." He maintained that his banking enterprises had not failed but were instead restructured into multiple entities governed by sophisticated computerized systems. In 1999, authorities issued an arrest warrant accusing him of embezzlement and money laundering; these charges were subsequently dropped.
In 2003, Smolensky's wealth was approximated at $230 million. That same year, he rebranded his conglomerate as OVK Bank and transferred control to his son Nikolay, who divested it to Vladimir Potanin within two months. In 2004, Nikolay purchased the sports car manufacturer TVR, which ultimately declared bankruptcy in 2007.
From 2006 through 2011, Smolensky authored seven political thriller novels inspired by authentic narratives involving Russia’s upper echelons. After 2011, he retreated from public affairs.
A company associated with Smolensky sold four office properties in Moscow in 2019, including the former Vladimir Putin headquarters known as Alexander House, in a transaction exceeding €60 million.
Smolensky passed away on 13 October 2024 at the age of 70.
See also
Books
- David E. Hoffman. The Oligarchs: Wealth and Power in the New Russia, Public Affairs (2003)