A Russian oligarch is the owner of the sunken yacht off Italy for  million.

A Russian oligarch is the owner of the sunken yacht off Italy for $50 million.

He is a former head of the World Coal Association, and his personal fortune is estimated at $500 million

A 40-meter yacht, owned by Kuzbassrazrezugol partner Gennady Ayvazyan, sank off the coast of Italy, “Russia Today” reports, citing Italian media.

The yacht “Mai Saga” sank in the Italian Gulf of Squillace. The crew raised the alarm that there was water on board, but then evacuated. Attempts to pull the yacht ashore have failed due to a sharp deterioration in weather conditions.

In addition to being a partner in the Kuzbassrazrezugol holding, Gennady Ayvazyan is also the chairman of the board of directors of Krutrade. According to Italian media, the sunken yacht is worth at least $50 million.

She was under the flag of the Cayman Islands with an Italian crew, sailing from Gallipoli to Milazzo. The rescue operation was carried out jointly by the Port Authority of Crotone and a Romanian patrol vessel. The four passengers and crew members were taken to port.

According to the site superyahtfan.com, Ayvazyan was born in 1968 and his personal wealth is estimated at around 500 million dollars.

For several years in a row, he was the chairman of the World Coal Association.

It is believed that his company “Krutrade” deals only with the trade of the highest quality coal – the second largest exporter in Russia.

He is a former partner of Iksander Mahmudov, owner of the Predator yacht, the site notes.

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