Richest Kiwi quits Africa now

MICHAEL FIELD
Last updated 16:03 26/02/2013

Related Links

Jennings' Renaissance sells 50pc stake

Relevant offers

World

Sue Finley, 80, was hired by Nasa in 1958 as a 'computer' Woman gets $8030 but fails in bid to sue Australian supermarket after slipping on a grape Kayak is letting travellers search for travel deals using emojis Uber CEO Travis Kalanick resigns under investor pressure George Clooney sells his tequila to Diageo for US$1 billion London fire: Luxury apartments acquired for displaced Grenfell tenants Aussie bankers drug colleague with valium and laxatives in attempt to discredit him Passengers set to pay as Uber introduces tipping and fees for keeping drivers waiting Bauer's Australia boss quits, replaced by New Zealand CEO, after Rebel Wilson defamation case Apple gives the iPad some love to halt its long slide

Stephen Jennings, the Taranaki-born man once reputed to be the richest New Zealander, has suddenly quit his African interests three months after losing the Russian investment bank he founded and made him a billionaire.

Jennings, through Renaissance Capital founded 17 years ago, made about US$5 billion ($6 billion) before falling on harder times. Last year he made the National Business Review's rich list with $900 million.

Jennings, 52, stepped down from Renaissance last year after billionaire Mikhail Prokhorov rebuffed his requests for more cash for the money-losing investment bank.

Jennings left Moscow and was believed to be in Nigeria, but Bloomberg news agency said it could not contact him on his latest moves.

Now the Moscow business daily Vedomosti said Jennings resigned as chief executive of Renaissance Group - a relic of Capital - on January 1.

Group deputy CEO Hans Jochum Horn wrote to the staff announcing Jennings' departure.

"Stephen is in the same situation as many of you - a shareholder who has left the group," Horn said in a Reuters News Agency translation of the letter.

Horn said in the letter as saying he had carried out a preliminary analysis of the group which showed it had assets of US$221m but that these were opaque and illiquid.

Vedomosti asked the holders of three issues of Eurobonds in total worth US$250m to agree to restructure those notes.

Horn would make no further comment.

Ad Feedback

- Stuff

Special offers

Featured Promotions

Sponsored Content