Aven owns 7.021% of Altimo through Gibraltar Dendar Investment Fund, which collected telecommunication assets of Alfa-Group, as a source close to the businessman told "Vedomosti" and his friend confirmed it as well. The fact that Dendar owns 7,021% Altimo was in the documents of Vimpelcom Ltd. (controls VimpelCom and Ukrainian Kyivstar) for the Federal Financial Markets Service, but the owner of this offshoring has not been disclosed. At one time Dendar was a shareholder of Alfa-Bank. Aven told "Vedomosti" that he is a shareholder in Altimo, but the share was not disclosed, and yesterday he refused to comment.

The major assets of Altimo are 39,19% of Vimpelcom Ltd. (Yesterday on the NYSE the package was worth of $ 8.4 billion), 25.1% of Megafon (based on the capitalization of Vimpelcom analysts from "Troika Dialogue" estimated it to $ 3.75 billion) and 4,99% of Turkcell ($ 585 million on the NYSE). Thus, the market value of the holding was about $ 12-13 billion yesterday, analyst "Troika" Eugene Golosnoy says, and share of Aven - about $ 900 million.

It is more expensive than 13,8% of ABH Holdings owned by Aven, which combines the financial assets of Alfa-Group. Chief among them is Alfa-Bank, Aven came there to work one year after resigning as Minister of Foreign Economic Relations in 1992.

"Given the recent correction in the market now " Alfa " as one of the largest private banks, it is estimated at $ 4.05 billion, and the package of Aven is $ 558 million", a senior analyst at Uralsib Leonid Slipchenko stated.

Aven played an important role in the development of telecommunications business of Alfa-Group. He participated in the purchase of its first telecommunications assets, the former manager of several of its companies recalls: that was Vimpelcom, and in 2001 - Golden Telecom, and until 2007 he headed its board of directors.

Aven — a friend of Prime Minister Vladimir Putin and a successful lobbyist of "Alfa-group" business, a source close to Alpha adds . In July 2005, he participated in the meeting of Putin (at the time - the President of Russia) with Prime Minister of Turkey - Recep Erdogan, the interlocutor of "Vedomosti" recalls. Then the "Alpha" agreed to buy 13.22% of the largest Turkish GSM-operator - Turkcell for $ 1.6 billion, and Putin said to Erdogan that "Alfa" would like to get "some political guarantees". The following year, Aven accompanied Putin on a visit to Vietnam, where they discussed the possibility of work of Russian telecommunication companies at the local market . Subsequently, VimpelCom received 40% of GTel Mobile, a joint venture with Vietnamese state companies.

In late 2007, Aven said in an interview with "Vedomosti» that he had no longer dealt with telecommunications projects group. Nevertheless, he remains in the advisory board of Altimo (analog of the board of directors), as chief executive of Altimo Reznikovich reminds: Like other members of the board, Aven helps solve strategic issues, and performs representative functions.

Because of the bad situation in the markets many assets are now valued unreasonably low, analysts say. For example, the current estimate of Alfa Bank is not justified, Slipchenko assures: given the prospects for recovery of the banking sector, by the end of the year the bank can be estimated at $ 5.4 billion, and the package of Aven is $ 744 million.

However, it is cheaper than his package in Altimo, which has been discounted as well due to falling markets. For example, analysts of Uralsib estimated blocking shareholding of Megafon at $ 4.75 billion a month ago.

A source close to Aven estimates Altimo to $ 30 billion. The market capitalization of its assets in 2009 exceeded $ 16 billion, according to the company's website. Given the growth potential of these assets the fair value of Altimo can be estimated at $ 20-22 billion, Golosnoy adds and calls $ 30 billion the most optimistic estimate.