Russian, Ukrainian tycoons pledge half fortune to charity

Kiev, Feb 19 (AFP) Russia's Vladimir Potanin and Ukraine's Victor Pinchuk pledged today to give half of their fortunes to charity, becoming the first tycoons from ex-Soviet Union to join a global drive by the world's richest people to share their wealth. Russian industrial magnate Potanin, 52, and Pinchuk, the Ukrainian metals and media tycoon, also 52, said that by joining the Giving Pledge initiative led by Bill Gates and Warren Buffett they hoped to inspire other rich people to share their wealth. Potanin and Pinchuk are among a dozen rich people who joined the initiative on Tuesday, bringing the total to 105, including Indian tycoon Azim Premji and Britain's Richard Branson. "Giving to good causes is no less fun than making money," Pinchuk told AFP. By pledging to give at least half of his fortune to charity, Pinchuk said he wanted to send a signal that his philanthropic activities were not a hobby. "This is my commitment for a lifetime and beyond," he said by phone. "If someone can be inspired to do the same, then this would be right." Potanin, co-owner and chief executive of Norilsk Nickel, the world's largest palladium and nickel producer, said he hoped others in the country would follow his example. "I hope my example will inspire people in Russia and other countries and will demonstrate to the world that the Russian traditions of philanthropy are coming back." He added in a statement released by his charity foundation that he also wanted to protect his children from "burden of the extreme wealth, which may deprive them of any motivation to achieve anything in life on their own." The Giving Pledge initiative announced in 2010 was launched by Microsoft founder Gates and investment guru Buffet who want to convince the richest people to give 50 percent or more of their fortunes to charity. Both Potanin and Pinchuk did not say how much they would be committing to charity but the Russian edition of Forbes magazine estimates Potanin to be the fourth-richest Russian with a fortune of USD 14.5 billion. Forbes' Ukrainian edition put Pinchuk's wealth at USD 3.7 billion (2.7-billion-euro), making him Ukraine's second-richest man. The move by the two men from the former Soviet Union to join the initiative by Gates and Buffett is rare in the countries where oligarchs have preferred to plough money into football sides, opulent real estate and yachts. According to Forbes, Russia had nearly 100 dollar billionaires as of last year, while there are nine dollar billionaires in Ukraine. (AFP) KUN 02192215 NNNN