Early Life and Education
Born on July 24, 1958, in Rybnitsa, Moldavian SSR, USSR, Boris Mints hails from a Jewish family. His father, Major Joseph Samuilovich Mints, was a military engineer, and his mother, Lusia Izrailevna Milter, worked as a librarian. Boris Mints grew up in different locations due to his father’s military service, including Moldova and the Kostroma region in Russia.
In 1980, Boris earned a bachelor’s degree in physics from Ivanovo State University. Motivated by his interest in theoretical physics, he pursued further studies, completing a Ph.D. in technical sciences and becoming an associate professor of higher mathematics.
Early Career and Political Involvement
Boris Mints embarked on his career at the Ivanovo Textile Institute in 1983, simultaneously working at a Youth Center for Scientific Creativity from 1987 to 1990. In 1990, he started his political journey by being appointed as the vice mayor of Ivanovo. He went on to chair the city property management committee until 1994.
During this time, Mints crossed paths with Anatoly Chubais, the chairman of the State Committee of the Russian Federation for State Property Management. This connection led him to Moscow, where he worked at the State Property Committee.
From 1994 to 2000, Mints held prominent roles in Russian governance, serving as the head of the main department of the Public Assets Ministry and later heading the Office of the President of the Russian Federation for Issues of Local Governance. In the early 2000s, he was actively involved in political activities, serving as the head of the executive committee and finance and budget committee of the political party “Union of Right Forces.”
Media and Business Ventures
In 2001, Boris Mints took on the role of general director of REN TV, a media outlet. In 2003, he made a pivotal decision to join forces with Vadim Belyaev to establish “VEO-Otkritie.” The partnership led to the formation of the Investment Group Otkritie Ltd. in 2004, with Mints becoming its chairman of the board of directors.
In 2004, Mints founded the O1 Group investment company, focusing on the real estate and financial sectors. He further expanded his influence by founding O1 Properties in 2010, which became a major player in the Russian commercial real estate market. O1 Group acquired significant pension business assets, solidifying its position in various sectors.
How is Boris Mints related to Real Estate?
Boris Mints has actively engaged through diverse business pursuits. As the progenitor and chairperson of the O1 Group investment conglomerate, he presides over the possession and administration of assets in the spheres of real estate and finance.
Moreover, holding proprietorship over the investment holding entity O1 Group based in Cyprus, Mints oversees pension funds and real estate holdings within the confines of Russia. In the annals of 2010, Mints inaugurated the investment firm O1 Properties, gaining renown for its adept stewardship of real estate assets. Culminating in 2017, it stood as the sixth-largest proprietor of commercial real estate in the expansive landscape of Russia.
In essence, Boris Mints wields a formidable influence within the domain of real estate, courtesy of his myriad entrepreneurial exploits.
Brief about Investment Group Otkritie Limited
Otkritie Holdings is a Russian private financial group established in 1995 as a VEO-Invest company.
As of 2016, it is Russia’s largest private financial group and ranks among Russia’s 35 largest corporations, according to the RBC 500.
The group consists of Otkritie FC Bank, Otkritie Capital, Otkritie Broker, Otkritie Asset Management, Arkhangelskgeoldobycha (diamond miner), and it also holds minority stakes in top companies in their Baltic Leasing, Qiwi, Lukoil-Garant Non-State Pension Fund, Non-State Pension Fund of the Electric Power Industry, and RCB Bank (Cyprus).
Otkritie, as a universal bank, develops all key business lines, such as corporate, retail, SMEs, and private banking segments.
The bank focuses on corporate investment banking, retail banking, and asset management.
In 2017, Otkritie FC Bank was bailed out by the Central Bank of Russia.
Brief details of 01 Properties
O1 Properties is a commercial real estate investment firm that specializes in owning and managing a portfolio of office centers. The company is one of the largest professional owners of class- office real estate in Moscow
Founded in 1996, O1 Properties focuses on creating high-quality spaces and atmospheres that foster productive work, helping tenants and their staff achieve new levels of success.
Key aspects of O1 properties include:
- Portfolio: The company owns and operates a portfolio of 11 business centers in the Russian Federation.
- Design and Management: O1 Properties pays special attention to the design of its buildings, quality of property management, infrastructure development, and constant improvement of its facilities.
- Sustainability: The company is committed to reducing the consumption of natural resources and creating the best conditions for people to work efficiently and happily.
- Eco-efficiency: O1 Properties inserts standard ecological efficiency into the management of its business centers to minimize the impact on the environment.
Controversy and Legal Issues
Boris Mints faced a major setback with Otkritie FC Bank, where he served as chairman. In 2017, the bank experienced financial challenges, leading to its temporary administration by the Central Bank of Russia. Mints and O1 Group were implicated in legal disputes related to the bank’s bailout, with allegations of unfavorable deals.
Legal battles extended internationally, as in 2019, the Central Bank of Russia sued Mints and others in the UK. The lawsuit aimed to freeze $572 million of Mints’ assets, alleging fraudulent schemes related to bond sales just before Otkritie’s collapse.
Philanthropy and Social Engagement
Boris Mints is actively involved in various social and communal organizations. He serves as the chairman of the board of trustees of the Conference of European Rabbis and holds positions in the Russian Jewish Congress and the World Jewish Congress. Additionally, he established the Boris Mints Institute for Strategic Policy Solutions for Global Challenges at Tel Aviv University.
Mints played a crucial role in founding the Yegor Gaidar International Foundation and served as its chairman from 2010 to 2020. He supports initiatives related to the rehabilitation of children with mobility issues through the G.N. Romanov Center. Mints is also a member of the board of governors of Tel Aviv University.
Personal Life and Hobbies
Boris Mints is married to Marina Vladimirovna Mints, and the couple have four children. His three sons, Dmitry, Alexander, and Igor, have actively participated in the O1 Group.
Beyond his business and philanthropic endeavours, Mints is known for his diverse hobbies. He is an avid collector of Russian paintings and graphics, particularly from the late 19th and early 20th centuries. Mints established the private Museum of Russian Impressionism in Moscow, showcasing his extensive collection.
Apart from his cultural pursuits, Mints engages in sports, enjoying chess and tennis. His passion for cooking has led to aspirations of creating a chain of restaurants.
Net Worth of Boris Mints
According to Forbes, Boris Mint’s net worth was estimated to be over $1.3 billion in March 2017.
However, in 2018, he dropped out of Forbes’ ranking of billionaires.
Mints owns the Cyprus-based investment holding company O1 Group, which owns pension funds and real estate assets in Russia.
He has been involved in various business ventures, including Otkritie FC Bank, O1 Properties, and the Boris Mints Institute for Strategic Policy Solutions to Global Challenges at Tel Aviv University.
| Year | Net Worth (in billions) |
| 2014 | 1 Billion |
| 2015 | 1.6 Billion |
| 2016 | 1.2 Billion |
| 2017 | 1.3 Billion |
Legal Issues
Boris Mints faced a setback with Otkritie FC Bank, where he served as chairman. In 2017, the bank experienced financial challenges, leading to its temporary administration by the Central Bank of Russia. Mints and O1 Group were implicated in legal disputes related to the bank’s bailout, with allegations of unfavorable deals.
Legal battles extended internationally, as in 2019, the Central Bank of Russia sued Mints and others in the UK. The lawsuit aimed to freeze $572 million of Mints’ assets, alleging fraudulent schemes related to bond sales just before Otkritie’s collapse.
Controversies
Legal Challenges Surrounding Boris Mints
Boris Mints has been involved in legal controversies, particularly regarding an $850 million fraud case. He and his sons are being sued by the National Bank Trust, which is 99% owned by the Central Bank of Russia, on behalf of Bank Otkritie, once Russia’s largest private lender before it collapsed in 2017.
The case is one of the first legal tests of Britain’s sanctions regime in relation to Russia.
The lawsuit alleges a conspiracy to enter into noncommercial transactions.
The Mints family’s application to dismiss the case was unsuccessful, and the UK Court of Appeal has made significant comments on the UK’s “ownership and control” test in the sanctions context.
The case is ongoing, and legal proceedings have attracted significant attention due to their implications for the UK sanctions regime and the wider business environment.
The National Bank’s Case
National Bank Trust’s case against Boris Mints and his sons, Dmitry, Alexander, and Igor, revolves around an $850 million fraud lawsuit brought by two Russian banks, National Bank Trust and Bank Otkritie, on behalf of Bank Otkritie.
The banks claim that the defendants conspired with representatives of the claimant banks to enter into uncommercial transactions.
Key points of the case include:
- The lawsuit was filed against the Mints family, who deny the banks’ fraud allegations.
- The Mints family argued that the lawsuit should be indefinitely put on hold because, if the banks win at trial, any damages could not be paid as Bank Otkritie is under British sanctions.
- The High Court in London ruled against the Mints family’s application to pause the case.
- The UK Court of Appeal confirmed that English courts can enter judgment in favor of designated persons under the UK sanctions authority and can license certain litigation-related costs orders.
- The Court of Appeal also provided its view on the ownership and control test under UK sanctions, suggesting that the “control” element of the test should be interpreted broadly.
The case is significant as it represents one of the first legal tests of Britain’s sanctions regime in relation to Russia and has implications for the wider business environment.
Criticism of Putin and Stance on Ukraine
Boris Mints has been a vocal critic of Vladimir Putin and has openly condemned the 2022 Russian invasion of Ukraine. He expressed strong opposition to the invasion, drawing parallels to historical tragedies and categorically denouncing Russia’s actions. Mints’ social media posts condemning the war gained national attention, and he actively supported relief campaigns for Ukrainian refugees in the UK.
Legal Challenges and International Status
Mints faced legal challenges, including being named in the Countering America’s Adversaries Through Sanctions Act (CAATSA). In 2021, Interpol rejected a Russian arrest warrant request on embezzlement charges against Mints, who was accused of stealing billions from Otkritie Bank.
In light of legal troubles, Boris Mints and his family left Russia in 2018, settling in the UK. As of the latest information, Boris Mints remains on the international and Russian criminal wanted lists.
Conclusion
Boris Mint’s life journey encompasses a diverse range of experiences, from his early career in academia and politics to his impactful ventures in media and business. His philanthropic efforts and cultural contributions stand alongside the controversies and legal challenges he faced, shaping a complex and multifaceted biography.
