The Economist magazine reconciles with Russian billionaire over libel charges
Gennady Timchenko   /  Photo:

The Economist magazine reconciles with Russian billionaire over libel charges

30 Jul, 11:26 PM

The Economist magazine has settled a libel action brought by Russian billionaire Gennady Timchenko and the oil company he co-owns, Gunvor.

A statement will be printed in the next edition of the Economist, which is published on Friday and will be available online from tomorrow afternoon.

The libel action, which was brought in the high court in London in January, related to an article published in the Economist on November 29 last year as part of a special report on Russia.

This report was followed by a correction published in the Economist three weeks later on December 18.

In a statement, the Economist said, "Gunvor, Mr Gennady Timchenko and The Economist are pleased to announce that they have settled the libel litigation brought by Gunvor and Mr Timchenko over an article published in last November's Economist. An agreed text will be published in the next issue of the Economist."

Switzerland-based Timchenko, a friend of Russian prime minister Vladimir Putin, has a fortune that was last year estimated at $2.5bn, although some analysts believe he is worth as much as $10bn. He has been described as Russia's most low-profile billionaire. Gunvor is Russia's biggest exporter of oil.

A spokeswoman for the Economist, which is half-owned by Pearson, declined to disclose any further details of the settlement.


Tags: Gennady Timchenko, oil, libel,

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