by PHILIPP OEHMKE
Pakistan-born oligarch Mohammad Zahoor rose out of poverty to build a Ukrainian steel empire worth billions and marry a former Mrs. World. But now the flamboyant magnate wants to use his riches to make Kamaliya the next Lady Gaga.
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Living the Dream
Zahoor, who is in his late 50s, once owned five steel mills in Ukraine, and when he sold them in 2008 he netted roughly $1 billion (€750 million), although he would rather not divulge the exact amount. What does one do with $1 billion in the bank in the midst of the financial crisis? Zahoor invested in two hotels in Kiev and a number of office buildings. He purchased the liberal English-language weekly the Kyiv Post — along with a TV studio, an airplane, a yacht, two Bentleys, two Mercedes, an Audi S8 and a Range Rover. So what now?
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Return of the Patron
It’s quite possible that Zahoor’s approach is merely the logical next step, or perhaps even a visionary venture in today’s post-financial crisis era, in which the traditional cultural and entertainment models of postwar capitalism depend on patrons of the arts. Most of the films nominated for an Oscar this year received significant financial backing from billionaires and wealthy heirs, including “Argo” and “Zero Dark Thirty.” Large art exhibitions would simply cease to exist without private donors, and numerous football clubs in the Champions League depend upon the support of billionaires. Moscow businessman Vladislav Doronin launched a Russian and a German version of the Andy Warhol magazine “Interview,” most likely as a plaything for his then-girlfriend, supermodel Naomi Campbell. In an era when even rich Russians consider private yachts and jets passé, the pact made by sheikhs and oligarchs remains the same: money in exchange for recognition — and a sense of purpose in life.
Spiegel Online International for more
(Thanks to Robin Khundkar)