Ex-KGB agent receives largest pay-off in Russian corporate history

A former KGB agent, who served as the chief executive of a Russian mining group would be receiving a 100 million dollar golden parachute pay-off, which would be the largest pay-off in the country''s corporate history.

Vladimir Strzhalkovsky will receive the money for his part in bringing to an end a 1.4 billion dollar dispute between Oleg Deripaska and Vladimir Potanin over rights at Norilsk that saw Chelsea FC owner Roman Abramovich help to referee a deal between the Russian oligarchs.

Norilsk shareholders agreed to hand Strzhalkovsky an immediate payment of 50 million dollars, followed by two 25 million dollar instalments, The Telegraph reports.

According to the paper, the deal, struck last week, will also see Potanin become chief executive of Norilsk, the world''s largest producer of nickel and palladium.

Severance payments have never exceeded 20 million dollars in Russia before. The largest ever golden parachute was warded to John Welch, the former chief of General Electric. Welch received more than 400 million dollars, according to GMI Ratings, the paper said.

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