Ukraine’s billionaire Victor Pinchuk promised to donate at least half of his fortune to charity, joining the Giving Pledge philanthropic initiative, the charity’s press service reported onFeb. 19.
Pinchuk, 52, whoseassets are estimated by Forbes at $3.7 billion, has become the first Ukrainian oligarch to join the initiative started by U.S. tycoon Warren Buffett and Bill and Melinda Gates that encourages the wealthiest people to commit most of their wealth to philanthropic causes.
In his Feb. 14 pledge letter, Pinchuk said that he was going to invest “half or more” of his fortune in his lifetime and beyond for “education, health care, access to contemporary art” and the promotionof Ukraine in the world.
“It’s time to give back,” he said in the letter. “In our part of the world, the legacy of communism has made many peoplemore skeptical of the wealthy than in Western countries. I want to convince some of them that successful entrepreneurs and business leaders can be constructive, inventive and active contributors to making everyone’s life better,” Pinchuk added.
Pinchuk’s portfolio includes industrial production of pipes and tubes, railcar wheels, specialty steels andalloys, machinery and also media.
He amassed a fortune in the years when his father-in-law, Leonid Kuchma, served as Ukraine’spresident from 1994-2005. But after the change ofpower in 2005, Pinchuk experienced turbulent times, being forced to return to state property Kryvorizhstal, Ukraine’s largest steel mill, that he had purchased together with another billionaire,Rinat Akhmetov, for about $800 million. At the open televised repeat auction, theplant was sold for$4.8 billion to Indian Mittal Steel.
In 2006, Pinchuk founded investment advisory company EastOne and turned to charity, establishing the Victor Pinchuk Foundation, now considered the largest private philanthropic foundation in Ukraine.
Pinchuk’s charity projects include creation of modernneonatal centers, granting educationscholarships, modern art and human rights projects as well as creation of special discussion workshops promoting Ukraineintegration into the European Union – annual Yalta European Strategy (YES) and Ukrainian lunches at World Economic Forum in Davos.
“I have a particularfocus on my own country, Ukraine, and its integration in the world,” Pinchuk said in his pledge letter.
Pinchuk’s wife and Kuchma’s daughterOlena Pinchuk has her own foundation aimed at fighting with HIV/AIDS epidemic in Ukraine.
But unlike Gates family and many other moguls Pinchuk joined the Giving Pledge initiative without his spouse. “Bill and Melinda Gates have a joint foundation, that was their initiative,” Natalia Vovk, EastOne spokeswoman said. “This was initiative of Victor.”
Gates hailed Pinchuk’s philanthropic decision. “Victor is a thoughtful and innovative philanthropist, andwe welcome his perspective as the Giving Pledge brings people together to exchange ideas about how to be aseffective as possible and smarter in our giving,” Gates said as was quoted by Pinchuk’s press service.
Currently the Giving Pledge initiative launched in 2010 has 105 pledges, including Facebook founder Mark Zuckerberg, New York Mayor Michael Bloombergand Russian oligarch Vladimir Potanin.