Forbes: Oxford laser physicist's family is one of Russia's wealthiest
Photo | Courtesy of IPG Photonics
Valentin Gapontsev, the late founder, CEO, and chairman of IPG Photonics
The family of Russian-American billionaire and Central Mass. executive Valentin Gapontsev is one of the wealthiest in Russia, according to a new ranking by Forbes magazine.
Gapontsev, the founder, chairman and CEO of Oxford-based fiber laser manufacturer IPG Photonics, along with his son, Denis, are ranked as the fourth richest family in the country, according to Forbes Russia.
Per the company’s annual report, Gapontsev, via three trusts he created, controls about 31% of the company’s voting power. His son indirectly owns about 2% of the company, according to Forbes.
Together, the two men boast a net worth of about $2 billion, with the elder Gapontsev accounting for about $1.85 of that fortune. His son, previously the company’s vice president of development, is no longer involved in the business.
The fourth-place ranking is actually a decline from last year’s third-place ranking, Forbes said.
Gapontsev, a Russian-born U.S. citizen, is currently challenging the U.S. Department of Commerce’s designation of him as a Russian oligarch that came at the behest of U.S. Congress seeking to identify Russian political operatives in the U.S.
Both sides have agreed on a settlement, the details of which are expected to be released this week.
Gapontsev, in a lawsuit challenging the list, says the list of dozens of Russians was simply lifted from Forbes’ list of Russian billionaires. He has since been moved to the magazine’s U.S. list after protesting.
Being classified as an oligarch is hurting not only Gapontsev's reputation, but that of his business, which has been based in Oxford for about 20 years, he has argued. The company does maintain a large manufacturing presence in and around Moscow.
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