New Zealand billionaire Richard Chandler has nearly doubled the $US430 million ($NZ727m) he invested in a Russian bank two months ago.
"Chandler made a huge bet at the end of March shortly after the main Russian stock market index (RTS) passed its low, buying a 3 percent stake in Russia's state-owned Sberbank for about $US430m," the businessneweurope website reported.
"In just two months, Chandler has almost doubled his money already".
Russian business newspaper Kommersant daily paper reported in March that Mr Chandler had bought his stake on the open market, and Sberbank's chief executive, German Gref, said: "We know that this is a friendly investor. He has consulted us."
Today, businessneweurope reported that despite gloomy predictions for the global economy, a few investors had made "massive bets" in European markets which had risen sharply.
Mr Chandler, formerly chief executive of the Sovereign group of companies, in partnership with his brother, Christopher Chandler. was reported to be worth $2 billion in July 2007, after the brothers divided up their assets in 2007.
Richard Chandler created a new company, Orient Global, and Christopher Chandler started Legatum Capital.
The brothers hail from Matangi, south of Hamilton, and have homes in Dubai and Monaco.
