Russia's Deripaska Faces Western Scrutiny

U.S., U.K. Probes of Industrialist Focus on Transfer of Funds; He Also Has Business Setback, Ceding Stake in German Firm By GLENN R. SIMPSON and SUSAN SCHMIDT Russian billionaire Oleg Deripaska, whose business is facing a squeeze amid the credit crisis, also is under investigation by U.S. and U.K. authorities in connection with a $57.5 million wire transfer last year, according to people familiar with the matter. Separately, in a second recent blow to his industrial empire, Mr. Deripaska is ceding a stake in a German construction company, Hochtief. Just a week ago, his holding company, Basic Element, gave up a 20% stake in Canadian auto-parts maker Magna International Inc. Zuma Oleg Deripaska, right, with Dmitry Medvedev in February, shortly before Mr. Medvedev became Russian president. In a third development, the Bush... [read full story]