One of the leading business schools INSEAD refused to present an award to the relatives of Russian oligarch Gennady Timchenko, due to US sanctions.

Russian billionaire Timchenko is the founder of the international private investment group Volga Group and is part of the circle of oligarchs close to Russian President Vladimir Putin, Dron Media writes..

His daughter Ksenia Frank is the head of the supervisory board of the Timchenko family charitable foundation and is on the board of directors of Transoil, co-owned by Timchenko Sr..

Her husband Gleb Frank is the son of the ex-Minister of Transport of the Russian Federation and the current head of the state shipping company Sovcomflot Sergey Frank.

At the end of March, the Franks came under US sanctions.. Ksenia Frank also appears on the sanctions lists of Japan and Canada, but she managed to avoid EU sanctions (unlike her father, who got there for supporting the Russian aggression against Ukraine).

In 2020, Ksenia and Gleb Frank established a scholarship for Russians by donating 100 thousand euros to the INSEAD scholarship fund.

Both received an MBA from the school and completed an executive course.. The European Institute of Business Administration INSEAD is one of the top three business schools for MBA programs according to the Financial Times newspaper. In 2016-2017 and 2021, the educational institution topped the ranking.

Now the news about the awards ceremony has been removed from the school website, but remains in the cache. The Platinum Salamander was supposed to be presented in 2020, but the ceremony was postponed twice due to pandemic restrictions..

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Recall that earlier journalists learned about the existence of another closed cooperative " It was possible to reach it thanks to the domain of the same name, which is used by all participants.