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Tycoon Prokhorov sets up political party

June 05, 2012, 15:15 UTC+3

Russian billionaire Mikhail Prokhorov, who also contested the recent presidential election, declares a new political party.

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Russian tycoon Mikhail Prokhorov announced the creation of a new political party on Monday.

Prokhorov’s Civil Platform Party will put candidates forward in municipal elections in large Russian cities.

Prokhorov said, however, that neither he nor his team will join the party, which would only have 500 members – the smallest membership allowed by the law.

Prokhorov, who also owns the New Jersey Nets basketball team, came in third in presidential elections in March, getting nearly 8 per cent of the vote.

The billionaire, aged 47, didn’t rule out his participation in the mayoral election in Moscow in 2015.

Prokhorov has already made an attempt to create a political party last year, through acquiring the Right Cause party. However, its veterans ousted the billionaire at his very first elections convention over disagreements on the party course.

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