Telegram gains USD 1 billion. RDIF among investors

RUSSIA / FSU POLITICS - In Brief 24 Mar 2021 by Alex Teddy
On March 23 the messaging app announced that it has sold bonds to foreign investors. The Russian Direct Investment Fund (RDIF) is among the buyers. Telegram which is based in Dubai is owned by Pavel Durov who also set up VKontakte. Durov says he wants the investment to allow Telegram to expand in other countries and stay independent.In 2020 Durov ended a USD 1.7 billion blockchain project in the United States because the SEC said that Durov had raised funds illegally through an ICO. He was obliged to hand USD 1 billion back to investors who lost 28%. The scale of RDIF's investment in Telegram is undisclosed. It was reported that RDIF participated with Mubadala Investment Company. Mubadala invested USD 75 million in five-year convertible bonds. Oddly, the Vice President of Telegram said that RDIF did not take part in the bond sale. The Russian Government banned Telegram for two years. That was because Telegram refused to hand over encryption keys and allow access to user data. This was so ineffectual that the ban was lifted in 2020.

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