Egyptian billionaire, who’s UK Tory Party treasurer, halts Russia businessc

A company co-owned by Egyptian billionaire Mohamed Mansour, who is also a UK Conservative Party senior treasurer, is suspending its business activities in Russia following British media reports.

British media reported that the firm was supplying machinery to the Russian oil and gas industry.

Mansour, who UK Prime Minister Rishi Sunak appointed to his Tory Party role in December, is the chair and co-owner of Mantrac, a global Caterpillar equipment dealer that has been operating in Russia through a subsidiary.

A Mantrac spokesperson told Bloomberg that the unit, Mantrac Vostok Ltd., has significantly scaled back its operations and is now in the process of halting all business activities in Russia, in compliance with applicable laws. The company is working through the appropriate next steps, the spokesperson further added.

The winding down of Mantrac’s operations in Russia removes a potential source of embarrassment for Prime Minister Sunak, who while Chancellor of the Exchequer last year had urged firms to “think very carefully” about how their investments might support Russian President Vladimir Putin’s regime. The Mirror reported earlier this year that Mansour’s firm had made “millions” from its Russian operations.

Mantrac is one of the world’s largest Caterpillar construction equipment dealerships. The firm forms part of the Mansour family conglomerate which originated as a cotton exporter in 1952 and has since diversified into real estate, technology, manufacturing and food services, including the franchise for all McDonald’s Corp. restaurants in Egypt.

As of November, Mansour’s family wealth was valued at $6.8 billion, according to the Bloomberg Billionaires Index. Mansour’s role with the Conservative Party is focused on fund-raising ahead of a general election due in Britain due in January 2025.