Boastful Russian billionaire admits he is going bust

A RUSSIAN building tycoon who once declared anyone failing to become a billionaire in Russia was a loser admitted yesterday that his company is going bust.

Mirax Group head Sergei Polonsky, who was worth $1.2 billion in 2008, said in his internet blog that the company would stop all construction.

The news comes after a court last week froze Mirax Group’s assets for its failure to repay a $242 million (€170m) loan, putting the brakes on such projects as the Federation Tower, a Moscow spire planned for completion in 2010.