handed over the administration of VKontakte to Paul Durov handed over the administration of VKontakte to Paul DurovPaul Durov, the founder of social network VKontakte acquired a right from Group to vote at the meetings of shareholders owned 40% of shares under a power of attorney. Terms of the agreement were not disclosed, but now Durov has 52% stake of the social network.

It is also reported that the partners have agreed to coordinate efforts to solve common problems faced by Russian Internet companies and to take joint actions in increasing global competition. VKontakte and Group, being independent in the management of the companies, have a number of common problems and challenges that must be solves together - Durov said. - In practice, this can lead to an acceleration of technological development of Russian companies and improve the user experience of the Russian audience.

On Group’s part they also expressed satisfaction that the companies found a comfort form of interaction to both, which will benefit both themselves and the entire Russian segment of the Internet in the long-run prospect.