Sting, the former front man of the group The Police, has reportedly been booked to play at the Christmas Party of the PPF Group, which was founded and is over 95 percent owned by the richest Czech, Petr Kellner, who established his fortune during the wild privatizations in Russia in the 1990s.

PPF Group and Russian entrepreneur Igor Yakovlev officially announced Monday they have settled a deal through which the PPF Group has taken full control over Eldorado, the retail chain distributing household appliances and consumer electronics. The parties agreed that Yakovlev, the founder of the business, sell his remaining stake of 50 percent minus 1 share to PPF Group, which had already acquired a controlling stake of 50 percent plus 1 share in Eldorado in October 2009 in a debt-for-equity swap that valued the stake at $300 million.

PPF Group said it has already obtained the approval of the Russian Federal Anti-Monopoly Service (FAS) regarding the acquisition of Eldorado. The price of the recent transaction will not been disclosed.

PPF Group’s retail loan company Home Credit plans to cash in on rising incomes in China and has ambitions to provide up to 10 million loans annually within three years. Having received a license to operate independently on the market, the company is well positioned to become a major player in the sector.