Many of the biggest players in oil and metals trading trace their roots back to Rich, whose triumph in the 1960s and 70s was to create a spot market for oil, wresting business away from the world’s big oil companies.
Rich, however, was also a controversial figure. He was forced to flee the United States for Switzerland in 1983 after allegedly taking advantage of the 1980 U.S. embargo against Iran to make huge profits in illicit Iranian oil sale.
“Marc Rich passed away this morning at his home in Lucerne. He will be brought to Israel for burial,” Avner Azulay, managing director of Marc Rich Foundation, said by telephone. (more…)