The Stone Guest: Why Vitaly Maschitsky is helping Rostec to master the extraction of minerals. The Stone Guest: why Vitaly Maschitsky helps Rostec to master the extraction of minerals how the history of the ankhk developed

Business and communications of Vitaly Mashchitsky: from AP with Borodin to Rostec (with Chemezov "we smoked together, we are friends all our life")

Original of this material
© "Vedomosti", 01.12.2014, "We have been friends with Chemezov all our lives", Photo: Vi Holding, Illustration: "Vedomosti"

Rinat Sagdiev, Bela Liauv

I have a group that I work with - bankers, first of all: [Boris] Berezovsky, [Alexander] Smolensky, [Sergei] Pugachev and Mashchitsky, a number of other people, "the then Chief Executive Officer of the President of Russia Pavel Borodin... If it is not necessary to introduce the first three, then only a narrow circle of people knew Maschitsky. Maschitsky knew how to negotiate with everyone and achieve his goal. But at the same time he avoided politics and, perhaps, therefore, he was non-public, recalls an acquaintance of the businessman in the early 1990s. More than twenty years later, the tactics remain the same. True, now Maschitsky prefers to work with the state corporation Rostec.

Investments at the start

Borodin and Maschitsky came to Moscow from Yakutia, where they met, recalls Valentina Borodina, the wife of the former presidential manager. Borodin in the late 1980s. worked as the mayor of Yakutsk, and Maschitsky, who moved there from his native Irkutsk, was the head of Glavyakutskstroy. “It was practically the ministry of construction throughout Yakutia. Yakutsk is a small city, so everyone knew each other, we were friends [with Borodin]. Such a serious Siberian friendship, it lasts for a long time, "the businessman told Vedomosti.

In 1993, Borodin left for Moscow, becoming the first head of the presidential affairs. By that time, Maschitsky had already lived in the capital for several years, although he did business mainly in his native Irkutsk: his Sibmix International supplied timber to China and Japan. Friendship grew into business cooperation and helped Maschitsky to acquire a spacious office in Moscow. In 1996, his firm, on a parity basis with the structure of the Presidential Affairs Administration (UDP), created the Tsentrinvestservice company, into which the administration transferred the building of the former Gossnab near Art. m. "Mayakovskaya". The dilapidated building needed reconstruction, and the UDP did not have money, the businessman explains. The house houses the offices of Maschitsky's structures. Two years later, Tsentrinvestservice carried out an additional share issue, which reduced the share of UDP to 23.9%.

In 2000, Borodin ceased to be the head of the presidential affairs, and three years later, the UDP demanded through the court that the building be returned. The officials won, the building had to be returned. It was conceived this way from the very beginning, the court is only a mechanism of return, explains Maschitsky now.

And in 1999, Maschitsky again had to sue because of the UDP. Swiss and Italian prosecutors suspected that Borodin and people associated with him received commission from the companies Mabetex and Mercata for contracts for the reconstruction of the Kremlin. Maschitsky's structure ABC Trading Establishment was among the firms that received money from Mabetex along the chain: $ 7 million was transferred to it by Zofos Enterprises, implicated in the scandal. These were not kickbacks, but a payment for the acquired shares of another company, Maschitsky proved in the courts. Nevertheless, he complains, his lawyers are forced to show foreign banks the complete folder with the won cases each time, proving that the accusations of foreign prosecutors were groundless.

Oil tycoon

As Maschitsky assures, the money earned in two years on wood made him pay attention to the oil market. Here, one might say, was expected. “One of the oilmen came and complained that there was no money, there was nothing to be repaired, production was falling. We agreed to repair all equipment, and everything that is produced from the repaired well is divided 50/50. It was convenient for them - they didn’t invest money, they didn’t get oil from these wells before us, ”says Maschitsky. Who exactly came, he does not remember, noticing only that these were people of the level of “the chief or chief engineer of NGDU”.

In 1992, Maschitsky created the Rosinvestneft company, which was engaged in the restoration of oil wells at the Samotlor field, in exchange for the right to sell oil to Nizhnevartovskneftegaz (NNG). Three years later, the government allocated the company an annual quota of 2 million tons of NIS oil in exchange for investments in production. For 15 months, Rosinvestneft managed to invest $ 159 million in the repair and restoration of equipment, says Maschitsky. By that time, this company entered the top five largest exporters oil.

In 1995, the government created the Tyumen Oil Company (TNK), including the NIS, and a year later sold the state-owned stake (91%). Maschitsky took part in the auction, but lost to the alliance of Alfa Group and Renova. “I already had 9% of TNK, I bought them from Mikhail Khodorkovsky's Menatep. Plus we have already invested a lot in the company, ”explains Maschitsky. He sold his package to the winners.

But Maschitsky did not leave the industry, having bought assets from one of the largest private oil companies of that time - Sidanko. The largest oil refinery in the Far East, the Angarsk Petrochemical Plant (ANHK), which is part of it, was among the clients of NNG. The enterprise was not doing well, and he owed $ 43 million to Maschitsky's companies. Therefore, when Sidanko offered Maschitsky to buy the Far Eastern assets - ANHK, Khabarovsk refinery and 14 sales companies, he immediately agreed. The purchase was inexpensive, the businessman recalls, without giving the exact amount. A couple of years later, he sold the ANHK to Yukos of Khodorkovsky "for several hundred million dollars", and the sales companies and the Khabarovsk oil refinery to Musa Bazhaev's Alliance.

Maschitsky invested money in development projects in Moscow, becoming a partner of the brothers Alexander and Shalva Chigirinsky in "ST group". “I was an investor and at the same time was responsible for the management and creation of the land bank,” he says, adding that “quite a lot of plots” were bought for his money at city tenders. After the 1998 crisis, he left ST Group, taking five buildings in Moscow as payment for his share. Since then, other properties have been added to them, and now the structures of Maschitsky have 100,000 sq. m (see).

After Borodin's resignation from the post of the head of the president's affairs, Maschitsky moved to St. Petersburg. Here he tried to invest in cinema together with the St. Petersburg actor and producer Alexander Polyakov and engage in development with son of the Director of the Federal Security Service Evgeny Murov Andrey... But the film studio went bankrupt and the development companies were liquidated.

Aluminum rate

At the same time, Maschitsky also took up the aluminum business. It happened, he said, almost by accident: in 1997, his wife Irina, at one of the charity parties in London, was at the same table with Ella Krasner, the wife of Alexander Krasner, the general director of the trader's Marc Rich Investment, which was part of the group of the same name. Mark Rich... Following the wives, husbands also met.

In November 1998, Krasner, who had by that time resigned from Marc Rich, unexpectedly came to Maschitsky and Alexander Chigirinsky at the office on Mayakovskaya and asked for help in returning the $ 2 million stolen from him: he transferred this money for the supply of aluminum to the bankrupt state company Non-Ferrous Metals and alloys ”, which owned the Mtsensk non-ferrous metals plant, but received nothing. But Krasner kept silent about the fact that it was on this day that his assets were frozen by a London court at the suit of Marc Rich Investment. The former employer suspected several managers of multimillion dollar theft. The trader demanded exactly $ 2 million from Krasner.

Chigirinsky and Maschitsky promised to come to an agreement with the external manager of Non-Ferrous Metals on the return of the money. All plant assets were transferred to new company "Mtsensk aluminum", which at the end of 1999 was given to Krasner on account of the debt. Later, the structures of Chigirinsky and Mashitsky also became major shareholders of the plant. As a result, Maschitsky and Krasner sold their shares in the plant to Chigirinsky, and Krasner was able to repay the debt to Marc Rich, says Maschitsky.

After that, his cooperation with Maschitsky expanded. A native of Irkutsk did not know how to build a business in the West, and did not speak English, so Krasner became his guide. He chose and managed, and Maschitsky invested. The first experience was unsuccessful. At first, the partners lost up to $ 6 million on the purchase of two IT companies. Then Krasner's acquaintance, former trader Stefan Arnswald, said that the Romanian government, at the request of the World Bank, is preparing to privatize aluminum plants in the country.

Maschitsky and Krasner decided to participate in the privatization of the Alro Slatina alumina refinery. But they did not have the necessary money, so the partners decided to start gradually buying up shares from private shareholders. They hid their Russian roots: negotiations on the acquisition of shares were conducted first by the American Marc International Corp, and later by its "daughter", the English Marco Acquisitions Ltd, according to the documents of the London court. Both structures belonged, of course, to Maschitsky and Krasner. They spent two years negotiating with Romanian officials, bankers and minority shareholders. By 2000, the goal was achieved: Maschitsky and his partner collected almost 42% of the company's shares. And when the businessman sold his oil assets, he bought another 10% stake in Alro Slatina at a privatization tender. The partners then acquired the Alum Tulcea alumina refinery and the Alprom aluminum production plant, merging them into the Vimetco holding.

Krasner claimed that he had helped Maschitsky become a partner of Gazprom. Their Romanian company Conef became a gas supplier to the country in 2002. According to Maschitsky, he began working with Gazprom at the request of “Turkish friends” - officials whom he met while supplying aluminum from Romanian plants to Turkey. They asked to fill the Blue Stream pipe, which then operated at 30% capacity, to set the same prices for all consumers, the businessman lists. Things went well. Until 2007, 5 billion cubic meters passed through Conef. meters of gas, and in 2007 the company signed a contract with Gazprom for the supply in 2010-2030. 42 billion cubic meters m of gas.

In 2004 Krasner and Maschitsky separated. Krasner claimed 20% in Vimetco, but Maschitsky insisted that the partner should have invested his own funds in the project. A London court in 2005 rejected Krasner's claims for a stake in Vimetco.

A year later, Maschitsky changed his 15% stake in Vimetco for a small aluminum production in China and began building a holding in this country. Investments in the project, according to him, amounted to $ 3.3 billion, of which more than a third were his own funds.

And this summer, the wife of Maschitsky's friend, Mikhail Shlosberg, became a co-owner of Vimetco. Its Castle Investment Fund Ltd received 25% of the company in exchange for a debt restructuring. The story has developed like this. Maschitsky was unable to repay a loan of $ 200 million, taken in 2010 to pay off Vimetco's debts, follows from the materials of the London court. The businessman was not satisfied with the holding's capitalization on the London Stock Exchange. Vimetco held an IPO in 2007, but after the crisis its capitalization fell 30 times to $ 66 million. Although only one of its Chinese subsidiaries on the Shanghai Stock Exchange was valued at $ 1.7 billion. Maschitsky wanted to delist in London and place itself in Hong Kong , but this required the withdrawal of shares from the collateral in banks. The businessman asked Schlossberg for a loan of $ 200 million for two years at 24% per annum.

Schlosberg gave $ 100 million himself, and borrowed another $ 100 million from his friend, Ukrainian businessman Vitaly Gaiduk. Maschitsky has not returned the money until now, and now Gaiduk is demanding millions in a London court from Schlossberg. Schlosberg refuses, referring, among other things, to the fact that he is suing Maschitsky himself. But from the same materials of the court it follows that in June of this year the structures of Schlosberg and Maschitsky signed an agreement on the transfer of a stake in the Castle Investment Fund. Maschitsky showed Vedomosti the original extract, which indicated that the shares had already been transferred to the new owner. Gaiduk told the court that he considers this deal to be an attempt by Schlosberg to withdraw assets from the company.

At the same time, Vimetco's affairs have not yet improved: in 2013, it received $ 150 million in losses with revenue of $ 2.2 billion, its liabilities are estimated at $ 4.6 billion.

Friendship investment

But the most large-scale projects have been carried out by Maschitsky since 2009 with the state corporation Rostec. With her CEO Sergey Chemezov “We have been friends since our youth in Irkutsk, from the street, as they say,” says Maschitsky: “We smoked together, went to dances, like all teenagers. We have been friends all our lives. " Maschitsky and Chemezov "really know each other since they were young," the press service of Rostec said in a response to Vedomosti.

In 2009, Rostec established a subsidiary, RT - Construction Technologies, for the sale and lease of non-core real estate of all of its companies, with Maschitsky becoming its permanent chairman of the board of directors. The holding owns 30 million sq. m of real estate and more than 400,000 hectares of land. In 2012-2013. in terms of the planned volume of real estate put up for sale (243 buildings in Moscow with an area of \u200b\u200bmore than 600,000 sq. m.), the company entered the top five along with the RFBR, the Moscow Property Department and the Ministry of Defense. The company has not yet announced the results of the sale.

Maschitsky is an independent director of RT - Construction Technologies, the press service of Rostec reported. The state corporation is creating a new corporate governance system. The purpose of the reform is “to help increase the efficiency of activities and investment attractiveness of holding companies and other organizations” of Rostec.

In 2010, when Rostec decided to engage in cement production as well, top managers of Maschitsky's companies joined the board of directors of the Russian Cement Company, established by the state corporation together with Oleg Sharykin's Siberian Cement. Maschitsky says he has already withdrawn from this deal. The same was reported by the press service of Rostec.

In May 2011, Rostec became interested in the Buryat jade deposits, which account for 90% of the explored reserves of this semi-precious stone, which is valued in China. A year later, his structure received a license for a small area of \u200b\u200bthe deposit, and inspectors often visited the owners of the main areas - the Dylacha family-clan Evenk community. Based on the results of inspections, the community's license was revoked in 2013 and temporarily transferred to the Trans-Baikal mining company controlled by Rostec. Maschitsky also heads its board of directors.

In 2011, VI Holding of Maschitskiy received the right to develop 65 hectares in Tushino, next to the recently opened Spartak stadium. Investments in the project are estimated at $ 2 billion. In 2013, the vice-president of Lukoil, co-owner of Spartak Leonid Fedun told RBC that Rostec was behind the company Vi Holding Development of Maschitsky. Negotiations are underway with Rostec to build a business center that could become a new headquarters for the corporation, Maschitsky said. The press service of the state corporation only confirmed that "the project is going through the necessary corporate procedures."

But the businessman's biggest plans for cooperation with Rostec are still not in Russia, but far beyond its borders. In August 2014, the Minister of Mines of the African Republic of Zimbabwe, Walter Chidakwa, announced that VI Holding of Mashitsky, Rostec and VEB are investing $ 1.6 billion in the development of a platinum deposit in the Darwendale Valley, the second largest in the world. This is only the first stage, the total investment in the project will exceed $ 3 billion, says Maschitsky. Since this year, he and his partners own a stake in Ruschrome Mining, a joint venture with the Zimbabwean government that owns the license for the field. Each participant has 50%. The license will be reissued to the Afromet company, its co-owners will be Rostec and VEB.

Rostec is interested in developing cooperation with African countries. Therefore, when they were offered to participate in the development of a platinum deposit, “we weighed all the risks and made a positive decision,” the press service of the state corporation said. Rostec has strong enterprises that are ready to export their technologies and create joint ventures with foreign partners, the press service explains. However, "it's too early to talk about any other projects."

Real estate connoisseur

Selling assets, Maschitsky always kept real estate for himself. His VI Holding, according to its own data, manages more than 100,000 sq. m of office and retail real estate in Russia and abroad. Among them - the Irkutsk "Trade complex" with a total area of \u200b\u200b37,000 square meters. m, left by the entrepreneur from the assets of "Sidanko". Leaving the "ST group" of the Chigirinskys, he took five business centers in Moscow. All of them are well located, says Elena Skurydina, project manager at CBRE, which manages the property. Opposite the Kremlin, in a multi-storey building at 3, Sadovnicheskaya, the headquarters of the holding is located. BC "Rinko Plaza" at the station. m. "Park Kultury" (8,500 sq. m.), mansions at Dolgorukovskaya, 19 (385 sq. m.), in the Last lane (970 sq. m.) and Volkovy lane (1011 sq. m; rented to the military attaché of Saudi Arabia).

In 2010, Maschitsky's company acquired the Format complex in Mytishchi (12,000 sq. M of offices and a 24,000 sq. M. Trade furniture center).

Maschitsky Vitaly Lvovich (born June 2, 1954, Cheremkhovo, Irkutsk Region, RSFSR, USSR) - Russian businessman, founder and president of a group of companies, chairman of the board of directors of Vimetco. Through Vimetco, it controls Romanian aluminum producer Alro and China's Henan Zhongfu Industry Co. The childhood friend of the general director of the Rostec corporation, Sergei Chemezov, is his unspoken "wallet".

In 1975 he graduated from the Faculty of Economics of the Irkutsk Institute of National Economy. After graduation, he worked in construction organizations Irkutsk region. In 1980-1989 he was the head of the department of production and technological equipment of the Irkutsk house-building plant (DSK), then the deputy head of the Irkutsk DSK, the deputy manager of the Irkutsk large-panel housing construction trust and the deputy head of the Glavyakutstroy of the USSR Ministry of Vostokstroy.

Since 1989 - Deputy General Director of the joint Soviet-Finnish enterprise Primfeks. Since 1990 - co-owner, and since 1991 - cEO the joint Soviet-British timber industry enterprise "Sibmix International" (hereinafter - the holding company CJSC "Sibmix International"), which included a number of timber processing enterprises and timber industry enterprises of the Irkutsk region.

In 1991-1997 he owned construction company "New City" in Moscow. In 1992 he founded and headed the oil company CJSC Rosinvestneft. In 1999, Rinko Holding, created by Vitaly Maschitsky on the basis of Rosinvestneft, took from SIDANCO 50.3% of OJSC Angarsk Petrochemical Company (ANHK), which owned 8.5% of shares in OJSC RUSIA Petroleum (owned a license for one of the largest in Russia Kovykta gas condensate field), as well as a controlling stake in the Khabarovsk oil refinery. In 2001, ANHK was sold to YUKOS, the refinery was bought by the Alliance group of the Bazhaev family, and the share in RUSIA Petroleum was bought by TNK. With the proceeds, Maschitsky acquired assets in Romania (aluminum plants Alro S.A. and Alprom S.A., alumina refinery Alum S.A.) and China (100% of shares in EEverwide Ltd).

In 2008, Vimetko (rebranding Rinko Holding) acquired SHML, a bauxite mining and processing company in Sierra Leone. In 2010, Vimetko acquired a number of coal assets in China, and in 2011 built a rolling mill in China. Since 2015, Vimetko has been conducting geological work at the Darwendale platinum group metal deposit in Zimbabwe, and the holding's development structure, Vi Holding Development LLC, is implementing a project for the integrated development of the territory of the former Tushino airfield, as well as the construction of a new Rostec office ...

Since 2015, Vitaly Maschitsky has been one of the Forbes magazine rating "200 richest businessmen in Russia". In 2017, he took 144th place in this ranking with a capital of $ 700 million.

He is married and has two sons (Paul and Leonidas).

He is the managing partner of the Vi Holding group of companies, the first vice president of the Vi Holding group of companies, a member of the Vimetco board of directors. Responsible for real estate portfolio management and development. Leonid Mashitskiy is a managing partner of the Vi Holding group of companies.

Publication by the International Consortium of Investigative Journalists (ICIJ) of the so-called “ panama sheets "- the complete database of offshore companies registered by Mossack Fonseca, attracted public attention not only to the personality of the owner of such companies, a friend of Russian President Vladimir Putin cellist Sergei Roldugin , but also to strange transactions with the shares of Russian automotive companies. In particular, Roldugin's companies were involved in option schemes with shares of Kamaz and AvtoVAZ. In both cases, several offshore companies were given options to purchase large blocks of shares in auto concerns for a ridiculous amount. If they waived the option, they had to pay a fine of hundreds of millions of dollars. There were also questions about the amount of transactions. For example, offshore companies acquired a 27% stake in Kamaz in 2008 for $ 100,000. In 2008, Daimler Corporation paid $ 250 million for a 10% stake in this enterprise. However, a childhood friend of another Russian official still got the bulk of the profit from operations - Sergey Chemezov.

Option deals were part of the process of consolidation of Kamaz and AvtoVAZ by FSUE Rosoboronexport (later became part of Rostec state corporation) and the subsequent sale of shares in the company to a strategic investor, Vedomosti found out. While the state-owned company took control of the situation at the car factories, childhood friend of its CEO Sergei Chemezov Vitaly Maschitsky financed the purchase of shares. Subsequently, most of the securities were sold to strategic investors. German bought 10% of Kamaz for $ 250 million Daimler ... True, in the case of Kamaz, Maschitsky and his partners did not succeed in completing their plans. Daimler did not increase its share further. Investors still have 23.5% of Kamaz shares in their hands.

But in the case of AvtoVAZ, the idea worked brilliantly. The investors, together with Rostec, sold a controlling stake to the Renault-Nissan alliance for $ 1.6 billion in two installments.

I will give "Kamaz" in good hands

In 2004, the general director of Kamaz, Sergey Kogogin, who by that time had already been managing the enterprise for two years, invited president of Troika Dialogue Ruben Vardanyan discuss the possibility of buying up Kamaz shares. The company had just barely recovered from a fire that completely destroyed in 1993 a freshly built engine plant. And in 2003, Naberezhnye Chelny was shocked by the abduction and brutal murder of two top managers of the plant - the deputy general director and the head of one of the departments.

“But despite all the difficulties, Kogogin's eyes were shining. “I want to revive everything here,” he said to Vardanyan, ”said a person close to one of the participants in that meeting. In fact, then the state did not control Kamaz, although its largest shareholders were Rosimushchestvo (34%) and the government of Tatarstan (11.6%).

Vardanyan explained that if the plant was returned under state control and restored, everyone who did it would be rewarded. “The task was to start with a blocking stake,” recalls an informed source. Kogogin's main resource was the support of the regional authorities, represented at that time by the president of the republic. Mintimer Shaimiev ... But he could not attract serious financing for the purchase of shares.

Vardanyan decided to borrow money from banks with the help of his friend - Mashchitsky. He was able to attract funding on good terms. The money was allocated by the bank, which received the shares of the enterprise as a pledge, follows from the Panama dossier. So, in 2006, the Cypriot RCB received shares of Avtoinvest as collateral for a loan of $ 160 million, for which a consortium of investors began to buy Kamaz securities, and Promstroibank (St. Petersburg) - Kamaz shares on a loan of $ 39 million.

Raskoltsovka Vardanyan

At the end of 2005, Vardanyan talked on a similar topic with the general director of Rosoboronexport Sergei Chemezov and his former deputy, who became cEO of AvtoVAZ , Vladimir Artyakov. Now it was about AvtoVAZ. A few months earlier he quit his job long-term director Vladimir Kadannikov. And control over the plant passed to the managers of Rosoboronexport.

Ruben Vardanyan

Chemezov and Artyakov seemed to be in thought, said a person close to one of the participants in that meeting. It seemed that they were not sure about the prospects of AvtoVAZ and not so much offered Vardanyan to take up the purchase of AvtoVAZ shares, as they consulted whether it was worth doing this at all. Both enterprises at that time were not at all tidbits, in fact, they were in a pre-bankrupt state, recalls a person close to Rostec.

We talked not only with Vardanyan: in fact, we had to participate in an investment bankers' competition to uncross the ownership scheme for AvtoVAZ, recalls a person close to the plant's shareholders. Vardanyan managed to win this kind of tender - he promised to return control over the enterprise almost free of charge by consolidating a blocking stake and transferring it to Rosoboronexport. “I remember that we came to Artyakov and made an excellent offer: we are slipping shares according to the market scheme, and the state receives a large stake, consider it free,” Vardanyan shared his memories with SmartMoney magazine. - Well, who would refuse such a thing? The consortium members were buying up AvtoVAZ shares from the market. It was enough to consolidate the blocking stake and then it was possible to safely undertake the uncrossing, because about 60% of the shares were inside the corporate ring, recalls one of the former employees of AvtoVAZ.

“Vardanyan said that no money is required from Rostec at all, only their position and will. A " Troika "He will remove the loopback and make everyone happy," says an interlocutor close to the plant's shareholders.

Maschitsky was offered to finance the purchase of shares, as in the case of Kamaz. Vardanyan convinced his partner that this was a good deal. The investment banker immediately agreed that Rostec would allow them and their partner to subsequently earn money by selling shares to strategists, explains Vardanyan's acquaintance.

Indeed, the new team began to discuss the issue of attracting a strategist almost immediately: it was clear that AvtoVAZ needed external expertise, recalls the former top manager of the plant. The search for a potential partner began in 2006, he continues: by this time, the team had solved problems with the SOK group , which applied for participation in the management of AvtoVAZ, regained control over the auto concern's subsidiaries and was ready to think about its strategy. The interest of potential strategists was great: negotiations were conducted with several companies.

Option from no confidence in Machitsky

In the midst of a search for a strategist for both Kamaz and AvtoVAZ, the global financial crisis began - and Maschitsky had problems. Belonging to him vimetco corporation held an IPO in 2007, but after the crisis its capitalization fell 30 times to $ 66 million. Maschitsky wanted to delist in London and place himself in Hong Kong, but this required withdrawing the shares from pledged in banks. Businessman asked his friend Mikhail Shlosberg a loan of $ 200 million for two years at 24% per annum, but could not return it. As a result, he had to give the creditor's structures 25% in Vimetco, it followed from the materials High Court of London where the partners worked out the relationship.

Maschitsky began to consider the possibility of selling part of his stake in Kamaz and AvtoVAZ, recalls a person close to the shareholders of the enterprises. The consortium members decided to play it safe.

As follows from the Panama dossier, in February 2007, Bermuda's Troika Dialog Avto Holdings and Cyprus's Avto Holdings Ltd. signed two agreements: management and option agreements. Troika transferred the right to manage 100% of the shares of Avtoinvest (set up to consolidate Kamaz shares) to Avto Holdings. The company also received an option to buy 100% of Avtoinvest shares for $ 100,000. At that time, Avtoinvest had 27.26% of Kamaz shares on its balance sheet.

Avto Holdings was owned by five structures. Cellist Roldugin became the beneficiary of one of them. All partners agreed not to sell shares to the side. Since 2012, Ansell, created by the same shareholders, has received an option until the end of 2017 to acquire shares of Avto Holdings for $ 1, the penalty for canceling the deal is $ 850 million.It turns out that in the worst case scenario, Maschitsky's share should have been redistributed within the consortium between Roldugin's structures and a structure created by a certain pool of business investors.

The scheme for AvtoVAZ is as similar as two drops of water. The option to purchase a package of the consortium, obtained by a group of offshore companies, cost $ 1, refusal to exercise it - $ 650 million.

These schemes help protect against hostile takeovers and limit opportunities for unauthorized sale of shares to third parties by individual shareholders, explains Olga Yasko, Director of Tax and Legal Consulting at KPMG in Russia and the CIS. Most likely, under the terms of the option agreement, the option holder will have the right to redeem shares at a reduced price if any of the shareholders initiates the sale of his shares to a third party, receives a corresponding offer from a third party, or loses ownership of the shares (including due to illegal actions third parties), she continues. In addition, the option agreement creates an encumbrance on the shares, which generally reduces their attractiveness to potential buyers, including unfriendly ones. Variants of the considered schemes are quite common in practice and have repeatedly proven their effectiveness, she concludes.

Vardanyan says that he was not aware of the participation in the option schemes of Roldugin's structures. “I found out that, in principle, there is such a person after I received a request from journalists,” says Vardanyan.

Roldugin is a very respected person in different circles, he played the role of a kind of arbiter in the scheme, says a person close to the shareholders of car plants. “But everything was settled, and the partners dispensed with the option agreement. The businessman managed to sell the AvtoVAZ shares to the Renault-Nissan concern, but he did not have a big deal with Daimler, and he still remains a major shareholder of Kamaz, ”says a person close to the shareholders of Russian car plants.

Who is the winner

In 2008, Vardanyan and his consortium partner sold to Daimler a 10% stake in Kamaz for $ 250 million. They earned almost no money from this deal: the money was spent on repaying loans taken to buy up Kamaz shares. Daimler bought another 4% from the EBRD and 1% from Kamaz, and refused to further increase the stake. Maschitsky, Kogogin and Vardanyan retained 23.5% of the truck manufacturer's shares.

Similar words - all the money from the deal will go to payments to banks - said Chemezov after Troika and Rostec sold a blocking stake in AvtoVAZ for $ 1 billion to Renault-Nissan. Renault-Nissan bought the 20.5% of AvtoVAZ remaining from private investors in 2013 for $ 600 million.

Maschitsky and Vardanyan were in many ways lucky that they were able to get exorbitant money for AvtoVAZ. The deal was made at a good time - against the backdrop of growing car sales in Russia, when our market for a short time even outstripped the German one, recalls the former top manager of the structures Oleg Deripaska (he created GAZ group and at one time also showed interest in AvtoVAZ).

“In the opinion of many analysts, the shares of Kamaz and AvtoVAZ at the beginning of 2000. were significantly undervalued and had good growth prospects. As the market fluctuated, some securities were bought at lower values \u200b\u200band sold at higher values, but this was not always possible, therefore, there were losses on some transactions with shares, but in general, investments in AvtoVAZ brought an acceptable income, ”said a representative of Maschitsky.

“I am proud of this deal with AvtoVAZ. It was unique in its complexity. As I already said, the situation was very confusing and in general few people believed that AvtoVAZ could be saved, ”Vardanyan said. “As a result, everyone won - the minority shareholders who were offended, we completely removed the disclosing and bought out shares in the subsidiaries at market value, and attracted a strategic investor, and returned the blocking stake to the state, and made money ourselves. I must say that this is probably one of my most beautiful deals. "

Did Vardanyan and Maschitsky risk a lot when buying up shares in Kamaz and AvtoVAZ? A person close to Vardanyan assures that the deal looked very promising from the very beginning, but there was a risk. This proves at least that it was not possible to sell the entire stake in Kamaz, although there was an agreement on this. In 2008, the management of Kamaz spoke of Daimler's readiness to buy 42% of the enterprise for $ 2 billion. And in 2012, the German concern even received permission from the FAS to consolidate a blocking stake in the enterprise. But he refused to buy shares. There are no plans to increase the share in Kamaz even now, a representative of the German concern said.

There is no risk in such transactions if a strategist has already been found and agreements have been reached with him. In other cases, even if it is known that the search for an investor is underway, there is no understanding to whom and at what price the company will be sold and, accordingly, how much money will be earned on it, says Andrey Rozhkov, analyst at IFC Metropol.

In the case of AvtoVAZ, it was not clear who would win the stake. But it was clear that the strategist would not have to look long: in 2005-2008. the Russian car market was on the rise, foreign investors showed great interest in it, says the former top manager of AvtoVAZ. Renault's advantage was that the concern was ready to work as a partner of AvtoVAZ.

At Kamaz, the partners earned almost nothing: the money received from Daimler went to banks that provided loans for the purchase of shares, but AvtoVAZ brought in a good income, people close to Maschitsky and Vardanyan say. But the exact numbers are not called.

How AvtoVAZ was bought and sold

October 27, 2005. The president and chairman of the board of directors of AvtoVAZ, Vladimir Kadannikov, who headed the enterprise since 1998, unexpectedly resigned.

12/22/2005 Igor Esipovsky, former top manager of Rosoboronexport structures, has been appointed General Director of AvtoVAZ, and former Deputy General Director of the Corporation Vladimir Artyakov is the Chairman of the Board of Directors. A team assembled with the participation of Rosoboronexport comes to the plant. Its task is to undo the ownership scheme of the enterprise and return control over the concern to the state.

05.10.2006. Vladimir Artyakov has been appointed General Director of AvtoVAZ. The post of chairman of the board of directors of the plant also remains with him. The Troika Dialog investment bank is buying up shares of companies - shareholders of AvtoVAZ, as well as shares of subsidiaries of the plant in the interests of Rosoboronexport and a consortium of investors that provided financing. There is information about negotiations on the sale of a stake in AvtoVAZ to a strategic investor

September 14, 2007. Boris Aleshin, ex-head of the Federal Agency for Industry, has been appointed president of AvtoVAZ. In the interests of Rosoboronexport, a blocking stake in the enterprise was consolidated: 17% was collected in the market by Troika Dialog, 8.1% by Rosoboronexport was bought from VEB. This allowed the state to gain control over 75% plus 1 share of AvtoVAZ after the disclosing of the ownership structure.

02/29/2008. The Renault-Nissan Alliance signed an agreement to purchase a blocking stake in AvtoVAZ for $ 1 billion

13.01.2009. By his decree, the President of Russia transferred a blocking stake in AvtoVAZ, controlled by Rosoboronexport, to the Russian Technologies corporation created on its basis

11/27/2009. Troika Dialog Investments Ltd transferred to Avto Development Holding the right to manage 20.14% of the authorized capital of AvtoVAZ, as well as an option to purchase this stake for $ 50,000

8.02.2010. 25% in Avto Development Holding for $ 25,000 is received by Sunbarn, the owner of which is Aleksey Plekhov, manager of the Rossiya bank

16.02.2012. As part of the additional share issue, Russian Technologies increased its stake in the authorized capital of AvtoVAZ from 25.1% to 36.3%, the stake in the Troika Dialog consortium decreased from 25.1% to 20.5%, the Renault-Nissan alliance retained its blocking stake

17.04.2013. Joint venture Renault-Nissan and Rostec, the Dutch Alliance Rostec Auto, through which the partners began to own shares of the Russian auto concern, acquired 20.5% of AvtoVAZ shares from Troika Dialog Investments for $ 600 million. The alliance acquired another 4.9% from Rostec ". Now Alliance Rostec Auto B.V. owns 74.51% of AvtoVAZ shares. At the same time, 50% minus 1 share - from Renault S.A.S, 32.87% - from the state corporation Rostec, 17.13% - from Nissan International Holding B.V.

How they bought and sold Kamaz

2004. The consortium created by the Troika Dialog investment bank begins buying up Kamaz shares in the interests of the enterprise's management and Rosoboronexport. By the end of the year, Kamaz-Capital OJSC had consolidated about 19% of the company's shares. A major shareholder of the company - the government of Tatarstan contributed 11.6% of Kamaz shares to its authorized capital

2005. The Troika Dialog consortium announced the acquisition of 19.8% of Kamaz shares from minority shareholders for $ 136 million. The consolidation of shares continues

28.03.2008. The package of the Troika Dialog consortium in Kamaz is registered with the Cypriot company Avtoinvest. The task of this company is to collect more than 50% of Kamaz shares. So far, it has 27.2% on its balance sheet. Sonnette Overseas is part of Avto Holdings, which manages Avtoinvest, with Sergei Roldugin as the ultimate beneficiary. She owns 15% of the company. It acquired this stake for $ 1.5 million. Avto Holdings also received an option to buy Avtoinvest

7.04.2008. A consortium of investors under the leadership of Troika Dialog gained control over Kamaz after acquiring from the government of Tatarstan 37.8% of shares in Kamaz-Capital, which owns 33.2% of the auto concern.

10.07.2008. President Dmitry Medvedev signed a decree on the transfer of stakes in 500 enterprises to the state corporation Rostekhnologii, including 37.78% of shares in Kamaz

28.07.2008. A consortium of investors led by Troika Dialog announced that the German concern Daimler plans to acquire 42% of Kamaz shares by the end of the year

11/21/2008. Daimler bought a 10% stake in Kamaz for $ 250 million

11.02.2010. A consortium of investors sold 1% of Kamaz shares to Daimler and 4% to the European Bank for Reconstruction and Development

05.2012. Ansell, with the same composition of founders as Avto Holdings, receives an option for $ 1 with a maturity date until the end of 2017 to purchase Avtoinvest, which owns shares in Kamaz. Penalty for canceling the deal - $ 850 million

30.10.2014. Daimler increased its stake in Kamaz to 15% by purchasing the EBRD's stake

****

Where did Mashitsky get "Kamaz"

The fact that Maschitsky is a co-owner of Kamaz was told to Vedomosti by two people close to Rostec and the minority shareholder of Kamaz, the founder of Troika Dialog, and now the president and partner of the Vardanyan, Broitman and Partners investment boutique, Ruben Vardanyan. The representative of Maschitsky confirms this.

Now the largest shareholders of Kamaz are Rostec (49.9%), Daimler ($ 15) and Cypriot Avtoinvest Limited (23.54%). The beneficiaries of the latter have never been disclosed. But the company Avtoinvest Ltd is mentioned in the Panama dossier - a database law firm Mossack Fonseca, accessed by the ICIJ journalism consortium. "Vedomosti" managed to get acquainted with part of the dossier. It follows from it that the company of the childhood friend of Russian President Vladimir Putin - cellist Sergei Roldugin - tried to participate in the purchase of Kamaz shares. In 2008, Sonnette Overseas bought 15% of Avto Holdings shares for $ 1.5 million and entered into a shareholder agreement with four other co-owners. The partners authorized Avto Holdings to manage the Cypriot Avtoinvest (100% owned by Troika Dialog Avto Holdings), which then owned 27% of Kamaz shares. In addition, Avto Holdings received an option to buy back Avtoinvest. But the goal was ultimately not met, and in 2014 the shareholders' agreement was terminated.

There are no names of Avtoinvest beneficiaries in the Panamanian dossier. A person close to Vardanyan claims that in fact there have always been three of them. Moreover, Roldugin is not on their list and never was.

Now, says the source of Vedomosti, the share of Avtoinvest is being transferred to the Russian jurisdiction. In the SPARK Vedomosti database, they found LLC Avtoinvest, registered in October 2015. 30% of its shares belong to the general director of Kamaz, Sergei Kogogin, 50% - by Pearson Holding Limited from Belize and 20% - by Noelia Holdings from the British Virgin Islands.

It is this LLC that will receive from Avtoinvest the 23.54% stake in Kamaz it now owns, say two people close to Vardanyan and Rostec. The beneficiaries and their shares will not change. The beneficiary of "Noelia" is Vardanyan himself, his acquaintance says. And "Pearson", continues the interlocutor of "Vedomosti", belongs to the president of "Vi holding" Maschitsky. A person close to Rostec confirms this.

Based on the distribution of shares, it turns out that Maschitsky controls 11.77% of Kamaz, Vardanyan - 4.7%, Kogogin - slightly more than 7%. The latter said earlier that he controls "more than 5%" of Kamaz.

Maschitsky in the 2000s. As a portfolio investor, he bought shares of various Russian companies through Troika Dialog, including Kamaz and AvtoVAZ, a businessman's representative told Vedomosti. He sold AvtoVAZ shares, but Kamaz shares remained in the portfolio.

The transfer of the stake to OOO Avtoinvest should be completed this year, says one of Vedomosti's interlocutors. He explains the length of the process by the fact that it took a lot of time to agree with Daimler.

Vardanyan organized the purchase of Kamaz shares, and his partner provided financing. Therefore, Maschitsky subsequently received a larger package, although he was less involved in management and decision-making processes, explains a person from Vardanyan's entourage. According to him, Kogogin also invested in the purchase of shares. Subsequently, the partners hoped to resell the package, says the source of Vedomosti.

Representatives of Rostec, Kamaz, Daimler, Vardanyan and Kogogin declined to comment.

When asked whether the consortium plans to sell its shares in AvtoVAZ or Kamaz, a person familiar with its co-owners answers as follows: if this happens, “it will be a common decision of the partners”. If this happens, then a strategic investor is unlikely to become a buyer, says analyst Vladimir Bespalov. He recalls that Kamaz already has an industrial partner in the person of Daimler. The concern not only owns 15% of Kamaz, but also created with russian company A joint venture for the production of Mercedes-Benz trucks, and is also jointly building a cab plant. Daimler does not intend to increase its portfolio in the company, says a representative of the concern.

It is possible to attract portfolio investors, Bespalov thinks. But taking into account the car market that has been falling since 2013 and the financial results of Kamaz itself (in 2015 the company received 2.4 billion rubles of loss under IFRS), the consortium will hardly be able to sell the stake at a price comparable to the deal in 2008, Bespalov believes. Then Daimler bought 10% of Kamaz for $ 250 million. According to the results of trading on the Moscow Exchange on May 20, the capitalization of Kamaz amounted to about 26 billion rubles. ($ 390 million).

It is worth noting that the mechanisms by which the state was deprived of property that was under the control of Rostec at cheap prices, and then resold as high as possible through the hands of Sergei Chemezov's friends and relatives, have been described more than once. In particular, this was dedicated investigation of the "Interlocutor" , later removed from the site of the publication.

Maschitsky Vitaly Lvovich (born June 2, 1954, Cheremkhovo, Irkutsk Region, RSFSR, USSR) - Russian businessman, founder and president of the Vi Holding group of companies, chairman of the board of directors of Vimetco. Through Vimetco, it controls Romanian aluminum producer Alro and China's Henan Zhongfu Industry Co. The childhood friend of the general director of the Rostec corporation, Sergei Chemezov, is his unofficial "wallet".

In 1975 he graduated from the Faculty of Economics of the Irkutsk Institute of National Economy. After graduation, he worked in construction organizations in the Irkutsk region. In 1980-1989 he was the head of the department of production and technological equipment of the Irkutsk house-building plant (DSK), then the deputy head of the Irkutsk house-building complex (DSK), the deputy manager of the Irkutsk trust for large-panel housing construction and the deputy chief of the Glavyakutstroy of the USSR Ministry of Vostokstroy.

Since 1989 - Deputy General Director of the joint Soviet-Finnish enterprise Primfeks. Since 1990 - co-owner, and since 1991 - General Director of the joint Soviet-British timber industry enterprise "Sibmix International" (hereinafter - the holding CJSC "Sibmix International"), which included a number of timber processing enterprises and timber industry enterprises of the Irkutsk region.

In 1991-1997 he owned the construction company Novy Gorod in Moscow. In 1992 he founded and headed the oil company CJSC Rosinvestneft. In 1999, Rinko Holding, created by Vitaly Maschitsky on the basis of Rosinvestneft, took from SIDANCO 50.3% of OJSC Angarsk Petrochemical Company (ANHK), which owned 8.5% of shares of OJSC RUSIA Petroleum (owned a license for one of the largest in Russia Kovykta gas condensate field), as well as a controlling stake in the Khabarovsk oil refinery. In 2001 ANHK was sold to YUKOS, the refinery was bought by the Alliance group of the Bazhaev family, and the share in RUSIA Petroleum was bought by TNK. With the proceeds, Maschitsky acquired assets in Romania (aluminum plants Alro S.A. and Alprom S.A., alumina refinery Alum S.A.) and China (100% of shares in EEverwide Ltd).

Since 2015, Vitaly Maschitsky has been one of the Forbes magazine rating "200 richest businessmen in Russia". In 2017, he took 144th place in this ranking with a capital of $ 700 million.

He is married and has two sons (Paul and Leonidas).

Pavel Maschitsky is a Managing Partner of the Vi Holding Group of Companies, First Vice President of the Vi Holding Group of Companies, a member of the Vimetco Board of Directors. Responsible for property portfolio management and development. Leonid Mashitskiy is a managing partner of the Vi Holding group of companies.

"News"

Sergey Cheremin: By 2020, Moscow will double its tourism revenues

He recalled that in 2017 the capital was visited by 21.6 million people who spent about 860 billion rubles during the trip. “This is about 4% of the gross regional product of Moscow. The potential is not only not exhausted, but rather underestimated. Our task is to bring this figure to 8-10% by 2020, ”the minister emphasized. He noted that tourism for the city is now one of the main items of export and import of services.

In his speech, Sergei Cheremin dwelt on the fact that this cannot be achieved without understanding that tourism is a whole hospitality industry that cannot exist and develop in isolation from other sectors of the capital's economy.

THREE MANAGERS OF MARATHON GROUP INCLUDED IN THE BOARD OF DIRECTORS OF "NATSIMBIO"

After signing an agreement on the merger of pharmaceutical assets of the state corporation Rostec and Marathon Group, Natsimbio renewed the composition of the board of directors. It includes three new members from Marathon Group - its president Alexander Vinokurov, CEO Sergei Zakharov, director of economics and finance Elena Milinova.

The previous composition of the council was approved in November 2017, Vademecum was told in the press service of Nazimbio.

The seats on the council were retained by four members of the former composition - Deputy Director General of the Rostec State Corporation Alexander Nazarov, Deputy Minister of Health Tatiana Yakovleva, Director General of Natsimbio Andrei Zagorsky. Nazarov became the chairman of the council.

Media: Rostec saves on investments in the "Amber plant"

In a report for 2016, Zatsepin promised huge investments: 5.3 billion rubles. in the coming years. However, the head of the board of directors of the plant, Vitaly Maschitsky, told reporters at the end of last year that the only source of investment would be funds that the plant would earn itself: funding for the development of the plant at the expense of Rostec is not provided. The publication notes that with such an approach, investments are unlikely to be significant: the plant's experiments with pricing policy led to a drop in revenue of more than 11%.

Two towers: how the billionaire Rashnikov and the Chigirinsky brothers quarreled

According to Alexander, due to a family spat, he suffered heavy losses, as he sold 50% of Evolution to Rashnikov for $ 37 million, although businessman Vitaly Maschitsky was ready to buy it out for $ 180 million. Maschitsky himself confirmed to Forbes that he was ready to pay for half towers this money, as "highly appreciated the potential profitability of the project." Alexander asked Nader to give him preemptive right buyout of Shalva's shares in "Russia" as compensation for the cession of Baturina's share in "Evolution". Nader, according to Alexander, agreed. “They said they would make me an offer,” says Alexander Chigirinsky. - I was waiting".

Strong investor with weak investment

At the end of 2016, the head of the board of directors of the plant, a friend of the general director of Rostec, Vitaly Maschitsky, informs reporters that the only source of investment will be only the money that the plant will earn itself: funding for the development of the plant at the expense of Rostec is not provided.

The Stone Guest: Why Vitaly Maschitsky is helping Rostec to develop the extraction of minerals

December 2015 supervisory board of the state corporation Rostec decided that the phase of collection of the holding's assets was completed and it was time for a phase of active growth. The Council adopted a strategy to increase annual revenues from $ 25 billion to $ 78 billion by 2025 (11% CAGR). To implement ambitious plans, investments are needed, and relying on Western investors in the face of sanctions is pointless, therefore, cooperation with Russian partners, especially with proven ones, such as Vitaly Maschitsky, is becoming very important for Rostec.

Vitaly Maschitsky: you just need to put all the cubes correctly

Vi Holding owner spoke about his business history, Chinese energy and metallurgical project and much more

Palaces of friends of Sergei Chemezov

One of the most influential Jews received a monument

What is Vitaly Maschitsky famous for

They know what they want, but they don't yet understand to what extent. "

Vitaly Gaiduk sues $ 180 million from his Russian friend

As stated in the materials of the trial, which Glavkom got acquainted with, a couple of months after the completion of this transaction, Gaiduk received a tempting offer - to finance at high interest an entry to the Hong Kong Stock exchange Vimetco NV company of the Russian Vitaly Machitsky, who owns a large aluminum plant in China. With this idea, a mediator came to Kiev to Gaiduk - an old friend of the Ukrainian Mikhail Shlosberg. In the early 2000s, he was prominent russian entrepreneur, but then sold a stake in his key business: Volgograd and Volkhov aluminum and Pikalevsky alumina refineries.

Schlosberg was privy to Maschitsky's plans, since in early 2010 he himself received an offer from him to act as an investor in this project. Vimetco NV shares were listed on the London Stock Exchange, but it seemed to Maschitsky that they were undervalued due to insufficient understanding of the potential of the Chinese asset. He hoped to increase the value of his company by re-registering on the Hong Kong Stock Exchange. But debts interfered. Part of Vimetco's shares acted as collateral for the businessman's bank loans. To regain control of the firm and "move" to Hong Kong, $ 200 million was required.

Who is Vitaly Maschitsky?

I have a group that I work with - bankers, first of all: [Boris] Berezovsky, [Alexander] Smolensky, [Sergei] Pugachev and Maschitsky, a number of other people, "- said in 1996 in an interview with" Moskovsky Komsomolets " Pavel Borodin, Managing Director of the President of Russia. If it is not necessary to introduce the first three, then only a narrow circle of people knew Maschitsky.