Andrei Kostin will eat Ziyavudin Magomedov’s grain

The redistribution of the business empire of the sidelists of the Magomedov brothers continues. VTB intends to crush the United Grain Company (OZK). The Summa group has already allowed informational drain.
29.10.2018
Kommersant
Origin source
Ziyavudin Magomedov's Summa Group, which bought 50% minus one share of the United Grain Company (OZK) in 2012 for almost 6 billion rubles, may part with this asset. The package can depart VTB, which is now conducting due diligence OZK. In Summa and VTB insist that there are no agreements and negotiations on this issue.

The fact that VTB may receive 50% minus one share of OZK by the end of the year, RIA Novosti reported on Friday with reference to the head of the company Mikhail Kiyko. Today this package through the LLC Investor is controlled by the Summa group of Ziyavudin Magomedov. In the spring of 2018, a businessman and his brother, Magomed Magomedov, were arrested on suspicion of organizing a criminal community, fraud and embezzlement. The remaining share of OZK belongs to the state. OZK “Kommersant” reported that VTB is conducting due diligence of the asset, the parameters of a possible transaction will be determined later. Summa stated that they still own 50% minus one share of OZK: “Negotiations on a possible deal are the responsibility of the board of directors and are not currently being conducted.” Statements of the management of UZK are not true, the press service of VTB said: “At the moment there are no agreements on whether VTB will enter the capital of UZK.

OZK acts as a state agent for the sale of grain, and also manages more than 20 elevators and processing enterprises. The largest asset is PJSC Novorossiysk Bread Products Combine (NKHP), in which UZK owns 51% of shares. In 2017, UGC received 16.2 billion rubles. revenues and 2.1 billion rubles. net profit.

The structure of Summa acquired a stake in OZK in 2012 for 5.95 billion rubles. In May 2017, then-First Deputy Prime Minister Igor Shuvalov instructed the Ministry of Economy, the Ministry of Agriculture and the Ministry of Finance to consider the issue of privatization in favor of Summa and the state stake of OZK. Another 10% of the company could also receive the Russian Direct Investment Fund. VEB Capital was selected as a consultant for the sale of state-owned OZK, but the transaction did not take place. In November 2017, RBC reported that Summa pledged its stake in OZK VTB for a loan of $ 680 million for its FESCO transport group.

Earlier, VTB became the owner of 22.5% of NKHP, while Cypriot Ivianto Services Ltd of Ziyavudin Magomedov, who owned 18.48%, left the plant’s shareholders. In August 2018, the Federal Anti-Monopoly Service allowed VTB to acquire another 10.93% of the NKHP. Who is the seller, not reported. According to the reporting for the second quarter of 2018, the 10.92% stake in NKHP was owned by the Cyprus-based Belcarra Sevices Ltd, which is considered close to Mr. Magomedov. VTB then announced that they were planning to get 10.93% of NKHP shares as part of the Summa Group debt settlement to the bank: the share would be transferred to VTB as collateral on the loan.

OZK added that Mikhail Kiyko made a decision to leave the post of general director of the company in connection with his transfer to another job. His place can be taken by Sergey Korolyov, who today heads the National Fruit and Vegetable Union. The candidacy of the new CEO will be considered on November 1, the OZK said.

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