Criminal businessmen helped Viktor Vekselberg

Evgeny Olkhovik and Vladimir Kremer agreed to exchange their assets for shares in Vekselberg's European business, which fell under sanctions.
19.05.2018
Vedomosti
Origin source
The company that fell under the sanctions of Viktor Vekselberg lowered its control over the stake in Liwet Holding, through which it owned shares of high-tech European concerns Oerlikon (43%) and Schmolz + Bickenbach (26%). The businessman agreed to the offer to exchange Liwet Holding shares for the assets of his partners Evgeny Olkhovik and Vladimir Kremer, the holding said.

As a result, the effective share of Kremer and Olhovik in Liwet increased to 38.9%, which corresponds to an indirect share of ownership in Oerlikon and Schmolz + Bickenbach at 16.26% and 10.07%, respectively, according to a statement by Liwet Holding.

In addition, Renova for the incentive program for its managers created a separate legal structure, which was transferred to 16.63% of Liwet. As a result of these two operations, the share of "Renova" in this Swiss company fell to 44.46%. The effective shares in Oerlikon and Schmolz + Bickenbach from the "Renova" fell to 19.9% ​​and 12.6% respectively.

 What assets Kremer and Olhovik transferred to Vekselberg, is not reported. The representative of Vekselberg did not answer the questions of Vedomosti.

In both Oerlikon and the producer of special steels of Schmolz + Bickenbach, the share of Renova was initially lower than control, and both companies immediately stated that they were assessing emerging risks, but they were not automatically sanctioned, Interfax reported.

Immediately after the sanctions were announced in early April, Renova decided to sell 14.59% of Sulzer's shares to the company for 546 million Swiss francs ($ 561.7 million). "Renova" has reduced its stake in the company from 63.42 to 48.83%.

A week later, the deal was closed, Sulzer representative Rainer Vijhofer said. He said that shares bought from Renova are transferred to a quasi-treasury account, dividends will not be accrued to them, management can not vote them at annual shareholders' meetings. The money from this transaction will be transferred within 180 days from the moment of closing the transaction to a special escrow-account, where the company will also transfer dividends to the remaining package from Renova for the year 2017, as well as for future periods, says Vaihofer.

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