Mikhail Gutseriev threw his nephew to eat "Trust"

For five years, Mikhail Gutseriev will buy back assets worth 94 billion rubles from Trust, another 41 billion rubles will be returned through an increase in Russneft's dividends.
06.11.2019
Forbes
Origin source
Safmar Group Mikhail Gutserieva F 28, Otkritie FC Bank and the Central Bank of Non-core Assets Trust, settled a dispute over bad debts worth more than 135 billion rubles. This is stated in a statement by Otkritie FC Bank, a co-owner of Trust Bank. In return, the banks promise not to make any claims against Safmar.

Gutseriev will buy back part of the assets for 94 billion rubles that fell on the balance of Trust Bank as a result of the reorganization of Binbank and Rost Bank in September 2017, as well as restructuring part of the assets for 41 billion rubles, the statement said. The details of the transaction were not disclosed in the message, but the presentation of the Trust, which Reuters previously quoted, refers to the repurchase of shares of the development company A101, Slavkali, Safmar financial investments, Region Invest and Digital Invest bonds, as well as prefs of Russneft. The Trust will receive another 41 billion rubles due to a revaluation of the preferred shares of Russneft on its balance sheet after amendments to the charter and increase in dividends, the agency reported. The guarantors for these transactions will be personally Mikhail Gutseriev and his brother Sait-Salam.

The first tranche of 35 billion rubles will arrive before the end of this year. The entire group must settle its debts before the end of the third quarter of 2024.

On the balance sheet of the Trust is 3.6% of ordinary shares of Russneft, as well as all preferred shares of the company, which is 25% of its capital. A Forbes source familiar with the details of the talks says Safmar will buy back a third of Russneft's prefs. The presentation of the Trust (available to Forbes) indicates that Safmar will buy back preferred shares worth 21.1 billion rubles. The Bank of Non-Core Assets put up a stake in Russneft's preferred shares for bidding with an initial price of 62 billion rubles. Bidding should take place on November 14, follows from the data on the trading platform.

Is all debt to the Trust settled?

The press release states that for transactions that are not included in the settlement agreement, the parties fully retain all legal rights and obligations in accordance with the rules of law to which they are subordinate.

In early October, Reuters, citing an informed source, wrote that the Trust estimates the entire debt of structures associated with Gutseriev at 320 billion rubles. Later, a source surrounded by Gutseriev told Forbes that this was the debt of his nephew Shishkhanov.

The Bank Otkrytie Bank said on Tuesday that the debt settlement deal only with Mikhail Gutseriev and his brother Sait-Salam, his nephew Mikail Shishakhnov was not involved. The bank of non-core assets promises to conduct separate work with Shishkhanov and other top managers of the bank for debts that were not included in this transaction.

In early October, debts of Mikhail Gutseriev and his relative Shishkhanov to the banking system amounted to about 1 trillion rubles, a source close to Otkritie FC and a source close to Trust told Forbes. This figure also appears in the September presentation of the Trust, which Reuters later wrote about. The main lender is Sberbank - according to Forbes estimates, in 2015 the loan amounted to $ 5 billion. The second largest lender is VTB, which loans to Russneft for 77 billion rubles.
 
Source of problems

On September 21, 2017, the Bank of Russia sent Binbank for reorganization. 59.7% of the bank's shares belonged to Mikail Shishkhanov and 36.4% to Mikhail Gutseriev. Following Binbank, Rost Bank, which it sanitized, went to recovery, whose controlling stake belonged to Shishkhanov. The owners then turned to the Central Bank themselves, because they did not find the funds to recapitalize the bank. The regulator estimated the preliminary costs of rehabilitation at 250-350 billion rubles and set a condition - the owners must transfer free assets to the bank’s capital that are not burdened with pledges at other banks.

So under the wing of the Central Bank fell blocks of shares of Russneft, Inteko, A101, which belonged to Shishkhanov. Shishkhanov felt very guilty before Gutseriev: “I am very worried that this is connected with his name. And I am ashamed of him, ”he admitted in an interview with the Vedomosti newspaper. Assets eventually ended up on the balance sheet of Trust Bank, which was specially created to work with bad debts of sanitized credit organizations.

But the assets of Shishkhanov and Gutseriev were put on the balance sheet at an inflated value at times, said later the head of FC Otkritie Mikhail Zadornov. As two Forbes interlocutors, familiar with the situation at Inteko, said KPMG financial analysis revealed that the company was established on the balance sheet of Trust with a negative capital of up to 10 billion rubles.

After more than two years, Safmar will regain some of these assets, having spent 94 billion rubles on the repurchase. Safmar will redeem 49% of the shares of A101, the block of shares Slavkali, Safmar financial investments, bonds Region Invest and Digital Invest. The last two companies made a technical default on securities.

Multi-billion charges

The total damage to Binbank from the Gutseriev and Shishkhanov family “Trust” and KPMG was estimated at 372 billion rubles, Reuters reported citing documents. This figure can reach 755 billion rubles, if we take into account the interest on the use of Central Bank funds provided by the scanned bank.

Now Binbank is the only bank to be rehabilitated under the new mechanism, to the leaders of which there were no major claims. A claim for compensation of 282 billion rubles was filed with former Promsvyazbank managers in December 2017, and Otkrytie FC was filed with a total amount of 290 billion rubles in July 2019.

Safmar, Shishkhanov, the Central Bank, Otkrytie and Trust at the time of publication did not respond to Forbes requests.

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