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the Russian business takes out capitals. The statistics published last week by the Central Bank speaks about it. It is confirmed also with businessmen. Chukchi governor Roman Abramovich sells actives in Russia and buys the foreign. “ Russian aluminium “ too declares intention to get actives abroad. Prepares for sale “ Vimm - the Bill - Dann “. However experts assure that capitals of oligarchs will not cross country border. They here also were not.
Absurdity of a situation adds that just at the height of reasonings on flight of the Russian capitals on the West the western rating agency Moody ` s has raised an investment rating of Russia to level Baa3. It seems that in it Moody ` s do not read newspapers and not in a course that mister Abramovich has already cashed half of share in “ Rusale “ For $2 mlrd also has actually sold to YUKOS the company “ Sibneft “ for $3 billion
we Will remind that even earlier, in the end of the last year, Roman Abramovich`s Millhouse Capital management company has sold to National reserve bank of the action “ Aeroflot “. And in the summer negotiations about sale of 37,5 % of actions " have begun; Ruspromavto “ mister Abramovich to a certain investor (presumably to its partner in aluminium and automobile business - the companies “ the Base element “ Oleg Deripaska).
Besides, in the beginning of October hearings that group " have gone; the Planet “ also belonging to shareholders “ Sibneft “ intend to get rid of the meat direction “ prodo “ which turn last year has made about $280 million, and in the present $450 million is planned at level Even earlier it became known about negotiations Millhouse Capital concerning sale of one of the largest meat-packing plants of Russia “ Omsk bacon “. According to analysts, both meat actives stand more than $300 million
About Roman Abramovich`s aspiration to squeeze out maximum from business in Russia says also that in the end of the last year “ Sibneft “ has paid to it intermediate dividends of $1 mlrd from profit for 2002, and in July declared following payment to shareholders, for 2003 - even more
the Business community already has had time to connect $1 billion “ seasonal sale “ Roman Abramovich with pressure of the authorities upon businessmen. In the beginning of July have been arrested two top - the manager of the oil company the YUKOS, and now this company is accused of evasion from payment of taxes. Then “ Interfax “ has extended the message that the State Office of Public Prosecutor of the Russian Federation intends to get criminal case on the same charge against shareholders “ Sibneft “ that is against the same Roman Abramovich.
against all these messages the statistics of the Central Bank of the Russian Federation about record flowing off of capital in the third quarter of this year which has made $7,7 mlrd (for the same period of last year the given indicator quite logically looks has made $2,2 mlrd, for the first quarter of this year - all $100 million).
Where these capitals flow away? It is known where. So, Roman Abramovich has bought football club Chelsea almost for $100 million and has as much again spent for acquisition of players (it without considering club debts in $140 million received in loading). Thus observers consider that the Russian businessman could interest not only club, but also belonging companies Chelsea Village bars, restaurants and hotel.
interest of mister Abramovich to English real estate is discussed actively by the British mass-media. Its apartment with four bedrooms in the London area Najtsbridzh ($8,3 million), and an estate of Fajning - Hill the area estimate in 5 million pounds sterling of 182 hectares in Rogejte (a county Western Sasseks) - approximately in 12 million pounds ($20 million). Besides, “ new English “ has received the offer on purchase of the trading complex Fulham Broadway which is near to “ Stamford - the Bridge “ stadium Chelsea in the western part of London. This object the area of 18 thousand in sq. m will manage to it approximately in 96 million pounds ($157 million). According to the British analysts, the Russian businessman obviously is going to locate in England for a long time.
meanwhile consumer activity of the Russian oligarch forces many to dream about its future acquisitions. One, probably having learnt about the financial help of mister Abramovich to hockey club “ Avant-guard “ hint at its intention to get hockey club Vancouver Canuks. Others, having noticed the businessman on races “ Formulas - 1 “ assert that on turn a racing Minardi team.
but absolutely officially last week the former partner of mister Abramovich the company " has declared plans of the foreign shopping; Rusal “. The Second-large aluminium company will spend for foreign acquisitions of $2 mlrd, among objects of purchase are considered National Aluminium Company of India (Nalco, India), Nigerian Alscon (Nigeria) and the Tadjik aluminium factory. We will remind that “ the Base element “ a management company “ Rusala “ already owns the Nikolaev aluminous factory in Ukraine, and in May of this year its press - the service has declared intention to participate in auction on sale of a controlling interest of aluminium industrial complex Kombinat Aluminijuma Podgorica (KAP, Montenegro).
In addition last week Financial Times has informed on preparing sale of 55 % of shares of company “ Vimm - the Bill - Dann “ French Danone. If to add here old hearings about the outlined transaction between YUKOS and Exxon Mobile the impression is made, as flight of capitals from Russia indeed begins. But experts assure that transactions of oligarchs here at anything, their capitals and do not think to cross borders of Russia.
capitalism with the person of a non-russian nationality
“ And you are assured, what the transaction between Millhouse and ` the Base element ` really took place? - Has asked a question the lawyer well knowing practice of carrying out of similar transactions. Are two people know only. But if they publicly declare the transaction count on two steps forward. It is public relations - games of oligarchs. One mammoth at another has written off from the account - and what? “
that the transaction really takes place, has confirmed “ to Money “ Other lawyer, it is direct in it participating, but to make comments on it has refused. Meanwhile it is enough to look at possession structure the mentioned companies to understand, in what business. Actions “ Rusala “ are distributed between six offshore firms registered on the British Virgin Islands: David Worldwide Corp. (16,67 %), Galinton Associated Ltd. (16,67 %), Dilcor International Ltd. (16,67 %), Kadex Metals Ltd. (15,89 %), Valeford Trading Ltd. (18,71 %), Foreshore Ventures Ltd. (15,4 %). The address of registration Millhouse Capital (the seller of 25 % of actions “ Rusala “ and the addressee of transfer in $2 mlrd) - Great Britain. That is the given transaction does not concern at all Russia, it is the transaction between the foreign companies.
it is simple to assume, as payment in $3 mlrd which has carried out YUKOS in exchange for actions “ Sibneft “ too occurred outside of the native land. The YUKOS has the developed chain of offshore firms, and it Group Menatep Ltd. It is registered on Gibraltar. By the way, in the well-known transaction between the multinational corporation and British Petroleum remained most the Russian tax specialists are dissatisfied: all payments have passed on the British Virgin Islands where it is registered TNK International Ltd.
Experts refuse to make comments officially on actions of the Russian oligarchs, but informally explain a situation so: “ the State can count on 13 % of surtax from sale of actions if the transaction occurs in territory of Russia. But usually actions of the large Russian companies belong to foreign firms, and these transactions pass by the budget. Here there is nothing terrible though, probably, and it it was meaningful to enter analogue ancient British stamp duty (branded gathering) - the tax from sale of the property making symbolical percent “.
As the partner of legal company John Tiner and Partners Valery Tutyhin has explained, the structure of the Russian economy is that: all our large, and also the average companies, engaged is export - import operations, have been compelled to build difficult chains of firms through which the Russian capital could move freely from Russia and back. As he said, the most popular holding schemes look so: Russia - Cyprus - an offshore, or Russia - Austria - the European Union country - an offshore, or Russia - Holland - the Netherlands Antilles.
building of foreign holdings pursues a number of the purposes among which minimisation of taxes plays not a leading role. Valery Tutyhin: the Main thing - to secure business against the Russian risks, first of all from property loss. The second problem - to create by means of the transparent European company the friendly interface of business, a clear cover for the foreign investor that gives access to the international market of the capital and raises company capitalisation.
it is erroneous to think that the foreign cover can benefit only to giants like YUKOS, the multinational corporation or LUKOIL. Valery Tutyhin: Practice shows that creation of foreign holding structure actually even for the companies owning one - two deposits. Remember at least London Sibir Energy Plc Shalvy Chigirinsky.
Valery Tutyhin did not begin to hide, as itself, being the owner lesopererabatyvajushchej factories, has been compelled to create the company in Austria - for convenience of foreign buyers.
Vadim Maksimov, the leading lawyer of department of legal consultation of company AKG “ Development business - systems “ Has noticed that as favourite residence of the Russian business for construction of holding structures the Netherlands whereas Cyprus was used for a reduction in tax for profit traditionally served. But recently Cyprus becomes interesting to holding construction as a link for transfer of dividends and a royalty.
Where the head companies of large Russian holdings