Rus News Journal

MDM group has given all

corporate governance

On Friday shareholders of group of MDM have made the decision on its liquidation. Share holdings of ten power companies which the group now operates, are transferred to balance of new structure led by eks - the chairman of the board of MDM - bank Vladimir Rashevsky. Subsequently this structure is supposed to be integrated with the Siberian coal power company (SUEK), also group of MDM under control to co-owners.
Joint-Stock Company the Management company MDM group it is created in 2000 by MDM founder - bank Andrey Melnichenko and businessman Sergey Popovym for management of the industrial actives bought by bank. On their base of Joint-Stock Company has created the Trumpet metallurgical company (TMK), Baikal - Coal (nowadays the Siberian coal power company, SUEK) and MHK evrohim . The part of actives which from - for corporate conflicts could not be integrated into holdings, has been transferred in control of IK RINAKO (it is created by group in partnership with a number of its managers, today at co-owners of group is the minority share in capital RINAKO).
Open Society SUEK operates more than 30 collieries and cuts. In 2003 SUEK has sold 79 million tons of coal (28 % of the Russian manufacture). For nine months 2003 the gain of Open Society from sales has made $117 million, profit - $1,23 million 99,9 % of actions belongs to the Cyprian company Donalink Limited under control to co-owners of group of MDM, 0,1 % - directly group of MDM.
we will remind that the group has started to get rid of actives one and a half years ago. In the end of 2002 as a result of the transaction with general director TMK Dmitry Pumpjansky MDM group has reserved only 33 % of actions TMK, and the mister Pumpjansky has received under control of 67 % of actions. In 2003 structurization SUEK and " is finished; evrohima . The group which was carrying out functions of an individual executive office of these companies, in the beginning of February, 2004 has combined powers. Operational administration functions are transferred general director SUEK Peter Haspekovu and head evrohima to Dmitry Strezhnevu. Under control of group there were only actions of the power companies.
on Friday, according to the communique of group of MDM, its co-owners have made decision to unite all coal and power actives on the basis of SUEK. As have explained in group, the new company in which name the word " will be used is for this purpose created; SUEK . On balance the second SUEK it is planned to transfer joint-stock company share holdings - energo which belong today to under control misters of Melnichenko and Popovu to an offshore and are in nominal derzhanii MDM - bank: Altajenergo Burjatenergo Krasnojarskenergo Kuzbassenergo CHitaenergo Amurenergo Dalenergo Habarovskenergo and JAkutenergo and also Joint-Stock Company LuTeK papers. Thus Russian Open Society actions UES of Russia groups available for co-owners, in new structure will not be transferred, and remain in MDM management - bank. Representatives of group have refused to specify size of transferred packages, as in the course of paper transfer will be dokupatsja . According to the official version, on it structurization of the industrial actives coping earlier group, is finished. Thereupon shareholders have made one more decision: MDM group is liquidated.
the head the second SUEK there is Vladimir Rashevsky holding earlier a post of the chairman of the board of MDM - bank. The board of directors of bank has already made decision to direct the petition to the Central Bank about the coordination on a post of the chairman of the board of a nominee of trustee Andrey Savelyev. The mister Rashevsky will keep a place in board of directors of bank as the assistant to its chairman.
we will notice that appointment of the mister Rashevsky does not mean displacement of general director SUEK of Peter Haspekova, some time old and new SUEK will exist in parallel. The mister Rashevsky should develop an order of their integration.
Representatives of group of MDM assure that reorganisation is not preselling preparation of actives or attempt to protect them from claims of state officials: Translating papers from an offshore on the Russian company, we, on the contrary, do by their more vulnerable. Besides, all actions were got in the secondary market, the group did not participate in privatisation . Who becomes the direct founder the second SUEK in group yet do not speak. Probably, this information will be opened on today`s by a press - conferences the mister Rashevsky. Will tell about its results in tomorrow`s number.