TGK-14 securities fell sharply in price after the detention of co-owners of the company

TGK-14 securities fell sharply in price after the report on the detention of top managers and company owners. The profitability of bonds took off to 27–38% per annum, the shares lost more than 8% in price. Investors are pessimistic evaluate the prospects of securities: after the detention of the founder of Rusagro, in March, the company’s shares fell by almost 20%per day. In addition, experts are afraid of repeating the case with the company “Wrestler” when interim measures were imposed on its debt papers.

On May 29, the quotes of all securities of the TGK-14 generating company fell sharply in price, when it became known about the detention of the co-owner and head of the board of directors of Konstantin Lulchev, as well as another co-owner of the company and member of the board of directors of Viktor Myasnik. In the circulation by this time there were six issues of bonds with a nominal volume, according to Rusbonds, in the amount of 10.6 billion rubles. During the trading of their quotes, 15–25 percentage points (p.) Fell by 15–25 percentage, in separate issues, dropping to 60–85% of the face value. To close the trading session, the decrease was 8-16 p., And the profitability of the papers reached 27–38% per annum.

In addition, on the same day, the technical placement of a new bond output took place in the amount of 6.5 billion rubles, the collection of applications for which was completed on May 26. After receiving the papers, some of the investors began to get rid of them by collapsing quotes up to 80% of the face value. The company’s shares fell in the price – according to the results of the auction, they reached 0.64 kopecks, 8% lower than the closure of the previous day. However, the decrease took place in previous days, from the beginning of the week the shares lost 25%in price.

The main fears of investors in such situations are associated with possible changes or deteriorations of corporate governance, said Nikita Bredikhin, a leading investment analyst at Go Invest. At the same time, there is a probability of divisting papers of the company, indicates Oleg Ablev, head of the analytical department of the RIKO-TRAST investment company. “The greatest problem for bonds and shareholders is to sell them later in the over -the -law market,” the expert said.

Member of the Council of the Association of Bond Owners Ilya Vinokurov notes that in the case of TGK-14, an additional risk to shares owners is the possibility of “introducing external management in the company, since it is strategic in nature for the region”. Also, according to the expert, “the likelihood of removal in favor of the Federal Property Management Agency”, as in the case of the company “wrestler”, increases. In February 2025, the Arbitration Court of the Kaliningrad Region at the request of the Prosecutor General’s Office imposed interim measures to the shares of the enterprises of this holding (See “Kommersant” dated February 11). As a result, payments for company bonds for a number of investors were limited (SM « Kommersant » from March 21).

This is the second high-profile case of the detention of a top manager and the owners of a large company whose securities are contacted on the exchange. At the end of March 2025, the founder of the Rusagro holding Vadim Moshkovich was detained. On that day, shares collapsed by 19.5%, and the next day – another 9% (See “Kommersant” from March 28). Currently, the cost of these shares is two times lower than before the detention of a co -owner of the company. At the same time, Ilya Vinokurov believes that if Mr. Moshkovich was not the beneficiary of the company and the claims of the security forces would not belong to his activities in the company, there would be fewer quotations of shares of Rusagro.

Andrey Kovalev