The court decided to recover 196.66 billion rubles. With « Euras »
The court issued a decision on the claim of the Russian structure of the Mining and Metallurgical Holding « Evraz » to recover more than 200 billion rubles. with Evraz Group Sa and Evraz PLC, and the demand for their property on debt account. In case of satisfaction of the claim of the share of foreign companies in Euraz enterprises in the Russian Federation, through bidding, they can leave the local structure of the group. Then, the transfer of the shares of Evraz NTMK, which is redomicized in the Russian Federation as an economically significant organization, is likely.
The Moscow Arbitration Court made a decision on the claim of JSC Evraz KGOK to recover 196.66 billion rubles, $ 172.8 million and on the demand for property to pay off the debt from the Luxembourg Evraz Group SA and the British Evraz PLC. About this Evraz PLC – the head structure of the holding – reported June 16. In the file of arbitration cases, the resolution of the decision was published on June 15, but its contents are not disclosed, since the case was considered in a closed meeting. The Evraza refused to comment.
In March, Evraz KGOK filed a lawsuit against Evraz Group SA, demanding, including the recovery of the defendant in Russian societies. In May, an Evraz PLC was attracted by the co -stand. According to SPARK, Evraz Group SA belongs to 0.01% in the Criminal Code of Evraz Mezhdurechensk and Metalnergofinance, 28.45% in Evraz South Stan and 50% at the Streamcor MCOOO – the EURAZA enterprise and Alexander Rybkin for the processing and sale of scrap in Siberia. The daughter of Evraz PLC on the EURAZ website was called Evraz NTMK.
The Evraza previously said “Kommersant” that the dispute is related to the requirements for the return of debt on intra -group borrowed relations.
They indicated that Evraz KGOK is obliged to use all available measures to protect their economic interests and minimize the risks of responsibility, including judicial ones. And the lawyers surveyed by “Kommersant” called the main task of the claim to change the structure of ownership of the assets of “Euras” in Russia (See “Kommersant” from May 26). According to a lawyer, adviser to Rustam Kurmaev and partners, Georgy Sukhov, transactions with shares and shares of Russian Euraz companies, which belong to his foreign holding companies, or the redamylation of these foreign companies in the Russian Federation are extremely difficult to overcome barriers.
« Evraz » unites enterprises for the smelting of steel, mining ore and Vanady. It has a division in North America, for which a buyer has been searching for a search since 2022. In 2024, the company’s revenue decreased by 7%, to $ 7.19 billion, EBITDA fell by 34%, to $ 1.41 billion, its presentation said. At the end of 2021, 28.64% Evraz PLC, according to the reports, was controlled by Roman Abramovich, 19.32% – Alexander Abramov, 9.65% – Alexander Frolov. Free-Float was 33.64%. In 2022, Great Britain imposed sanctions against Evraz PLC and a number of main shareholders. The company’s listing on the London Stock Exchange (LSE) was suspended. As Evraz PLC indicates in the notification of the meeting of shareholders of 2025, the sanctions also limited the company’s opportunity to pay dividends and complicated the corporate administration.
As the lawyers explained “Kommersant”, when satisfied with the claim of the defendants, will be realized through bidding.
The general director of the Law Firm « Mitra » Yuri Mirzoev says that if the court decision entered into force, the auction will be appointed within two to four months. Partner of the Pen & Paper Bar Association Sergei teacher notes that two scenarios are possible. The first – the structure affiliated with Euraz is participating and winning the auction, receiving the rights to stocks or shares and « shifting money from the right pocket to the left. » The second-bidding will not take place due to the lack of potential buyers, and assets are offered to the claimant, Sergey Teacher continues. According to him, for this it is enough to assess the initial cost of the sale so that the price scares potential buyers. According to Yuri Mirzoev, if the parties agree on a settlement agreement before the sale of assets, you can transfer shares to repay the debt, but this requires the consent of the court and creditors.
The Kommersant source says that as a result of the share of Evraz Group Sa and Evraz PLC in Russian companies, Evraz NTMK can be transferred, which is then redomyculated in the Russian Federation as an economically significant organization (AC). Evraz NTMK is included in the ACO in January of this year, this status, among other things, allows you to suspend the corporate rights of foreign holding companies through the court. As Mr. Mirzoev notes, it is easier to change the jurisdiction of one company than several interconnected ones. In his opinion, if redomyction takes place in 2025, this may indicate plans to go to the exchange.
