T Ppus energy holding, which is part of Viktor Vekselberg's Renova, intends to continue active investments. We are talking about the modernization of thermal power plants, and about renewable energy sources - solar generation and, possibly, Rostec's waste incineration projects. As a result, T Plus plans to invest up to 90 billion rubles only in modernization. The need for large investments will not allow paying dividends yet, the company admits.
In 2017-2018, "T Plus" does not see an opportunity to pay dividends to shareholders, said on April 5 and. O. CEO of the company Denis Pasler. He explained this by the high need for investment. “There is a desire of shareholders (to receive dividends - Kommersant), but if there are huge investment programs, this will not work,” the top manager explained. If DPM-2 appears (the discussed program of modernization of the old generation. - Kommersant), then for the next ten years it is clear what we should do. " CDA - contracts for the supply of capacity, guarantee a return on investment in generation due to increased payments in the energy market.
T Plus will also take part in the summer competition for solar generation projects (now the T Plus portfolio for the sun is 215 MW). According to Mr. Pasler, the company also negotiated with Rostec on the joint construction of waste incineration TPPs (MTES) in the Ulyanovsk, Nizhny Novgorod and Sverdlovsk regions (such projects in the Moscow region and Tatarstan are carried out by RT-Invest, a part of the state corporation). “They have technology, we have assets,” the head of T Plus explained, adding that the company would return to the topic when “the state decides on the territories,” but without specifying possible investments. RT-Invest confirmed their interest in cooperation with T Plus.
The basis of "T Plus" is the heat and power plants in the Volga region and the Urals with a capacity of 15.7 GW (sixth place in Russia), bought out by 2008 from RAO UES. Net profit under RAS in 2017 - 3 billion rubles. against 323 million rubles. a year earlier, revenue increased by 2.8%, to 222.7 billion rubles. The company did not pay dividends earlier. Under the program of contracts for the supply of capacity, T Plus built 2.9 GW, having invested 127 billion rubles. In 2016, the CEO of the company Boris Vainzikher and the chairman of the board of directors Yevgeny Olkhovik (retain their posts) were arrested in the case of bribery in the Komi Republic, now under house arrest.
According to Denis Pasler, the modernization of TPP "T Plus" may affect 2.5-3 GW, the amount of investment - 60-90 billion rubles. In total, the Ministry of Energy plans to modernize up to 40 GW of thermal power plants by 2035. In 2017, capital investments of "T Plus" will amount to 25 billion rubles, another 10 billion rubles will be invested in solar generation. The ratio of net debt to EBITDA by the end of 2017, according to the top manager, decreased to 3.1 against 3.8 a year earlier, the debt itself decreased from 147 billion rubles. at the beginning of 2017 to 134 billion rubles. today and in 2018, the debt burden will no longer decrease. "T Plus" also does not see any prospects for the return of shares to the stock exchange. “We believe that now is not the time,” Mr. Pasler said. The delisting from the Moscow Exchange took place in 2016 - immediately after the completion of the reorganization, when TGK-5, TGK-6, Volzhskaya TGK and TGK-9 were merged into T Plus.
Natalya Porokhova from ACRA notes that the statement about the impossibility of paying dividends is atypical for energy companies. She notes that in 2016, for the first time in many years, free cash flow (FCF) in the industry as a whole became positive and until the beginning of 2020, when the modernization of TPPs is likely to begin, on average, it will remain so, since most companies have completed their CSA investment programs. “It is expected that the next two or three years will be record-breaking in terms of dividends for power engineers,” the expert believes. Vladimir Sklyar from VTB Capital notes that after the completion of the CDA, the company's debt is at its peak, if it decreases, dividend payments can be expected “as early as next year”. He noted that "T Plus" has one of the largest needs for the modernization of CHP plants, and "tariff setting in heat is now difficult."
MOSCOW (Reuters) - Energy holding T Plus of Russian businessman Viktor Vekselberg is not going to return to the stock exchange after delisting in 2016 and is not ready to pay dividends for 2017-2018 due to upcoming new investments, said the head of the board of the company Denis Pasler.
Viktor Vekselberg at a session of the Gaidar Forum. Moscow, January 17, 2018. REUTERS / Sergei Karpukhin
“We are not even discussing it yet. Not yet. We believe that this is not the time (to return to the stock exchange), ”Pasler told reporters on Thursday.
Pasler, who previously led the government of the Sverdlovsk region, in March last year became acting general director of the energy holding Vekselberg, whose managers are under house arrest in connection with the investigation of a bribery case in Komi since 2016.
Vekselberg reorganized the energy business in 2014, consolidating the generating and sales assets of the IES holding on the basis of the Volzhskaya TGK (now T Plus).
The energy holding with 16.2 gigawatt power plants ranks fifth in Russia in terms of electrical installed capacity and first in terms of thermal capacity. At the end of 2016, the company left the Moscow Exchange.
Now Vekselberg and his friendly structures have 76.72 percent of shares, 15.08 percent - from minority shareholders, another 8.2 percent - treasury package.
According to Pasler, the controlling shareholder is not going to buy out the shares of minority shareholders, and they showed no interest in selling the shares.
Pasler also said the holding would not pay dividends for 2017 and 2018 as the investment required is still high. The company plans capital investments of 25 billion rubles this year, in addition, it will have to spend 10 billion rubles on the construction of solar power plants.
“There is a desire of shareholders, but with such huge investment programs, it’s not easy to do ... As long as the strategy includes the construction and development of new power plants, there are no payments yet,” Pasler said.
In November last year, in a presentation for investors to debut bonds, T Plus, referring to the current dividend policy, wrote that achieving a debt-to-EBITDA ratio of 3.5 allows dividend payments to be formed.
According to the top manager of the energy holding, the ratio of debt to EBITDA by the end of 2017 decreased to 3.1x from 3.8x a year earlier. The debt is currently estimated at 134 billion rubles, compared with about 147 billion rubles at the beginning of the year, he said.
Pasler said that the holding wants to participate in a new tender for green generation, which will take place in June, planning to apply for the construction of solar generation.
In this competition, it is planned to allocate 830 megawatts for the construction of wind turbines, 270 megawatts - small hydroelectric power plants and 150 megawatts - generation based on solar energy.
T Plus intends to participate in the upcoming tender for the modernization of existing power plants and hopes that the first tenders will start this year.
Pasler estimated the volume of possible modernization of the company at 2.5-3 gigawatts with investments of 60-90 billion rubles.
Anastasia Lyrchikova. Editor Anastasia Teterevleva
The criminal case also includes Mikhail Slobodin, who participated in the creation of IES Holding and led this company from 2003 to 2011, Markin said. Investigators are establishing his location, he added. Slobodin himself, who until Monday headed VimpelCom, told Vedomosti that he was on a planned business trip to France, and plans to return to Russia at the end of the week and answer all the questions of the investigation. “We really did business in Komi, we will find out what we are accused of,” said Slobodin. He is still a member of the T Plus board of directors.
Closer to midnight Moscow time VimpelCom Ltd. (controls the Russian "VimpelCom") reported that as a result of the events around "T Plus" Slobodin resigned and the company satisfied her. The new CEO of the holding is the former head of Telenor Russia (co-owner of VimpelCom Ltd.) Shelle Johnsen.
Former head of the Komi Republic Vyacheslav Gaizer (Photo: Vyacheslav Prokofiev / TASS)
The Gaizer case
Gaizer was detained in mid-September 2015 at the Moscow Domodedovo airport when he was flying on vacation with a transfer through the capital. On September 20, the Basmanny Court issued a warrant for his arrest and arrest of 15 more people. The deputy head of the head of the republic, Alexei Chernov, deputy chairman of the Komi government Konstantin Romadanov, and former senator from the region, Yevgeny Samoilov, were also in custody.
According to the investigation, Gaizer and the rest of the defendants in the case created a criminal community and committed theft of budget funds and shares of profitable enterprises. Immediately after their arrest, there were two episodes of fraud in the case - the theft of a 50% stake in the Avalon Hotel in the city of Syktyvkar and the withdrawal of shares in the Zelenetskaya Poultry Factory. According to the prosecution, they exchanged the assets of the factory for shares in illiquid companies and subsequently underpaid more than 900 million rubles to the budget of the republic, which should have been paid as dividends.
Gaiser himself does not admit his guilt, says his lawyer Vyacheslav Leontyev. But even during the arrests of the republic's leadership, it became known in court that ex-senator Samoilov had given a confession.
Komi factor
A criminal case of fraud against Gaizer and his subordinates was initiated a year ago. A separate proceeding against former and current top managers of T Plus has been separated from this case, a source told Interfax.
Gaizer's lawyer Vyacheslav Leontyev told RBC that his client had a tense relationship with the management of Renova. “There were conflicts between them due to the fact that Gaizer forced Renova to maintain the facility in working order. As a result, the CHPP was ready for the heating seasons, ”Leontyev explained. He noted that recently no investigative actions had been carried out with his client and he had not participated in interrogations.
It is not the first time that Renova's managers have been involved in a fraud case in Komi. When it became known about Gaizer's arrest, the ex-general director of Renova, Alexander Zarubin, was named among the 19 accused.
Renova's structures have had interests in Komi since the late 1990s: in 1997, its aluminum holding SUAL became a major shareholder in Boksit Timana, which owned a license for the development of the Sredne-Timanskoye deposit, whose bauxite reserves accounted for about a third of the all-Russian ... The project for its development provided for the construction of a railway, an alumina plant and an aluminum plant and was estimated at over $ 2 billion. For a long time SUAL tried to attract a partner in it and at the same time increased its own stake in Timan Bauxite. In 2003, Torlopov waived his preemptive right to buy out 25% of Boksit Timan in favor of Vekselberg's company, Forbes magazine wrote. To resolve issues in the republic, the businessman hired Zarubin, previously RBC a source close to the leadership of one of the neighboring regions. But a source close to Renova denied this: by the time the former regional official was hired, Renova had already been actively represented in Komi and even built the first private railway line in Russia there.
In October 2015, Zarubin was in absentia by the Basmanny Court, but Renova strongly denied any connection with him: he has not worked for the company since 2009. At that time, no information was reported about the searches in Renova in connection with the Gaizer case.
A new scandal erupted in Komi about a month ago. On August 9, the acting head of the republic, Sergei Gaplikov, wrote a letter to President Vladimir Putin, in which he complained about the emergency state of the Vorkuta CHPPs, which T Plus put up for sale. A few days later, on August 17, he discussed this issue with the president during a personal meeting that was shown on central television.
“Vladimir Vladimirovich, I wanted to ask the government to strengthen its work in this regard, to help us to bring the system to the required working condition during the heating season. And I wanted to ask you to instruct the law enforcement agencies to figure out what the reason is there, ”Gaplikov addressed the head of state. “We will definitely do so. This irresponsibility must be stopped, ”Putin promised.
The very next day, the Prosecutor General's Office announced that it had begun checking the readiness of the heat supply system in Vorkuta to work in winter conditions. "Together with law enforcement and regulatory authorities, a legal assessment will be made of the reasons for the failure of the operator of the combined heat and power plant to take measures for its proper maintenance and repair," she said.
At the end of August, the head of T Plus, Boris Vainzikher, reported to Deputy Prime Minister Arkady Dvorkovich, who oversees the fuel and energy complex, on the program for the modernization of the Vorkuta CHPP power facilities until 2019, worth more than RUB 1.7 billion. But he stressed that the accumulated debts of end consumers in the amount of 6.23 billion rubles. in front of the power plant may restrict the development of the region's power system.
Head of T Plus Boris Vainzikher (Photo: Oleg Yakovlev / RBC)
However, the report of the Investigative Committee emphasizes that in 2007-2014, the Komi authorities set the most favorable tariffs for the energy company and provided it with other benefits. In return, according to the investigation, they received more than 800 million rubles from T Plus. bribes, as well as 38% of the shares of the company "Komi Energy Retail Company" through offshore companies. The cost of this block of shares was estimated by investigators in the amount of at least 100 million rubles. According to SPARK-Interfax data as of March 31, 2016, offshore companies Decisis Holding Inc. and Heterson Management Limited owns 36.93% of Komi Power Sales Company. Another 26.07% is owned by the Prom Invest company, the manager and owner of 85% of the shares of which is a certain Natalya Parshina, 16.42% of the shares are owned by the Moscow company Infosant, and almost 8% are owned by individuals. It is not known whether these companies are related to the previous leadership of Komi.
Three persons involved
The defendants in the criminal case (about bribes to Komi officials) are Mikhail Slobodin, Yevgeny Olkhovik, Boris Vainzikher, who were successively heads of the IES from 2007 to 2014, as well as other persons not yet identified, Markin said. The Criminal Code provides for the maximum punishment under this article - 15 years in prison with a fine of up to seventy times the amount of a bribe and deprivation of the right to hold certain positions for up to ten years.
Mikhail Slobodin (Photo: Alena Kondyurina for RBC)
According to the investigation, when Olkhovik and Weinzikher headed the company, according to their instructions, at least 177 million and 89 million rubles were transferred as bribes. respectively. The report does not indicate what exactly the investigators suspect Slobodin. The investigation intends to petition for the selection of a preventive measure in the form of detention in respect of all three accused, the Investigative Committee said in a statement.
Slobodin, who began his managerial career in 1998 as head of the Department of Foreign Economic Relations SUAL, participated in the creation of IES in 2003 and led the company until 2011. In 2013, after he headed VimpelCom, Slobodin said in an interview with Vedomosti that he remains a co-owner of IES and continues to follow the development of the company: “Of course, I communicate with colleagues and understand what is happening in the company and in industry ". On the post of IES general director, he was replaced by Olkhovik, whom Vekselberg In an interview with Forbes, he named him among his college friends. Olkhovik works with Vekselberg almost 25 years. Since 1992, he has been deputy CEO of Renova ”, And in 1996 he headed the financial and economic department of SUAL. In 1999 Olkhovik became CEO , and in 2007 - the managing director of " Renova ". He is also minority shareholder of Renova.
"Atomic weapon"
The searches and detentions that took place on Monday may be related to the conflict between Vekselberg's structures and the new authorities in Komi, believes a partner of one of the projects in which Vekselberg is involved. “I don't see any other reasons,” he told RBC. The detention of Olkhovik would be too “strong” in the event of a regional conflict: he has always been the driving force behind Renova, was responsible for the company's operational activities, says a source close to Renova.
So, according to a similar scenario, the persecution of the owner of YUKOS Mikhail Khodorkovsky and the owner of Domodedovo Dmitry Kamenshchik began. In the first case, Platon Lebedev was first detained, in the second - several top managers of the airport, respectively, and then charges were brought against the main business owners. Searches and detention of top managers and partners are "atomic weapons" disproportionate to the solution of a small local conflict, be it the heat supply of Komi or a trial with a former partner, the interlocutor of RBC adds.
Vekselberg, of course, has enemies, continues the interlocutor of RBC, close to Renova. But no active "military operations" are currently being conducted, he points out. In February 2014, former senator Leonid Lebedev sued Vekselberg and his partner Leonard Blavatnik in New York, claiming that he was their partner in the TNK-BP oil company, which Rosneft had acquired a year earlier for about $ 56 billion. Lebedev demands from them $ 2 billion. Consideration of this case on the merits has not yet begun.
At the end of 2014, it became known about the requirements for Vekselberg and the Minister for "Open Government" Mikhail Abyzov. He is suing a businessman for a call option in the BVI courts. Abyzov claims that the damage from the violation of this agreement is about $ 500 million. The decision on this claim has not yet been made. Representatives of Lebedev and Abyzov declined to comment on Monday.
The arrests of power engineers at T Plus are not directed directly against the owner of the company, Viktor Vekselberg, this is a regional matter, he believes. Amdirector of the Center for Political Technologies Alexey Makarkin. "Vekselberg quite loyal to the federal authorities. However, elections are underway in Komi, the arrest of the oligarch's people gives the people a sign that the government is working and fighting corruption, ”the expert points out. In his opinion, since the arrest of Vyacheslav and Gaizer a year ago, the republic has been "seriously tackled." Makarkin believes that the real prison terms for Weinsicher and Slobodin the interrogations will not end.
Renova's representative Andrei Shtorkh did not answer RBC's question about where Vekselberg is now.
Featuring Ilya Rozhdestvensky, Lyudmila Podobedova and Anastasia Mikhailova
Managing Director of Renova Yevgeny Olkhovik and General Director of T Plus Boris Vainzikher were detained in the case of bribes in the Komi SK
On Monday, September 5, the Investigative Committee, with operational support from the FSB, conducted searches in the offices of the Renova group and the T Plus energy company controlled by it (formerly IES Holding), Legal.report reported at about 12:50 Moscow time.
Searches and arrests
Renova employees were not allowed to leave the office and speak by phone, food could be ordered via the Internet, a Renova employee who was present during the searches told RBC. According to him, the security forces requested documents on the Vorkuta CHPP (part of T Plus) in the Komi Republic. Later, the fact of searches of RBC was confirmed by the official representative of Renova, Andrei Shtorkh.
“The investigative actions carried out in connection with the work of the T Plus company in the Komi Republic relate not so much to the current activities of the energy company in the region, but to the period when the republic was headed by the team of the former governor Vyacheslav Gaizer (in 2010-2015 he headed the republic, and in September 2015 was detained on charges of fraud) ”, - said Storch. The company is committed to "constructive interaction" with law enforcement agencies, and all employees work as usual, he stressed.
The official representative of the Investigative Committee, Vladimir Markin, explained that the searches were related to the case of giving a bribe on an especially large scale (part 5 of Article 291 of the Criminal Code) to the former leadership of Komi, but did not name the persons involved in the case. According to Markin, the former and current management of T Plus is suspected of giving bribes to the regional authorities from 2007 to 2014 in the total amount of 800 million rubles.
At 17:40 Moscow time, the Investigative Committee reported that after the searches, Boris Vainzikher, General Director of T Plus, and Evgeny Olkhovik, Managing Director of the Renova Group, who headed T Plus in 2010-2012, had been detained. When Weinsicher was taken away for interrogation, the other chiefs of T Plus were left at work, the rest of the employees were released to their homes, a source in Renova told RBC.
The criminal case also includes Mikhail Slobodin, who participated in the creation of IES Holding and led this company from 2003 to 2011, Markin said. Investigators are establishing his location, he added. Slobodin himself, who until Monday headed VimpelCom, told Vedomosti that he was on a planned business trip to France, and plans to return to Russia at the end of the week and answer all the questions of the investigation. “We really did business in Komi, we will find out what we are accused of,” said Slobodin. He is still a member of the T Plus board of directors.
Closer to midnight Moscow time VimpelCom Ltd. (controls the Russian "VimpelCom") reported that as a result of the events around "T Plus" Slobodin resigned and the company satisfied her. The new CEO of the holding is the former head of Telenor Russia (co-owner of VimpelCom Ltd.) Shelle Johnsen.
Former head of the Komi Republic Vyacheslav Gaizer
The Gaizer case
Gaizer was detained in mid-September 2015 at the Moscow Domodedovo airport when he was flying on vacation with a transfer through the capital. On September 20, the Basmanny Court issued a warrant for his arrest and arrest of 15 more people. The deputy head of the head of the republic, Alexei Chernov, deputy chairman of the Komi government Konstantin Romadanov, and former senator from the region, Yevgeny Samoilov, were also in custody.
According to the investigation, Gaizer and the rest of the defendants in the case created a criminal community and committed theft of budget funds and shares of profitable enterprises. Immediately after their arrest, two episodes of fraud appeared in the case - the theft of a 50% stake in the Avalon Hotel in the city of Syktyvkar and the withdrawal of shares in the Zelenetskaya Poultry Factory. According to the prosecution, they exchanged the assets of the factory for shares in illiquid companies and subsequently underpaid more than 900 million rubles to the budget of the republic, which should have been paid as dividends.
Gaiser himself does not admit his guilt, says his lawyer Vyacheslav Leontyev. But even during the arrests of the republic's leadership, it became known in court that ex-senator Samoilov had given a confession.
Komi factor
A criminal case of fraud against Gaizer and his subordinates was initiated a year ago. A separate proceeding against former and current top managers of T Plus has been separated from this case, a source told Interfax.
Gaizer's lawyer Vyacheslav Leontyev told RBC that his client had a tense relationship with the management of Renova. “There were conflicts between them due to the fact that Gaizer forced Renova to maintain the facility in working order. As a result, the CHPP was ready for the heating seasons, ”Leontyev explained. He noted that recently no investigative actions had been carried out with his client and he had not participated in interrogations.
It is not the first time that Renova's managers have been involved in a fraud case in Komi. When it became known about Gaizer's arrest, the ex-general director of Renova, Alexander Zarubin, was named among the 19 accused.
Renova's structures have had interests in Komi since the late 1990s: in 1997, its aluminum holding SUAL became a major shareholder in Boksit Timana, which owned a license for the development of the Sredne-Timanskoye deposit, whose bauxite reserves accounted for about a third of the all-Russian ... The project for its development provided for the construction of a railway, an alumina plant and an aluminum plant and was estimated at over $ 2 billion. For a long time SUAL tried to attract a partner in it and at the same time increased its own stake in Timan Bauxite. In 2003, Torlopov waived his preemptive right to buy out 25% of Boksit Timan in favor of Vekselberg's company, Forbes magazine wrote. To resolve issues in the republic, the businessman hired Zarubin, a source close to the leadership of one of the neighboring regions told RBC earlier. But a source close to Renova denied this: by the time the former regional official was hired, Renova had already been actively represented in Komi and even built the first private railway line in Russia there.
In October 2015, Zarubin was arrested in absentia by the Basmanny Court, but Renova denied any connection with him in every possible way: he has not worked for the company since 2009. At that time, no information was reported about the searches in Renova in connection with the Gaizer case.
A new scandal erupted in Komi about a month ago. On August 9, the acting head of the republic, Sergei Gaplikov, wrote a letter to President Vladimir Putin, in which he complained about the emergency state of the Vorkuta CHPPs, which T Plus put up for sale. A few days later, on August 17, he discussed this issue with the president during a personal meeting that was shown on central television.
“Vladimir Vladimirovich, I wanted to ask the government to strengthen its work in this regard, to help us to bring the system to the required working condition during the heating season. And I wanted to ask you to instruct the law enforcement agencies to figure out what the reason is there, ”Gaplikov addressed the head of state. “We will definitely do so. This irresponsibility must be stopped, ”Putin promised.
The very next day, the Prosecutor General's Office announced that it had begun checking the readiness of the heat supply system in Vorkuta to work in winter conditions. "Together with law enforcement and regulatory authorities, a legal assessment will be made of the reasons for the failure of the operator of the combined heat and power plant to take measures for its proper maintenance and repair," she said.
At the end of August, the head of T Plus, Boris Vainzikher, reported to Deputy Prime Minister Arkady Dvorkovich, who oversees the fuel and energy complex, on the program for the modernization of the Vorkuta CHPP power facilities until 2019, worth more than RUB 1.7 billion. But he stressed that the accumulated debts of end consumers in the amount of 6.23 billion rubles. in front of the power plant may restrict the development of the region's power system.
Head of T Plus Boris Vainzikher
However, the report of the Investigative Committee emphasizes that in 2007-2014, the Komi authorities set the most favorable tariffs for the energy company and provided it with other benefits. In return, according to the investigation, they received more than 800 million rubles from T Plus. bribes, as well as 38% of the shares of the company "Komi Energy Retail Company" through offshore companies. The cost of this block of shares was estimated by investigators in the amount of at least 100 million rubles. According to SPARK-Interfax data as of March 31, 2016, offshore companies Decisis Holding Inc. and Heterson Management Limited owns 36.93% of Komi Power Sales Company. Another 26.07% is owned by the Prom Invest company, the manager and owner of 85% of the shares of which is a certain Natalya Parshina, 16.42% of the shares are owned by the Moscow company Infosant, and almost 8% are owned by individuals. It is not known whether these companies are related to the previous leadership of Komi.
Three persons involved
The defendants in the criminal case (about bribes to Komi officials) are Mikhail Slobodin, Yevgeny Olkhovik, Boris Vainzikher, who were successively heads of the IES from 2007 to 2014, as well as other persons not yet identified, Markin said. The Criminal Code provides for the maximum punishment under this article - 15 years in prison with a fine of up to seventy times the amount of a bribe and deprivation of the right to hold certain positions for up to ten years.
Mikhail Slobodin
According to the investigation, when Olkhovik and Weinzikher headed the company, according to their instructions, at least 177 million and 89 million rubles were transferred as bribes. respectively. The report does not indicate what exactly the investigators suspect Slobodin. The investigation intends to petition for the selection of a preventive measure in the form of detention in respect of all three accused, the Investigative Committee said in a statement.
Slobodin, who began his managerial career in 1998 as the head of the foreign economic relations department of SUAL, participated in the creation of IES in 2003 and led the company until 2011. In 2013, after he headed VimpelCom, Slobodin said in an interview with Vedomosti that he remains a co-owner of IES and continues to follow the development of the company: “Of course, I communicate with colleagues and understand what is happening in the company and in industry ". On the post of general director of IES, he was replaced by Olkhovik, whom Vekselberg named among his institute friends in an interview with Forbes. Olkhovik has been working with Vekselberg for almost 25 years. Since 1992, he was deputy general director of Renova, and in 1996 he headed the financial and economic department of SUAL. In 1999, Olkhovik became CEO, and in 2007 - Managing Director of Renova. He is also a minority shareholder in Renova.
"Atomic weapon"
The searches and detentions that took place on Monday may be related to the conflict between Vekselberg's structures and the new authorities in Komi, believes a partner of one of the projects in which Vekselberg is involved. “I don't see any other reasons,” he told RBC. The detention of Olkhovik would be too “strong” in the event of a regional conflict: he has always been the driving force behind Renova, was responsible for the company's operational activities, says a source close to Renova.
So, according to a similar scenario, the persecution of the owner of YUKOS Mikhail Khodorkovsky and the owner of Domodedovo Dmitry Kamenshchik began. In the first case, Platon Lebedev was first detained, in the second - several top managers of the airport, respectively, and then charges were brought against the main business owners. Searches and detention of top managers and partners are "atomic weapons" disproportionate to solving a small local conflict, be it the heat supply of Komi or a trial with a former partner, the interlocutor of RBC adds.
Vekselberg, of course, has enemies, continues the interlocutor of RBC, close to Renova. But no active "military operations" are currently being conducted, he points out. In February 2014, former senator Leonid Lebedev sued Vekselberg and his partner Leonard Blavatnik in New York, claiming that he was their partner in the TNK-BP oil company, which Rosneft had acquired a year earlier for about $ 56 billion. Lebedev demands from them $ 2 billion. Consideration of this case on the merits has not yet begun.
At the end of 2014, it became known about the requirements for Vekselberg and the Minister for "Open Government" Mikhail Abyzov. He is suing a businessman for a call option in the BVI courts. Abyzov claims that the damage from the violation of this agreement is about $ 500 million. The decision on this claim has not yet been made. Representatives of Lebedev and Abyzov declined to comment on Monday.
The arrests of power engineers at T Plus are not directed directly against the owner of the company, Viktor Vekselberg, this is a regional matter, says Aleksey Makarkin, deputy director of the Center for Political Technologies. “Vekselberg is quite loyal to the federal authorities. However, elections are underway in Komi, the arrest of the oligarch's people gives the people a sign that the government is working and fighting corruption, ”the expert points out. In his opinion, since the arrest of Vyacheslav and Gaizer a year ago, the republic has been "seriously tackled." Makarkin believes that interrogations will not end with real prison terms for Weinsicher and Slobodin.
Renova's representative Andrei Shtorkh did not answer RBC's question about where Vekselberg is now.
Natalia Derbysheva, Timofey Dzyadko
IES Holding will transfer five generating companies to a single share. The new company will be named T + Group
The generating assets of IES Holding will be consolidated on the basis of the Volzhskaya TGK, announced yesterday the general director of the energy holding Boris Vainzikher. Volzhskaya TGK will place an additional issue of 35.9% of the increased authorized capital to pay for stakes in TGK-5, TGK-6, TGK-9 and Orenburg TGK, 12 repair and service companies, CJSC IES, and trading divisions. Consolidation will be completed by the end of 2014. The new structure will change its name to T + Group and, in addition to generation, sales and repair of power facilities, will be engaged in a new direction for itself. Volzhskaya TGK will acquire from its main shareholder of the structures of Renova Viktor Vekselberg 100% of the water supply organization Russian Communal Systems for more than 20 billion rubles. and 50% of the gas supplying organization Gazex for more than 5 billion rubles. The company plans to consider the issue of rebranding at a meeting in 2015, Weinsicher said.
Volzhskaya TGC has been selected as a base for consolidation due to its high financial and economic indicators. Shareholders of generating companies will consider consolidation issues at annual meetings on June 26-27, 2014. Buyback prices for shareholders of Volzhskaya TGC RUB 1,796, TGK-5 RUB 0.002, TGK-9 RUB 0.003, TGK-6 RUB 0.002. The appraisal for the consolidation was carried out by Deloitte.
Renova will be the controlling shareholder of the T + Group, Weinsicher said. Now the structures of "Renova" own from 32 to 65% of the shares of TGK. Last year, Vekselberg's longtime partner Leonard Blavatnik became the second most important shareholder in energy companies. Its structures bought out 27.7% of the shares of TGK-6 and 41.4% of the Volzhskaya TGK from Inter RAO for 22.8 billion rubles. The right to buy a minority stake in IES Holding also belongs to the structures of the chairman of the "open government" Mikhail Abyzov, secured by loans previously issued to him, says a source close to one of the TGK shareholders. Another source close to the shareholders of one of the TGKs says that it is about 10%. Abyzov could not be reached for comment.
Not against consolidation and minority shareholders. Prosperity Capital Management (its structure owns 19.5% of TGK-6 shares) supports the consolidation "as such", co-director of the fund Roman Filkin told Reuters. It was not possible to receive comments from a representative of another large minority shareholder of the EBRD (7.88% in TGK-9).
Weinsicher believes that "most of the minority shareholders will want to keep their shares and wait for the company's value to rise." The buyback price of Volzhskaya, TGK-5 and TGK-9 shares was at the level of Friday's closing prices, and TGK-6, whose shares rose strongly in the second half of last week, were 10% lower, says Sergey Pigarev, an analyst at Rye, Man & Gor Securities. “Taking into account the negative dynamics of shares of IES Holding companies in recent years, we consider the buyback prices unreasonably low,” the expert notes. Investors did not appreciate the offer: TGK-5 on the Moscow Exchange fell by 8.5%, TGK-6 by 10.3%. Only TGK-9 went up in price by 0.33%.
The situation on the market is now difficult: there is no demand for electricity, and the demand for heat is falling, says Mikhail Rasstrigin, an analyst at VTB Capital. The success of the new company will depend on the ability of its management to establish a business process and optimize costs, as well as government policy in regulating the industry, the analyst lists. Now it is difficult to assess the prospects of the combined company due to the high debt burden and uncertainty regarding the regulation of the industry, Pigarev notes. IES Holding does not disclose its consolidated financial results. "We are considering various options for the strategic development of the merged company: from an IPO to attracting a strategist," said a Renova spokesman. Vekselberg unites energy