A1 Investment Company filed lawsuits against the largest producer of turkey

The new owner of Eurodon, a major producer of turkey in Russia, drives out the old one. Last week, A1 has bought a share in Eurodon and now argues that because of Vadim Vaneev the company has unnecessary loans.
Origin source
Three action

Investment unit "Alfa Group" A1 filed claims against the LLC "Eurodon" and its founder and co-owner Vadim Benaiah. Three of the claim recorded in the files of the Rostov Arbitration Court on 9 February. Two respondents indicated Ltd. "Eurodon", in the third - person Vadim Van. The plaintiff in all cases is "Brimstone Investments Limited." The beneficiary of this company registered in Belize, recently became the A1. The representative confirmed the latest RBC filing lawsuits.

On the purchase of 40% shares of "Eurodon", the largest turkey producer in Russia, the company A1 reported last Tuesday, 2 February. His interest in "Eurodon" sold her a member of "Gazprom" Board of Directors, former Minister of Property Relations of the Russian Federation Farid Gazizullin. He confirmed to RBC this information, stating that owned shares in "Eurodon" since 2007. In response, the official representative of "Eurodon" RBC to the request it was stated that the beneficiary has sold its share of the A1, acted "without complying with the ordinance sale procedure ' . Another 45% of the company after the transaction is retained VadimBenaiah, 15% - artistic director and director of the Mariinsky Theatre Valery Gergiev. The press service of the Mariinsky Theatre on Wednesday said that Valery Gergiev is on a business trip and will not be able to comment.

A1 representative told RBC that Vadim Vaneev previously taken loans to companies belonging to it "Eurodon-South" and "Donstar" Vnesheconombank (VEB) and Rosselkhozbank, respectively. VEB gave the company "Eurodon-South" line of credit in the amount of 17 billion rubles., Agricultural Bank issued a loan "Donstaru" about 7 billion rubles., And in both cases the guarantor acted LLC "Eurodon". A1 requires a court to recognize the agreement null and void the guarantee, as both guarantees were issued in favor of Benaiah companies with numerous violations of corporate procedures of approval of such transactions, the company explains the position of its representative. The lawsuit personally Vaneeva - a claim "to exclude it from participation in society," said RBC representative of A1. It follows from Article 10 of the Federal Law №14-FZ "On Limited Liability Companies", the participantsLtd. and whose shares together make up at least 10% of the share capital are entitled to demand a judicial exception to the company party, which violates their duties either by commission or omission makes it impossible for the company's activities or significantly impedes it.

Vadim Benaiah told RBC that the representatives of the A1 is not turned to him with any complaints directly about the lawsuits he learned from media reports. "Partners Company [" Eurodon "], including representatives of the world's genetic companies receiving messages in the media about the actions against the company and its leader, expressed concern about the possible negative impact of the situation on the work of the company - quoted Vaneeva press office" Eurodon "in response to a request to RBC. - They are seriously alarming situation in which they see a threat to the strategic plans of the agricultural holding. Those obvious personal role in the implementation of projects "Eurodon" of its founder and leader, assess such actions as bullying. "

A spokesman said VEB RBC that the bank does notIt has information about the content of claims, so comments can give only after reading the claims. However, he said that the bank deals with "Eurodon" and LLC "Eurodon-South" were made "in accordance with the bank's compliance with the approved procedures and in accordance with applicable law." The representative of the Russian Agricultural Bank is not promptly answered the questions of RBC.

The Chief duck and turkey

Vadim Vaneev planned project on the production of turkeys in the early 2000s, when Russia was no large-scale industrial production of turkey meat. Then Benaiah came to the director of the Mariinsky Theatre Valery Gergiev and asked for help. According Benaiah, Gergiev introduced him to the chairman of the board of VTB Andrey Kostin in 2003. He redirected it to the deputy chairman of the bank Vladimir Dmitriev, Benaiah who liked the project. A year later, VTB issued "Eurodon" loan of € 20 million and the total project cost € 31 million. In 2004, Dmitriev joined the VEB, which later credited projects Benaiah, explained RBCiznesmen. "Including as a thank you," Gergiev received a 15% share in the company, said Benaiah, "Vedomosti" in 2013. Gergiev himself confirmed Forbes in 2013, which owns 15% of the company, but denied that he had received a share of the gift: "No, he did not give away. I do not need gifts. I'm much more well-known, such gifts, I do not accept ", - he said.

The volume of production "Eurodon" in 2015 amounted to 47 thousand. Tonnes in live weight of turkey. In 2014 (more recent data are not available) the proceeds of "Eurodon", registered in the Rostov region, according to SPARK, compared with the previous year increased by 14.2% to 4.75 billion rubles., Net profit amounted to RUB 333 million . Belonging to the group of "Eurodon-South" is implementing a new project group on industrial production in Turkey in the Rostov region, its design capacity -.. 60 tons According to SPARC, "Eurodon-South" is 100% owned Benaiah, the company's revenue in 2014 It amounted to 209 thousand rubles, the net loss of -.. 15.8 million rubles.

Operation A1

A1 - one of the most distinguished players in the Russian market of mergers and acquisitions. During all the 2000s, BASICth business "Alfa-Eco", as it was then called A1, has been buying stakes in distressed companies and in corporate earnings conflicts. RBC remembered most famous operation A1 in the consumer market.

Trading House "Smirnov"

The first step, "Alfa-Eco" on the alcohol market was the purchase of a package of shares of "trading house PA Smirnov and Descendants in Moscow ", is bottled and sold on the Russian vodka brand" Smirnoff "(" Kommersant "if its annual sales estimated at 1.8 million liters). In 2000, "Alpha" has announced that it has received 50% of TD "Smirnov" as a gift from a former director of the company Andrey Smirnov and offered the owner of the remaining 50% and the current CEO Boris Smirnov buy out and it. Smirnov refused. Two months later, the Moscow Arbitration Court banned the pouring vodka "Smirnov" on the suburban plant "OST-Alco", with whom he had a contract Smirnova. And after a few days of the shareholders of the Firm held a meeting (Smirnov claimed that it was not allowed), which carried out an additional issue of $ 1 million, and interest Smirnovand the range to a fraction of a percent. In 2006, "Alpha" has transferred the rights to the brand "Smirnoff" international group Diageo, which owns the rights to the Smirnoff brand in the world, for $ 50 million and 25% of shares of CJSC "Diadzheo Distribution", which has become the exclusive distributor of Diageo brands in Russia.


The rights to 25% of the shares of the cellular operator "MegaFon", "Alpha" bought with the company LV Finance in 2003 from one of the co-founders of the operator, financier Leonid Rozhetskina for $ 295 million, however, the deal appealed in the courts of different countries, the other shareholder "MegaFon» -. IPOC fund whose owner called himself a Danish lawyer Jeffrey Galmond. IPOC argued that LV Finance previously entered into an agreement to sell its shares to IPOC. Courts continued several years and complicated the work of the company, without allowing it, in particular, to conduct IPO. In May 2006, the Zurich arbitration IPOC denied the rights to most of the disputed package, citing the fact that the Fund was trying to pay for a package of money obtained as a result of money. In late 2007, the parties renounced mutual claims, and in 2012, "Alpha" has sold its stake Alishru Usmanov, another co-owner - operator TeliaSonera and the most "MegaFon" for $ 5.2 billion - 17 times more expensive than purchasing in 2003.

Sun Interbrew

In July 2004, "Alfa-Eco" announced the purchase of 15% stake in the second largest brewing company in Russia, Sun Interbrew, which owned the brand "Klinskoe", "Siberian Crown" and "Fat Man" and occupies 15% of the Russian market. Later, "Alpha" has increased its stake to 20%. Controlling shareholder in Sun Interbrew was not: 35% of the company owned by the Belgian InBev and Indian Sun Group. In August, InBev announced the repurchase of 35% of the company from the Sun, and the intention to increase its stake to 75.5% of the shares, to prevent the "Alpha" to buy a blocking stake. "Now," Alfa-Eco "has no chance to gain control of the holding beer", - he wrote the newspaper "Kommersant". However, in November 2004, two international companies deal was blocked at the suit of a certain Nikolai Filatov from a small town in Smolensk Oblast Safonovo. Filatov challenged already issued FAS approval to the deal, arguing that it "will allow InBev to establish monopoly prices" for beer and & laquo; a negative impact on its quality, "and it would violate his rights as a consumer of beer. Safonovo City Court upheld Filatov. Representatives of the "Alpha" claimed that no relation to the claim have not yet recognized the desire to "take advantage of the situation." As a result, in January Interbrew had to redeem collected "Alpha" 20% InBev for € 260 million, of which € 55 million was paid for the obligation to abandon buying further shares in Sun Interbrew. "Kommersant" estimated yield of "Alfa-Eco" on investment in Sun Interbrew 400%.

Turkey has become the fastest-growing category of meat in Russia in 2015, wrote in mid-January, RBC: production in 2015, according to the Ministry of Agriculture, increased by 34.9% to 205 thousand tonnes followed by "Eurodon" in the Russian market appeared.. other major players: in 2012 their turkey production projects independently began to founder of the group "Cherkizovo" Igor Babaev and his cousin Naum Babaev. The company "Damate", founded in 2012, Naum Babaev, has become the second largest turkey producer in Russia in 2015, releasing 34.7ths. tons of turkey carcass weight.

Having mastered the production of turkey, Benaiah took up a new business, the industrial production of duck meat and founded the company "Donstar". In 2015, according to the Ministry of Agriculture, the company issued 24.1 thousand. Tons of duck meat, becoming the largest manufacturer of this type of meat in Russia. Proceeds of "Donstar" in 2014 -. 1.49 billion rubles, net loss - 346.8 million rubles. It is a decision to let the duck was the reason for the corporate conflict "Eurodon", the newspaper "Vedomosti", with reference to one of the partners of the company: "Brimstone Investments Limited" was against the project, because "Eurodon" already high debt burden. RBC source close to the leadership "Eurodon", confirmed that between Vaneyev and former beneficiary "Brimstone Investments Limited" GAZIZULLIN a conflict, which authorized the sale of the share of the latter.

Special situation

A1 was founded in 1989 (till 2005 - "Alfa-Eco") as the first and basic structure of the consortium "Alpha-Group". The main owner of "Alfa-Group" YaVone to Mikhail Fridman (№2 in the ranking of the richest Russian businessmen Forbes c fortune of $ 14.6 billion). Now A1 acts as an independent and group chief investment units. The annual report of "Alfa-Group" for 2014 says that the A1 is engaged in investment projects of two types: special situations (complex economic and corporate) and growth projects. Former President Mikhail Khabarov A1 in 2012, called the newspaper "Vedomosti" basic special situation: the conflict between the shareholders of the company, debt, bankruptcy, poor management. Assets held in a special situation, always bought at a discount and then, after the elimination of the consequences of this situation, is sold at a "fair price", he explained the essence of this business. In 2014, Khabarov told in an interview to "Kommersant" newspaper that he sees a lot of special situations and in agriculture. Then he pointed out that the A1 has already bought agricultural company in Ukraine with the land bank of about 20 thousand. Ha, on the basis of which was going to build a "big business in the agricultural sector." Following the announcement of the purchase of shares in & laquo; Eurodon "A1 specified the representative of RBC that" Eurodon "became the first asset of the company in the food industry.

It is obvious that a special situation exists in the "Eurodon" and, therefore, A1 considers the company as distressed assets, whose value can be enhanced, says Managing Partner BGP Litigation (engaged in solving disputes and business restructuring) Timur Unarokov. After the elimination of the corporate conflict and enhance shareholder value the asset is likely to be sold to a strategic investor, he says