The authoritative rating agency Fitch followed Moody's has decided to withdraw the national ratings in Russia. Adopted last year, the law requires that credit rating agencies, who want to "stay" in Russia, created a subsidiary that is required to obtain accreditation of the Central Bank.
Fitch Care of Russia will play into the hands of a lot of companies and banks, whose financial affairs are bad. The first company in the list of beneficiaries of the National Agency Review rating - gold mining company "Polus", controlled by Kerimov Said, son of Suleiman Kerimov. They are "a bad evaluation" put the agency threatened by the fact that for the "poles" would have been closed investment funds NPF.
Recall that in late May this year, Fitch has confirmed long-term rating "Pole" at the level of speculative grade "BB-" (below the level of creditworthiness sufficient) with a negative outlook. His position analysts corporation explained a significant growth of debt burden "pole" and increasingly weakening creditworthiness.
Immediately after the confirmation of PJSC "Polyus" rating agency Fitch has withdrawn his "business reasons." Market participants recognize that a review of the company's rating has been linked with the position Kerimovs family, who were dissatisfied with his down - in February of this year, Fitch downgraded the rating of the gold mining company to «BBB-» to «BB-».
In this case, even lowering the rating, the agency retained the negative outlook for the company. For further downgrade would deprive Kerimovs investments of private pension funds.
Last summer, the company Kerimov has placed three issues of ten-year bonds totaling 15 billion rubles. In advance of the placement "Polyus" bonds boasted 35 bids for the purchase of bonds and from major NPF, banks and investment companies.
That's only in the event of further downgrade management companies and pension funds would have to get rid of the gold mining company bonds within 6 months. Kerimov came easier - they got rid of the Fitch rating.
Investment attractiveness of the company Kerimov already knocked deftly conducted buyback, in which the owner of the company has sold the company established for the purchase of "Pole-Invest" 31.59% shares "Pole." Thus the share of the asset debt has been reduced by nearly $ 3.5 billion. Analysts explain that Kerimov actually shifted the debt of his family taken to consolidate the gold mining company, on the company itself.
A year ago, the company Kerimov had to withdraw from the London Stock Exchange. Earlier IPO gold mining company was considered a failure.
Then it became known that investors have started to "turn up their noses" of Kerimov companies. In particular, the Chinese investment funds CIC and CITIC and China Gold Corporation refused to redeem the family share Kerimov Polyus Gold. The efforts of Suleiman Kerimov, who since the beginning of 2015 trying to persuade investors to buy, went to pieces.
Currently, Kerimov, Sr., is rumored to be "processing" of other investors from China. In particular, Polyus Gold International Ltd, which controls the "pole", is discussing the sale of $ 2 billion a blocking stake in the Chinese gold mining company Fosun Group.
First of all, Karimov, if the deal goes through, at least a little to reduce the debt "Sberbank". Against the background of confidence of market experts that the debt burden on the "Polyus" has exceeded all possible limits, and the company is actually close to bankruptcy, a new investor Kerimov desperately needed. The only question is whether the investor needs such investments?
In the near future it will be decided who gets the license to a rich deposit Sukhoi Log. Apparently, the main and virtually the only contenders for the mine are "Rostec" and "Pole" Kerimov.
December 28 was the last day of deposit for participation in the tender for a license to develop the field. But the pledge of 8.5 billion rubles have only two companies joint venture "Rostec" and "Pole" (51%), "SL Gold" and "Gold Bodaibo".
Experts believe that the second candidate for the Sukhoi Log - technical, and need only to ensure that competition was declared valid. Recall that the company "Gold Bodaibo" is a joint venture structures VTB Bank, which owns 42%, and Ibrahim Palankoev.
The latter is considered close to the group "Acropolis" of the former Federation Council member from Ingushetia Akhmet Palankoev. Shareholders "Acropolis" and the clan Palankoev earlier in a partnership like Polyus Gold, as well as directly with Kerimov family.
On the creation of structures "Rostec" led by Sergei Chemezov and "pole" of the joint venture became known in February. "SL Gold 'specially created" under the Sukhoi Log. " The explored reserves of "yellow metal" there is almost 2 tons, silver reserves total more than 1.5 thousand tons. The field has concentrated a 30% of the gold reserves of Russia.
"SL Gold" was created within the PJSC "Polyus" AO "Polyus" and PT GR. Moreover, Chemezov last year reminded the government about the mine.
That's just what money Kerimov intends to develop Sukhoi Log, if the experts have counted 6 billion dollars of investment needed and the cost of all assets "Pole" is hardly more than $ 2 billion.
One - a lot of two - a little
Strictly speaking, before giving Sukhoi Log Messrs Karimov, with them it is time to ask for the Natalka deposit, is "Polus" and did not began to develop. All work on the field ceased in 2014. Why Polyus Gold in general has not yet selected a license to develop - is unknown.
Natalka reserves of Micon International Company previously estimated at 31.6 million ounces to the moment when the work on "Natalka" finally stopped Polyus Gold produced only 9.22 million tons of ore containing approximately 250tysyach ounces of gold.
In their failures Kerimov accused of exploration, which is allegedly wrong with the volumes of stocks. However, familiar with the situation say that the financial problems Kerimovs reached such a scale that the development of gold deposits was they simply can not afford.
5 years ago the authorities, especially the Magadan area already started talking about leadership. to take away from Polyus Gold license.
Earlier, the governor of the Magadan Region Vladimir Baked has already expressed dissatisfaction with the current situation, the total of which it becomes the shortfall in tax region: "We would like to receive from the management of" Polyus Gold "comprehensible explanations about their future plans for the development of the Natalka deposit, as it is one of the priority investment projects in the territory. "
In this field the development cost and the bank itself nalogoplatelschitsam.
"The government has spent a little less than 10 billion rubles to build energy infrastructure. A business is not built at the time of entry Natalka line, not the factory started. That is, the state has spent money, but the new object has appeared unclaimed Magadan energy system being built, "- says the head of the Far Eastern Energy Management Company Dmitry Seljutin.
However, the company Polyus Gold had intended to move the commissioning of the Natalka ore mine and processing plant. Perhaps it was an attempt to beg for money from the state. And she was successful - the Russian budget "pour" in the project Kerimov another 10 billion rubles in subsidies.
However, there is still a possibility that Kerimov will lose their license for development "Natalka". Then, "Polus", for which this field is a major asset, the company will remain impaired with a huge debt load.
Business in kerimovski
However, to cope with difficulties, particularly when they relate to circumvent the Russian legislation, Kerimov, Sr., who is considered the beneficial owner of the "pole", is able to cope.
Recall, after the entry into force of the law on the prohibition of keeping money in foreign assets Suleiman Kerimov and assets left, and remained a senator. Businessman simply transferred assets to Swiss charitable foundation Suleyman Kerimov Foundation. Apparently, with the senator did not bother to mention that this fund is controlled by him personally.
In addition, the fact that Karimov "inflated" the Russian legislation, he still received tax preferences, as assets passed into the control of a charitable foundation. "Charity," the fund was too specific. In particular, he sponsored the construction of hotels on the mountain Shalbuzdag in Dagestan.
In 2015, the Cyprus court froze the assets of Suleiman Kerimov, on the basis of the verdict of the London Court of International Arbitration, the businessman is obliged to pay a quarter of a billion dollars to the former State Duma deputy Ashot Yeghiazaryan.
Last earlier that Karimov senior in the company of oligarch Arkady Rotenberg took the share belonging to him in the hotel "Moscow". Yeghiazaryan Damage estimated at 2-2.5 billion dollars. Now that Fitch has withdrawn the national rating, Kerimov gentlemen apparently felt more confident. Here are just investors prefer to get the gold asset side, because the confidence that soon "Pole" will be bankrupt, is growing.