Bashneft: there and back again

How the company moved away from the state and returned to it.
Today, due to enter the court's decision, according to which 71.8% of the shares "Bashneft", owned by AFK "System", will be transferred to state ownership. Oil company - the biggest asset of the AFC, which is the main owner, Vladimir Yevtushenko September is under house arrest. "B" has tried to understand how the "System" got lost and why "Bashneft".

Submachine were but a little

In mid-July registrar "Bashneft" of "Register" reported the arrest by the decision of the Basmanny Court 71.8% stake in the oil company, which belonged to the AFC "System". For all market participants it was a shock. Just two weeks before the arrest of the leadership of "Bashneft" held a presentation for investors in London. AFC was going to go with the company's securities on the LSE, having sold 25% stake to raise $ 1-2 billion. The arrest has put these plans on a cross. "It quickly became clear that the situation is very serious, the company began testing - says the source" b "close to AFK.- But the staff did not say anything, trying to convince them that everything is all right." Sources "Kommersant", the signomye with the situation, adding that the main owner of Sistema Vladimir Evtushenko became aware of the problems in June. At some time businessman, according to the interlocutors "b", he was able to enlist the support of the president's administration, so the arrest of the shares could be avoided, but "then discussed the situation again."

As a result, the shares "Bashneft" have been arrested as part of an investigation of embezzlement and money laundering in relation to its minority shareholder, 65-year-old Levon Hayrapetyan (his package, the amount of which is not precisely known, also arrested). FSB has detained him at the airport Domodedovo 15 July arrival from Yerevan. According to investigators, the businessman had brokered a deal in 2009 between the AFC and the funds controlled by the son of the former President of Bashkortostan Murtaza Rakhimov Ural (see. Figure). Then the "system" has acquired controlling stakes in Bashkir fuel and energy companies, Mr. Hayrapetyan for participation in the deal allegedly received $ 50 million. The detention took place on the basis of the testimony of ex-senator from Bashkortostan Igor Izmestyev, who is serving a life sentence.

Since the summer of the central office of the AFC on Mokhovth street in front of the Kremlin staff of the Investigative Committee conducted several searches. "It looked more or less calm - recognizes one source" b ".- Submachine were but little, that is, without a standard for Russian business mask show". Nevertheless, a number of the AFC's top managers responsible for the transaction - Deputy Chairman of the Board of Directors Alexander Goncharuk and vice-president Sergey Drozdov, whose purchase scheme "Bashneft" has been found in the cabinet - quickly left the country.

The main owner of Sistema Vladimir Yevtushenko was summoned for questioning in July. Coming from investigators, he in an interview with RBC called the situation "raider attack". In September, the businessman was placed under house arrest in Zhukovka, to obtain the release on bail lawyers could not. He has the right to communicate only with the family, "the system" runs through his son Felix. As they say sources, "b" for the arrest of Mr. Yevtushenko has lost 13 kg; October 30 the court granted the petition of the Prosecutor General on the return of belonging to "System" shares "Bashneft" state. Today it takes alu.

Ownership of the peoples of Bashkortostan

Enterprises of the Bashkir fuel and energy sector - the two large oil refineries and a number of medium-sized fields. In 1990, the head of the Supreme Council of the RSFSR, Boris Yeltsin gave Energy republic with sovereignty: "If you choose: and subsoil, and wealth, land Bashkiria - is the property of the peoples of Bashkortostan, then so be it ... Bashkir Oil and gas belong to it and only she has the right to dispose of their wealth. That's enough, you have enough robbed! " As a result, in 1991, the then chairman of the Supreme Council and then President of Bashkortostan Murtaza Rakhimov signed a decree according to which Energy recognized the property of the Republic.

Murtaza Rakhimov, himself a professional oilman, in 1986-1990 headed the Ufa Oil Refinery. "He always treated these assets as their own, was very involved in their affairs, so refineries are among the best in the country", - says the former official Bashkir. The privatization campaign of the 1990s, Murtaza Rakhimov was able to negotiate in Moscow that the assets remain in the country. "Approximately the same situation was with" Tatneft ", - says the former Kremlinth chinovnik.- Regions complex in Moscow, decided to leave their local authority, which could further help with investments in the economy. "

Privatization of the Bashkir fuel and energy complex is officially held in 2002 - the Bashkir fuel company, which was consolidated assets acquired seven company. But, in fact, nothing has changed "Ltd. All were associated with Rakhimov," - said "Kommersant" sources. The need to return the assets of Moscow lifted only in 2003, having just two lever of pressure on Murtaza Rakhimov.

Firstly, privatization transactions checked Audit Chamber revealed serious violations. "But then life Rakhimov was strong, plus played out almost openly separatism card, do all sorts of hints ... Tools pressure from Moscow was a little", - says the source "b" close to the government of Bashkiria. As a result, the data verification progress was not given. "Through his men while Rahimov managed to agree - explains on.- One of the negotiators was the head of his administration Habirov Radium (now - the deputy head of the internal policy of administra-s prezidenta.- "b") on the part of the Kremlin - the head of the presidential administration Dmitry Medvedev. "

Change the balance of power in favor of the center has helped the second tool - election in Bashkiria. Murtaza Rakhimov had to agree with Moscow their transfer from June to December, aligning with the elections to the State Duma of the Russian Federation, and local elections of March 2004 - the elections of President of the Russian Federation. This allowed us to make full use of the resource support of cities and districts of the authorities. the center agreed to provide good result of "United Russia" in the elections to the State Duma (the party won by party lists about 40% of the votes at the national average of 37.5%). But Mr. Rakhimov still nearly lost the election banker Sergei Veremeyenko, supported, according to "Kommersant", the federal security forces. The situation was corrected only a personal meeting with the head of Bashkortostan Vladimir Putin in December 2003. Most of the respondents "Kommersant" Bashkir officials believe that it was then agreed to return Murtaza Rakhimov Mining and began to translate the paper on charities. At this stage they were contenders.

equidistantny businessman

According to a former officer of the Bashkir, Bashkir FEC claimed Oleg Deripaska, Sergey Veremeyenko and Vladimir Yevtushenko. Mr. Deripaska even bought a minority stake and tried to introduce its top manager to the Board, without consulting with the Ural Rakhimov ( "System" bought back shares to Oleg Deripaska in 2010). "The first two candidate behaved too aggressively, and Vladimir Yevtushenko came close ally Murtaza Rakhimov on the block" All Russia "Moscow Mayor Yuri Luzhkov," - says "Kommersant" the source selection. Asset interested and profile players - "Rosneft" and "Gazprom Neft", "Surgutneftegaz". "But Rakhimov realized that their arrival immediately postpone it from the influence, - said one of the sources of" Kommersant ".- He sought an independent investor, who will be able to help with the business at the federal level." Murtaza Rakhimov needed equidistant from all the businessman with whom you can negotiate.

They say Mr familiar Evtushenkova itself "System" in 2005, experienced a "hard times." "But Evtushenkova always had global ambitions - says one of the interlocutors "Kommersant" .- It is understood that this oligarch need quite other assets (whereas the core business of the AFC were MTS.- MGTS and "b"), I wanted to go to oil "in the end. AFC has agreed to buy 19.9% ​​of the assets for $ 500 million and then increased its stake to a blocking has about $ 100 million "arrangement, with the result that the AFC will redeem all, there was no" -. says a source, "Kommersant" But. " The system "has been able to have on their team enterprise, including" to show the Kremlin that everything is under control. "

Other market participants, these actions have not caused particular alarm: all felt the AFC portfolio investor. But the first signs of problems emerged in 2006 - privatization deals again attracted attention, this time by the Federal Tax Service of Bashkortostan control. Sources "Kommersant" claim that the testing initiative came from the central office service. The department concluded that "the transaction is contrary to Art. 169 of the Civil Code and there is a possibility under the act of a desk audit to withdraw shares of funds and companies of Ural Rakhimov, through which it controlsthe oval part of the enterprises ", told" Kommersant "former Republican tax collector. The tax authorities appealed to the Moscow Arbitration Court, and even won the case, but two years later withdrew the claim. The reason was the decision of the Supreme Arbitration Court that the application under Art. 169 of the Civil Code of consequences of invalidity transaction, based on the fact that the transaction is made for the purpose of tax evasion, goes beyond the powers of the tax authority.

According to sources, "b", the "system" as the main investor of the Bashkir fuel and energy sector was strengthened after the election of Dmitry Medvedev as president in 2008. "Medvedev was in charge of the national projects, the development of science and technology in the AFC were many projects, among them Yevtushenkov have good relations," - the official said the White House. In addition, Dmitry Medvedev began a campaign to change the regional leaders appointed under Yeltsin that unites autonomy in decision-making. "Naturally, the departure from the post meant the loss of assets and Murtaza Rakhimov is explained, and it is, in general, did not resist." -He said one of the "Kommersant" interviewees.

There are unexpected version - so, one of the sources of "Kommersant" links increase the share of "the system" to the situation in the military-industrial complex. "When in 2008 began the conflict with Georgia, he showed many military problems Americans have disconnected our GPS, as part of the military equipment was guided by her alternative GLONASS not given, and it was a very unpleasant surprise.." - He says, adding that it was It decided to "call for help business." Allegedly, it was assumed that the AFC will invest part of the profits from "Bashneft" in the defense industry projects.

Another source of "Kommersant" said the unwillingness of authorities to further enhance the "Rosneft" and "Gazprom", at the same time creating a new major player, which you can show to foreign investors. "Rakhimov ensured that after the date the assets are no problems with him and his family will not be - adds another source." Kommersant ".- It has also put the condition to invest at least part of the funds to projects in the country and we now see that the issues Rakhimov to really no one. " Murtaza Raimov discuss the situation around the "Bashneft" has refused.

"System" consolidated control in the Bashkir fuel and energy sector in 2009 and then restructured the business on the basis of "Bashneft", forming the company in its current form. The whole deal cost the AFC officially at $ 2.5 billion. Sources of "Kommersant" said that as such there was no independent evaluation of assets. Now investigators have questions not only to privatization, but also to these transactions, and especially to their price. One of the sources of "Kommersant" says that in fact the AFC paid twice as much as the very "system" is not a comment. A source close to the corporation, said that VTB to finance the deal, estimated assets "even lower". "Then there was a crisis, but now have forgotten about it, - he emphasizes the source" b ".-" system "had to lay not only acquired the shares, and 15% stake in MTS."

Loyalty to the state "Bashneft" and its main investor is further confirmed competition for the last large deposits on Russian land in 2010. All applicants from among the leading oil companies have been rejected, and"Bashneft" received deposits Trebsa and Titov without competition for 18.5 billion rubles. "The company was out of balance - it processed about 20 million tons of oil, and produces about 12 million tons were needed new assets." - Says the source "b" close to the government. "Then all knew it was only for projects" Bashneft "," - recognizes one of the oil companies.

It was known that there are risks

That is the situation around the fields interlocutors "b" is called one of the reasons for the current problems, "Bashneft". The company called in partners of LUKOIL, which owns the infrastructure in the region. But to renew a license to their joint venture (LUKOIL 25.1%) was only in the spring of 2014 - almost four years spent on the courts with unknown minority shareholders "Bashneft". "In 2010, all agreed that the deposit is given to" Bashneft ", but about LUKOIL nobody agreed, prompting questions from Deputy Prime Minister Igor Sechin," - says the source "b". Direct communication between the SP and the situation around the criminal case can not be traced. But just as summer's demarche minority RESUMEilsya. "Bashneft" and LUKOIL in an address to the Prosecutor General Yuri Chaika described the situation "raider attack". But the prosecutor's office was not interested in it, but on the minority shareholder Riley Inozemtseva won last week. Now the joint venture could lose its license.

But a much more important reason for the nationalization of "Bashneft" sources "b" is called the decision "the system" to attract foreign investors to the company, placing its shares abroad. AFC has never concealed that is looking for partners to "Bashneft". At first it was a strategic partner, negotiated with India's ONGC, but the parties could not agree on price. Then, the concept has changed, beginning AFC study concluded securities on the London Stock Exchange. "Vladimir Yevtushenko feared problems that any of the major government players eventually try to take" Bashneft "," - says one of the interlocutors "b". The market rumors about the company's interest in the part of "Rosneft" (where they always denied). "Foreign investors - at least some assurance that the company will be difficult to pick without much scandal Internlevel-stand ", - says a close to" Bashneft "source" Kommersant "the SPO is scheduled for September and October and did not intend to cancel, despite the situation around Ukraine, sanctions and low market..

This angered the government, according to sources, "b". "We have bad relations with the West, and Yevtushenko was going to sell them the bowels" - says one of the "Kommersant" interviewees. In addition, the sources of "Kommersant" noted that against the background of the situation with the Crimea started the MIC and audit "revealed that the AFC has not fulfilled its obligations" (unable to confirm this version). Among the versions of the emergence of a criminal case is also referred to the political situation in Bashkortostan: the spring it became known that the early elections of the head of the republic is going to take part of its former prime minister, would-be successor, Murtaza Rakhimov Rail Sarbaev. From 2013 to July 2014 he served as Vice President of JSC "SG-Trans", which in 2012 bought the "System".

When it was launched the current criminal case, the interlocutors "b" do not know. A government source said that it was initiated by Vladimir himself the CETUshenko who wanted to "clean up" the company before SPO. "I believe in the history of the criminal case launched himself Yevtushenko to side five hundred does not give away, but was caught in his own trap," - says the source "b" in the government. "It was known that there are risks of privatization, there are risks of tax claims, there is a trail of crime, - he expressed his attitude" Bashneft "in October, the head of" Rosneft "Igor Sechin.- But Vladimir Petrovich Yevtushenko - a very wise man, an experienced entrepreneur. I think he weighed the risks when taking the decision to purchase. But I think it's appropriate to recall the idiom that the free cheese is only in a mousetrap. " On Friday, the spokesman said, "Kommersant" that its position has not changed.

The master Evtushenkova, according to sources, "b", had the opportunity to avoid criminal proceedings, arrest, and nationalization. According to the source "b", he received an offer for the sale of the company. "Not harshly, without threats, just said that the situation can be complicated and he can not cope," - he saysone of the "Kommersant" sources. According to him, it was about $ 7-8 billion. Another source "b", however, speaks of the $ 12 billion. "But Yevtushenko refused, saying that he would go to the stock exchange, where the company will be worth $ 15 billion, and then $ 18 billion, and then $ 20 billion ... And it ruined greed he certainly said -. Fear god, bought for $ 2.5 billion, a little time has passed, the money invested is not the mountains, "- says the source" b ". The market rumors that the proposal did native of "Rosneft", the owner of Nezavisimaya Edward Hudaynatov oil and gas company. But the businessman denies it, calling the version of "a desire to damage his reputation." Also, "Kommersant" sources say "Bashneft" wanted to buy Gennady Timchenko. But the representative of the Volga Group, manages assets of a businessman, told "Kommersant" that "the interest in the purchase of" Bashneft "has not, the negotiations are not conducted."

To use the administrative resource "system" failed. "The situation was discussed with the president - said a source close to the Kremlin" Kommersant ".- He said only that it is necessary to act in the legal field." However, a personal meeting with the president onAccording to the source "b", Vladimir Evtushenko to achieve and failed. After his arrest, the "System" has surrendered and did not even contest the decision to de-privatization "Bashneft".

In the legal field

The verdict of the court for the return of shares in state companies has caused a lot of questions from independent lawyers. "But in a situation where there is a hostage, to challenge the decision it would be foolish" - explains the sources of "Kommersant". But, according to their data, the risk of arrest, other managers of "the system" is not. In most of the AFC, say close to her sides "Kommersant", the loss of "Bashneft" resigned at the beginning of October. There's just say that they are going to sue the "Ural-Invest" Bashkir Fund, which eventually received the funds from the sale of the Bashkir assets. According to unofficial information, the fund may have $ 3-5 billion.

The main issue, which is still concerned about the "system" outside release Vladimir Yevtushenko - the fate of dividends received from "Bashneft" in 2009-2013. According to the investigation, it is 190 billion rubles. Recovery of the money "will mean bankruptcy of the AFC," says"Kommersant" Yat sides. "Kommersant" a source in the government says: "Dividends are told not to touch it, otherwise it is a robbery." But another source "b" believes that the issue simply postponed to March, when the term of house arrest, and "will be taken depending on the overall situation and the state of the budget." According to him, "the likelihood of further persecution Evtushenkova remains." AFC itself is already reviewing its strategy and is preparing to cut 30%. personnel.

What will happen to the company in the future, the interlocutors "b" do not know. One of the sources of "Kommersant" said that in the last three months of the AFC "trying to get by," Bashneft "maximum". "For example, the company signed with" SG-Trans "long-term contract for the carriage of up to 2020 by 65 billion rubles, as well as a contract for maintenance services from a member of the AFC service company." Tagriny "", - said one of the interlocutors "b". "Extension of the contract with" SG-Trans "and" Tagriny "were planned before all the events and concluded on a completely market conditions", - parry in the AFC. A source close to the & quot; system, "notes that" now every action AFC subjected to scrutiny, so all transactions, even indirectly related to "Bashneft", it is transparent and fair. "The prospects of further privatization itself" Bashneft "unclear." As long as the question is not sharp, interested parties are many, but for the state is a good asset to own it can be a long time ", - said one of the interlocutors" b "He believes that first." on a blocking stake will be searched for a strategic partner without political risks, such as among the Chinese and Indian companies. "

"The main question now - it's management", - says one of the "Kommersant" sources. Since 2011, "Bashneft" headed by Alexander Corsica, who had previously worked in the "Russneft" and "Sibneft". The two sides "Kommersant" believe that Mr. Corsica can keep his post and "is in talks" about this. Another candidate source "Kommersant" said the former head of the Petersburg Fuel Company Vadim Glazkov. They call and the name of the former senior vice president of VTB Timerbulatov Karimov.