Chigirinsky brothers demand $217 million from the owner of Magnitka

They believe that Viktor Rashnikov and his partner bought their stake in the Moscow City projects at a price below the market.
Companies and Alexander Chigirinsky Shalva appealed to the District Court of Limassol (Cyprus) with claims of $ 217 million to the structures of the main owner of the Magnitogorsk Metallurgical Combine (MMK) Victor Rashnikova and his partner Nader Nader. This "Vedomosti" told two people close to the plaintiffs. Rashnikova representative confirmed the information, adding that the claims "unfounded, based on speculation and completely contrary to the facts and documents."
Representing the interests of Alexander Chigirinsky and company "Snegiri" lawyer law office "Reznik, Gagarin and Partners" Alexander Simkin lawyer Shalva Chigirinsky and Alexander Povolotskii clarified that suits their customers are not linked.

S & T Equity - parent company of the group "Snegiri" Chigirin - requires a $ 127 million company with Snapbox Holdings Ltd. Rashnikova and Nader said Simkin. In 2010, Snapbox acquired from "Snegirev" for about $ 52 million 50% Evolution Tower project shares (145 100 sq. M) in the business center "Moscow City", he says, and the market value of all of the project, according to Cushman & Wakefield, was at that time, $ 361 million (ie. e. half would cost $ 180.5 million). The transaction took place at a low price partly because, he explains that both parties have agreed on the transfer of "Snegiri" 50% of shares of the hotel "Russia" in Varvarka and eponymous tower in the "Moscow City" (both projects are owned on a parity basis Shalva Chigirinsky and Rashnikovu) and on attracting "Snegirev" in the project of construction of the tower "Russia" as a developer. But these conditions Rashnikov and Nader are not fulfilled, continues Simkin and share Shalva Chigirinsky in the hotel "Russia" in the eponymous tower bought yourself without offering to do "Bullfinch". In Cyprus, the S & T Equity demands that are now Rashnikov and Nader returned to the difference between the market value of the project and the transaction price.

Villas in software

Cyprus court ordered the arrest of a number of assets and Rashnikova Nader knows Povolotskii. From the decision of the court ( "Vedomosti" familiar with him) that the provisional measures imposed on the three villas in the south of France (Villa les Terentes, Villa les Figuiers and Villa Nellcote). A temporary injunction issued without calling the defense - a common practeak for the judicial system in Cyprus, says the Rashnikova, but these measures are conditional and are not intended to arrest any specific property of the defendants. On October 3 the Court scheduled a hearing on the cancellation of the definition, he knows.

The other $ 90 million is seeking to recover c they control the companies Ocean Flow International and Antequera Enterprises Ltd. company Shalva Chigirinsky Hazlewood Investment & Finance Ltd., says Povolotskii. Chigirinsky purchasing a stake in "Russia" tower Rashnikov Nader and misled him and hid information about the real cost of the project, says the lawyer. They offered to buy 50% of the project for $ 50 million and then reduced the price to $ 37.5 million, while the market price of the asset, according to the same Cushman & Wakefield, amounted to $ 234 million, and after receiving a number of permits - $ 305 million, says Povolotskii .

In 2013-2014. tower "Russia" was sold to the Turkish Renaissance Construction, price was not disclosed.

Funds for the construction of Evolution Tower attracted Rashnikova structure, so "fundamentally wrong" to say, if it has not met obligations to "bullfinch" meets the foreheadcentury, close to the Rashnikovu. Funding was not the subject of the contract, opposed Simkin.

And out of the contract with Shalva Chigirinsky, it follows that the final amount of the transaction and can not be revised, according to a source close to one of its sides. Chigirinsky three years trying to sell a stake in the tower "Russia" and Rashnikov made him the best deal, he said. Subject matter - not the sales contract and breach of the obligations of shareholders, disagreed Povolotskii.

One of the goals Chigirin brothers - unlawful seizure of investments and shares in profits Rashnikova Evolution Tower, sure Rashnikova representative. He recalled that in 2015 the owner of the tower - the company "City Palace" received $ 267 million in net profit from the sale of the complex "Transneft" (the amount of the transaction was estimated at $ 1 billion). This profit continues Rashnikova representative, "City Palace" was distributed equally among their owners - Snapbox Holdings and "Frental Developments Limited" ( "daughter" of "Snegirev" structure), but dividends received only "Frental". Snapbox Holdings appealed to the Moscow Arbitration Courtwith a lawsuit to recover from the "City Palace" $ 133.8 million, the court upheld its position and has seized on that amount, he claims (on the site of the court and the appellate court "Vedomosti" found solutions of 29 April and 15 August 2016). This claim corresponds to Simkin, has no direct connection with proceedings in Cyprus. Besides, he adds, Limassol court seized the shares itself Snapbox.

The representative of Cushman & Wakefield confirmed that the company carried out an assessment of the tower "Russia" and Evolution Tower, but refused to name numbers. Contact Nader failed.