Coal asunder: how businessman Victor Nusenkis lost $ 2 billion in a year

The tycoon has lost most of his fortune according to the results of litigation in Cyprus with his former business partner, ex-Prosecutor General of Ukraine Gennady Vasilyev.
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Businessman Victor Nusenkis in 2013 took 46th place in the Forbes list with a fortune of $ 2.2 billion just a year later, he is ranked among the 200 richest businessmen -. Almost all of its evaporated state as a result of litigation with former partner, ex-Prosecutor General of Ukraine Gennady Vasilyev.

What is not shared by former friends?

The main owner of "Alfa-Group" Mikhail Fridman 2 a few years ago told me that in 1992 insisted on the written form of relations between the partners. "Many people still suing because their agreement had been decorated for some scraps where clumsy handwriting in the corner of something written about the amount of hundreds of millions of dollars", - said Friedman. Then the High Court in London saw two high-profile cases: Berezovsky vs. Abramovich, 14, and Black against Deripaska 20. Meanwhile, Cyprus unfolded less visible, but no less dramatic process between Nusenkis and Vasiliev.

Nusenkis born in Donetsk. Perestroika met at the age of 33 years as director of mine "Zhdanov". In 1992 he organized the group «Energy» & mdash; trading firm, which quickly became one of the largest coal traders in Ukraine. Nusenkis helped friendship with the then prosecutor of the Donetsk region Vasilyev. Vasilyev, he said, helped the concern to improve relations with contractors. With the proceeds from carbon trading funds Nusenkis started to buy assets in Ukraine, mainly coal mines. In October 1999, he received Russian citizenship, along with his family moved to Moscow and made a few purchases in the Kuzbass. Acquired then mine "Zarechnaya" gave the name to the entire Russian holding businessman. In the coal company "Nina" now includes five coal-mining enterprises. Sales UK "Nina" in 2012 was $ 840 million. The company is one of the five largest Russian exporter of thermal coal.

Vasilev was engaged in politics and was not involved in business management. In 1998, he became a people's deputy of Ukraine, in 2002, he was appointed first deputy chairman of the Verkhovna Rada of Ukraine, and in November 2003, - the Prosecutor General of Ukraine. After the victory of the "Orange Revolution "and the coming to power of Viktor Yushchenko Vasilyev brought a criminal case, and he had to leave the country.

Nusenkis meanwhile, began to draw assets of the joint. Vasilyev said that he learned about it only in 2007.

To renew a large part of the business was not easy. The structure of ownership of assets of the concern "Energo" was built on the offshore companies, mainly in Cyprus. The annexes to the materials of the District Court of Nicosia, where Nusenkis since 2010 trying to prove that he is the sole owner, as constituents of concern "Energy" appears 75 Ukrainian legal entities, 57 Russian and 60 foreign, 23 of them are registered in Cyprus.

Trustee majority "Energo" are the assets of Cypriots, brother and sister Papounidis. They also rated the shareholders of some companies, particularly those that until recently controlled the UK "Nina". Costas Papounidis owns Indtek Finance BV (Netherlands), and shareholder Salesi Investment Limited (Cyprus) - his sister Marina.

Formally Nusenkis Vasiliev and had no relation to these assets. And NousN'kisi in December of 2010, appealed to the Nicosia court against the Cypriots in order to assert their right to 100% of the assets of the concern "Energy". In 2011, in the case of a counter-claim connected Vasilyev, he needs to plead the owner of 50% of all joint trusts.

Cypriot court, as well as London, it was necessary to solve complex problems with elements of Russian flavor in the form of a "roof" and patronage. Nusenkis claims that Vasilyev paid from 1993 to 2000, a total of nearly $ 200 million. Vasilyev admits that the money was, but they did not go to him, and "special person in the Group, which deals with social and other programs."

It would seem that the same thing exactly Abramovich won. But the analogy in this case does not work. Papounidis testified in court and confirmed that Nusenkis Vasiliev and hold assets in equal shares. Now Nusenkis party argues that accompanies Papounidis opponent, and refers to the trust agreement under which 100% of the assets owned by Nusenkis. Vasiliev claims that no trust agreements were not, there were only verbal agreements, and the Documentationnt Nusenkis fabricated. While the court accepted only interim measures - forbade any actions with assets of concern "Energy", which could lead to a change of owners.

Security measures have been adopted in December 2012, but by this time of the Criminal Code "Nina" is already out of control and trusts Indtek Salesi. Its shareholder in early 2012, was sold to OOO "Interconsulting", which is 100% owned Nusenkis. Nusenkis representative of Forbes said, that there is no connection with the trial in Cyprus there is no goal - to make a transparent ownership structure in preparation of the Criminal Code "Nina" to the IPO.

Vassiliev appealed to the "Alfa Group", namely the company's "A1", known for its ability to solve in their favor litigation in all jurisdictions. The heavy artillery in the form of the State Corporation "Uralvagonzavod" (or more precisely, his unit "Uralvagonzavod-Logistics") and drew Nusenkis. This company is engaged in transportation of «Zarechnaya» coal.

In August 2013 Nusenkis signed a preliminary contract with "Uralvagonzavod-Logistik" on sale "Yingterkonsaltinga "at the price of the authorized capital of 660 500 rubles. In fact, the Criminal Code of "Nina", which was previously estimated at more than $ 1 billion, Nusenkis was willing to sell it for $ 20 000. According to his representative, such an assessment is explained including the debt burden of the Criminal Code "Nina" - debt to the banks now stands at about $ 1 billion and another $ 150 million owed to the company "Uralvagonzavod-Logistic" for transportation.

Direct deal with "Uralvagonzavod-Logistik" was blocked by the Kemerovo court which imposed provisional measures at the request of Indtek and Salesi. Then Nusenkis spent an additional issue of shares in favor of the three individuals, acting in the interests of Uralvagonzavod. Now Nusenkis is only 4% "Interconsulting", while the remaining 96% are controlled by "Uralvagonzavod-Logistics".

What Vasilyev?

He sold his share in the controversial "A1" Trust Company. Most likely, the transaction amount will be determined after the completion of litigation. According to the head of "A1" Michael Khabarova, the case for the return of "Zarechnaya" foreign trusts still not passed the first instance for a year and a half, it was adjourned 26 times.

notpeshit and the court in Cyprus. Vasilyev also not in a hurry and said that the money he was not interested: "I'm concerned about fairness in our relations. Nothing else".