Energy relations: what drove a wedge between Viktor Vekselberg and Mikhail Abizov

In the court of the British Virgin Islands Minister Mikhail Abizov seeks to challenge the refusal of Vekselberg to pay him about half a billion dollars for a 40% stake in KES Holding. 
Origin source
As it became known to Forbes, the billionaire and two old friend - Victor Vekselberg and Minister for Open Government Mikhail Abizov - for about a year find out the relationship in the court of the British Virgin Islands (BVI).

Viktor Vekselberg, has filed a lawsuit in December 2013, in which he demands to annul the option Abyzova Michael, which he received in September 2011. Mikhail Abyzov, company Romos and Fresco Financial filed a lawsuit against Renova Industries and other companies, which is the beneficiary of Vekselberg. Abizov believes that Vekselberg has to pay him $ 451 million under the same share option transactions.

History of litigation goes to 2006, when Abizov resigned as Managing Director of RAO UES and became the company's investor Vekselberg's IES Holding, which manages investments in energy assets in Russia and Ukraine.

As of the year 2007, as stated in the lawsuit (available in the Forbes disposal) between investors had a verbal agreement about the distribution of shares in KES. In the framework of Abizov owned 41.65% of IES-Holding, Vekselberg - 43.35%, and the remaining 15% distributed between Vekselberg and Mr.ndirektorom IES Mikhail Slobodin (currently CEO of "VimpelCom").

Despite the fact that the agreement between Vekselberg and Abyzov has been concluded orally, confirmed last investment loans. From 2006 to 2008 Abyzova structure provided $ 380 million at 9.6% per annum and directly IES companies Vekselberg Lamesa Holding and Integrated Energy Systems. The total amount equal to the percentage of loans in the capital Abyzova IES-Holding.

IES-Holding has been an active participant in the sale of RAO UES assets through 2008 the company acquired a stake in TGK-5, TGK-6, TGK-7, TGK-9 (later four steel Volzhskaya TGC) and OGK-1. IES-Holding has become a leader in the heating market, with installed capacity of more than 14.3 GW (about 6% of the power plants in the country).

During the crisis of 2009 the company Vekselberg Lamesa Holding continued buying up shares of TGC and WGCs, and as a result the share Abyzova IES-Holding became verbally specified below 41.65%. However, until the end of 2010 did not promise the conflict, while Vekselberg has not agreed to sell IES Gazpromenergoholding. Under the deal, IES was valued at $ 4 billion (including assets not plannedlished to transfer to Gazpromenergoholding). Upon learning of the impending sale of IES, Abizov decided to err and agreed with Vekselberg, what gets put option to withdraw from the CES for $ 451 million with the execution until 1 July 2013. The amount was twice as low as the cost of the share Abyzova in case of sale KES-Holding Gazpromenergoholding, but its size corresponded to investments in IES Abyzova percent.

Vekselberg has repeatedly held that the option in the IES in Abyzova really exists. In December 2011, the deal fell through with Gazpromenergoholding, the parties have not agreed on a price. Meanwhile, the share of the joint-stock Abyzova IES-Holding have not been issued.

In early 2012, he left the civil service and the assets transferred to the trust management. At the end of June 2013 Abyzova lawyers presented an option, but Vekselberg declined to perform it. Although the spring of 2013, he received about $ 7 billion of "Rosneft" for its share of TNK-BP. In December 2013 the four companies Vekselberg filed a lawsuit in the British Virgin Islands against companies Abyzova and tried to recognize the denial of legitimate exercise of the option. Abizov hearthl counter-claims to date litigation between members of the Forbes list continues. Vekselberg's representative declined to comment. Abizov confirmed the existence of the claim, but refused to comment further.