The O1 Group's major creditor was Otkritie Bank, which collapsed in August 2017. On the eve of the reorganization, O1 Group Finance, controlled by O1 Group, issued bonds worth 65 billion rubles in just one hour. Some of the bonds were purchased by the "Discovery", while the Mints structure repaid the loan debt to the bank and withdrew from the security of assets of 30 billion rubles. As a result of these transactions, instead of secured loans, the bank received O1 Group Finance bonds on its balance sheet - these transactions were very displeased by the temporary administration of Otkritie, which in October decided to challenge them and return the collateral.
In parallel, the FG "Future" filed a lawsuit against the "Discovery". The fact is that O1 Group managed to exchange loans for bonds on the eve of the collapse of the "Discovery", but it was not included in the number of sellers of the bank's shares - unlike pension funds "NPF Electricity", "Lukoil-Garant" and RGS (included in the group "Opening "). They had sold about 13% of its shares the day before the announcement of the bank's sanitation and managed to avoid losses after the securities collapsed by 60%. The seller was the bank "Trust", which was on sanation at the "Discovery". FG "Future" (owned 4% of the shares of "Discovery") was not invited to this sale, although it believes that Trust was obliged to put an appropriate offer. Now NPF "Future" (the largest in the Mints pension group) is trying to seize about 12 billion rubles from the Trust - in this amount, the group's general director Marina Rudneva estimated the losses due to write-offs on the shares of the "Discovery".
A sensible blow to Mints's pension business turned out to be investments in Vneshprombank's bonds (lost its license in 2016) and Peresvet Bank (went for refurbishment in 2017) - only 10 billion rubles. In addition, the funds had investments in companies related to the development business of Mintz, some of which defaulted and restructured its obligations. All this led to the fact that in 2017 FG "Future" finished with a loss of 16.4 billion rubles.
In parallel, the funds of the group "frozen" a deposit of 13.6 billion rubles in Promsvyazbank. Prior to this, APF "Future" owned 10% of its shares, which they sold on the stock exchange a day before the reorganization. As in the case of the replacement of loans of the "Discovery", the Central Bank considers these transactions as doubtful and tries to "unfold" them in a judicial procedure. Recently, the current Chairman of the Board of "Discovery" Mikhail Zadornov said that he already doubts that he will be able to return 100% of the debt of O1 Group, but still hopes to get some of the assets on the bank's balance sheet. On the suit of the "Discovery", the Moscow Arbitration Court seized the shares of the Cyprus company "O1 Propethesis Limited" and the business center Nevis.
Future of the Future
However, not only the new leadership of the "Discovery" claims to Mints's assets. 75% + 1 share FG "Future" is still in pledge with the ICD. In the pledge, the bank has about 62% of O1 Properties. This in a conversation with Forbes confirmed Roman Avdeev. How exactly the development business got into bail, he did not specify. The Forbes interlocutor, who is well acquainted with the business of O1 Properties, suggests that this could happen at the end of 2017, when Mints took another loan at the IBC, trying to close the "hole" in pension funds. "It was a strategic mistake, as a result, he lost everything," - Forbes's companion says: in his opinion, it was necessary to save the development business.
In early March 2018, O1 Group released an unexpected release, in which it said that it would sell its package to O1 Properties of Lysa, an advertising contractor of Russian Railways. At the same time, part of the transaction is the obligation to pay the O1 Group loan to the ICB for a total of 25 billion rubles. Avdeev admitted to Forbes that he learned about it from the newspapers. "Naturally, I did not like it," the banker resents. "But I believe that the loan will be returned." For greater confidence, Avdeev transferred the loan to Rossium, after which the work of collecting it was taken by Riverstretch Trading & Investment (RT & I). Previously, she was famous for having bought out debt obligations of the structures of the ex-owner of the Don-system of Maxim Blazhko from Sberbank for $ 532 million, secured by the Nordstar-Tower business center, and achieved a settlement agreement. Sources Forbes, familiar with the business Avdeeva, believe that RT & I can act in the interests of the group of companies "Region", serving Rosneft. As Forbes wrote, ICD has recently become one of the banks that help the oil company attract foreign exchange financing. According to Vedomosti sources, it is RT & I that may soon become the owner of Mints business centers. In the "Region" they say that RT & I has no relation to them.
The total debt O1 Properties at the end of 2017 was $ 3.32 billion with an estimated value of assets of about $ 4.23 billion (this is 15 business centers with an area of 743,000 square meters). The cost of equity capital, net of debt - $ 867.4 million, the company said. Net rental income - $ 258.8 million, with a loss of $ 116.15 million. "This loss is purely paper and is associated with a re-evaluation of the property O1 Properties," explains PwC director Sayan Tsyrenov. "The cash flow generated by the company was positive - it was enough not only to service debt, but also to pay dividends to shareholders."
What awaits FG "Future"? Mintz at the beginning of this year wanted to sell the funds and negotiated with Sberbank, reported three sources of Forbes. But Sberbank was not satisfied with the quality of assets, wrote later Kommersant. The problem of the fund is that it needs to replace about 40% of assets, according to a conservative estimate, the source of Forbes, close to the APF, says. However, the feature of the fund on the market was the fact that the head of the board of directors for several years was Alexei Kudrin, who left this post in mid-May due to his appointment to the position of head of the Accounting Chamber. "Most likely, the fund will not revoke the license, including for this reason - according to the norms on business reputation, the head of the board of directors will be under attack in case of the company's collapse within a year," says Forbes's interlocutor in the pension market.
One of the interlocutors of Forbes, close to one of the pension funds, said that the "Accord" fund of Roman Avdeev (another 10% in the "Region") had already been transferred for analysis of the investment portfolios of the Mints NPF. But so far no decision has been made. According to the source of Forbes, close to NPF "Future", the procedure for transferring the fund "under the hood" of debt collectors can be held already in July-August. At the same time APF "Soglasie" in the near future can unite with NPF "Neftegarant" Rosneft.
In fact, having lost the O1 Group, Boris Mintz retained quite a few liquid assets. In perimeter O1 Properies, for example, do not include BC "Aurora" and "Bolshevik". On their territory, housing projects are being implemented, Forbes explained in a large international real estate consulting company. Mints's acquaintances tell Forbes that on the Cote d'Azur the businessman's family has a villa and a yacht where he regularly arranged parties for friends and partners. In addition, he heard that the businessman bought lots in New Zealand. "But their price, like the collections of Russian impressionism, does not compare with the cost of the business that [Boris Mints] lost," the Forbes source sums it up. According to him, the collection of paintings belonging to Mintsu (for his purchase he spent more than $ 25 million, as Forbes said), left Russia with him. Now the walls of the Museum of Russian Impressionism, discovered by Mints in the territory of the factory "Bolshevik", are really empty. According to the museum itself - due to overexposure and repair. After the completion of the work, all the pictures will return to their original place, and the emigration of the Mints will in no way affect the work of the institution, they assured the museum. According to the source for Forbes, Boris Mintz is always in touch with the museum, and his funding (about $ 1.5 million per year) will remain the same.