The billionaires from Forbes list of the main owners of "Lukoil" Vagit Alekperov, Fedun and the largest shareholder of the drilling company Eurasia Drilling Company (EDC) Alexander Japaridze has long been familiar. From time to time they appear joint projects, about which little is known investors and minority shareholders of "Lukoil" and EDC. One of these projects turned out to be the subject of legal proceedings, and only because of this relationship emerged interesting details of members of the Forbes list and manage their money.
In early May 2011 on the website of the London Stock Exchange EDC reported that its chairman and major shareholder Japaridze transferred 22% shares of the company belonging to him the package (37%) worth $ 1.1 billion in a fund called Hadar Fund. Translation made him a firm Cloudburst Orange. EDC Chief Financial Officer Richard Anderson then commented on the deal laconically: "We welcome the Hadar Fund Ltd. as a strategic investor." Japaridze himself explained the transfer of depositary receipts to the fund's desire to "unite their interests with the interests of some influential people in the industry. " Investors this desof not evaluated, and by August 2011 the value of receipts for shares of Eurasia Drilling Company fell by 33%. "Troika Dialog" (now "Sberbank CIB") has explained the collapse of investors wary attitude to the appearance of a mysterious shareholder.
Uncover mysterious fund investors have helped document the hearing in the High Court in London and the Court of the Cayman Islands, which began in 2013. It turned out that Hadar Fund was established May 8, 2008 as a mutual fund (mutual fund), but its activities are distinguished as the complex structure and the specificity of operations. From the materials of the court of the Cayman Islands, it follows that Hadar Fund entered into a hidden part of the offshore empire major shareholder of "Lukoil". The beneficiaries of the Fund were Alekperov company Topaz Opportunities and Amber Universal Holdings, as well as the Foundation Belartis Fedun and Cloudburst Orange Japaridze.
According to Spanish publication El Confidencial, Japaridze transferred shares of EDC in Hadar Fund for the benefit of the company Topaz Opportunities Alekperov. In October 2011, Topaz Opportunities has an option on 22% of the shares, but does not execute it, and in April 2013, the head of the Eurasia Drilling Company of the Fund returned 18.2% stake in his company - just about anything to get introduced.The "LUKOIL" and EDC declined to comment.
Japaridze for Alekperov and "Lukoil" man is not a stranger.
In the late 1980s, when Japaridze was 34 years old, he was called in MD Seis - a joint venture of the Central Geophysical Expedition (CGE) and the American oil services company PGI. MD Seis task was to combine the bowels of the Soviet and Western know-how. The company has imported US seismic technology and selling the information on mineral resources to Western companies. In 1990, during one of his trips to the United States Japaridze he met a young deputy minister of oil and gas industry of the USSR Vagit Alekperov. After a few years of acquaintance grew into a partnership. With the help of "Lukoil" of MD Seis assets was established oil service company "Petro-Alliance" and Japaridze became the controlling shareholder and president. That company Alekperov provided "PetroAlliance" orders (up 80%). Later Japaridze bought out "Lukoil", became the controlling shareholder and sold "PetroAlliance" of Schlumberger international oilfield services company for $ 165 MMR. and 4.7 million of its shares.
"Lukoil", meanwhile, singled out drilling unit in the subsidiary company "Lukoil-Drilling" and for several years unsuccessfully trying to sell it. Customers do not like the price - KPMG assessed the "Lukoil-drilling" in the $ 284 million As a result, in 2004 the company bought a group of investors led with the same Japaridze for $ 130 million "Lukoil-drilling" immediately turned into an independent company Eurasia Drilling Company .. which in 2007 held the IPO, its market capitalization was $ 3.4 billion, from Japaridze was the basic package (45.84%).
Foundation of the Forbes billionaires list was managed by Hadar Investment Advisors (HIA). Its owners and began to sort things out in the High Court in London. The plaintiffs were Paul Sukhoruchkin and Pavel Novoselov, as well as company Hurley Investment Holding and Vickram Holding. "Pavla", as they call Sukhoruchkin and Novoselov in court documents, in the mid-2000s to work in the "Lukoil" and left the oil company to establish an office for the investment of its shareholders. Defendants appear ex-director of the London office of the investment complexSRI Magdalen Family Office Sanjeet Talukdar and Mark Van Gibels Bikeshtayn. Before the conflict, all four equally owned by HIA.
Claims "Pavlov" related to the fraud on the part of Talukdar and Gibelsa. Initially, under the terms of agreements Hadar Fund paid HIA incredible 5% annual commission on the net asset value. This amount was divided equally between the "Pauls" Talukdar and Gibelsom. In addition, the fund paid commissions for the success of HIA - 20% of the net profit for the six months.
In May 2011, the Commission paid only from $ 100 million, but after Japaridze translated in Hadar Fund Ltd. EDC released on $ 1.1 billion, for the management fee increased from $ 5 million a year to $ 5 million per month. Immediately before the transfer receipts HIA concluded an agreement with the Mauritian company Blue Pearl Advisors (BPA), and related Talukdar Gibelsom. Under this agreement, BPA was to receive two-thirds of fees for asset management, which has made Japaridze. As a result of 21 monthswas listed $ 41.3 million. The rest, as before, was divided equally among the four managers. In London, "Pavla" stated that the agreement with BPA wasfraud.
This claim by Sukhoruchkin and Novoselov were not over. They accused Talukdar and Gibelsa in getting hidden fees and require a BPA $ 1,9 Mill. "Pavla" Talukdar achieve freezing of assets and Gibelsa by € 12 million. The lawyers representing the "Pavlov" and foreign control of 4 Stone Buildings, Mishcon de Reya, Maitland Chambers, Walkers Global, Jones Day, did not give comments on the case. HIA administrator of Lancaster Cyprus Irina Gizikova also declined to comment.
In November 2012 Alekperov, Fedun Japaridze and agreed to liquidate the Fund, and in 2013 began the process of redemption of their shares in Hadar Fund. In the process of liquidation of the fund management fee was reduced from $ 60 million up to $ 100,000 per year. In addition, HIA renounced fees for success. Gibels and Talukdar were unhappy with such a course of events, they believe that the company evaded paying him another $ 5.2 million. In addition, foreign managers said in court that selected as the liquidator of the company PwC services and other structures "Lukoil" is not independent. Court on Bordernew islands decided to include among the liquidators proposed foreign managers the company Zolfo Sooper. None of the liquidators Hadar Fund became not comment for this article.
Where else to invest the fund billionaires?
In testimony Talukdar in the Cayman Islands court states that Hadar Fund was used to carry out unusual and special deals, but they have no relation to the litigation. Fund name flashed in the Spanish media. In 2011, Hadar Fund allocates funds to the parking lot for yachts Marina Port Vell in Barcelona. Investgruppa Salamanca Group planned to convert this marina to the biggest in the Mediterranean dock atthe 162 locations where they could moor vessels up to 120 m. In the Salamanca Group at Forbes inquiry reported that the company does not disclose or discuss clients and in Marina Port Vell has invested € 60 million.
Also in 2011, the Hadar Fund stood RioCapital Fund, its investment adviser has become Brazil's Rio Capital Consultoria e Gestao de Recursos Financeiros. Around the same time, investment analysts discussing the possible purchase of "LUKOIL" and its shareholders 40% of the Brazilian nftyanoy company OGX. The "LUKOIL" refuted this information.
Another unexpected asset to the Forbes list of billionaires could become a company Hurley Investment Holdings Limited, which in June sold 4.7% of the operator oil terminals Pan European Terminals. This company is engaged in the storage of oil in Denmark, Russia and the Netherlands, and served "Lukoil". The Pan European Terminals declined to comment.