Safmar Group Mikhail Gutserieva F 28, Otkritie FC Bank and the Central Bank of Non-core Assets Trust, settled a dispute over bad debts worth more than 135 billion rubles. This is stated in a statement by Otkritie FC Bank, a co-owner of Trust Bank. In return, the banks promise not to make any claims against Safmar.
Gutseriev will buy back part of the assets for 94 billion rubles that fell on the balance of Trust Bank as a result of the reorganization of Binbank and Rost Bank in September 2017, as well as restructuring part of the assets for 41 billion rubles, the statement said. The details of the transaction were not disclosed in the message, but the presentation of the Trust, which Reuters previously quoted, refers to the repurchase of shares of the development company A101, Slavkali, Safmar financial investments, Region Invest and Digital Invest bonds, as well as prefs of Russneft. The Trust will receive another 41 billion rubles due to a revaluation of the preferred shares of Russneft on its balance sheet after amendments to the charter and increase in dividends, the agency reported. The guarantors for these transactions will be personally Mikhail Gutseriev and his brother Sait-Salam.
The first tranche of 35 billion rubles will arrive before the end of this year. The entire group must settle its debts before the end of the third quarter of 2024.
On the balance sheet of the Trust is 3.6% of ordinary shares of Russneft, as well as all preferred shares of the company, which is 25% of its capital. A Forbes source familiar with the details of the talks says Safmar will buy back a third of Russneft's prefs. The presentation of the Trust (available to Forbes) indicates that Safmar will buy back preferred shares worth 21.1 billion rubles. The Bank of Non-Core Assets put up a stake in Russneft's preferred shares for bidding with an initial price of 62 billion rubles. Bidding should take place on November 14, follows from the data on the trading platform.
Is all debt to the Trust settled?
The press release states that for transactions that are not included in the settlement agreement, the parties fully retain all legal rights and obligations in accordance with the rules of law to which they are subordinate.
In early October, Reuters, citing an informed source, wrote that the Trust estimates the entire debt of structures associated with Gutseriev at 320 billion rubles. Later, a source surrounded by Gutseriev told Forbes that this was the debt of his nephew Shishkhanov.
The Bank Otkrytie Bank said on Tuesday that the debt settlement deal only with Mikhail Gutseriev and his brother Sait-Salam, his nephew Mikail Shishakhnov was not involved. The bank of non-core assets promises to conduct separate work with Shishkhanov and other top managers of the bank for debts that were not included in this transaction.
In early October, debts of Mikhail Gutseriev and his relative Shishkhanov to the banking system amounted to about 1 trillion rubles, a source close to Otkritie FC and a source close to Trust told Forbes. This figure also appears in the September presentation of the Trust, which Reuters later wrote about. The main lender is Sberbank - according to Forbes estimates, in 2015 the loan amounted to $ 5 billion. The second largest lender is VTB, which loans to Russneft for 77 billion rubles.