Oleg Deripaska will lose control over En+ Group

According to FT, the businessman is ready to reduce the stake in the group to 45% in favor of VTB.
En + Group Oleg Deripaska sent to the US Treasury proposals for the withdrawal of the company from the sanctions - the proportion of businessman, who owns 66% of the shares of the group, will drop to 45%, writes the British newspaper Financial Times (FT). According to the publication, the shares will be transferred to VTB, under whose control it is now 9.62% En +. In addition, Mr. Deripaska, before being expelled from the sanctions list, will not receive dividends from the remaining stake in the company and discourage the appointment of independent directors. But so far this plan has not been approved by the US authorities.

En + Group in the final plan for the withdrawal of the company from the sanctions, submitted to the US Treasury, proposed to reduce the share of Oleg Deripaska to 45%, transferring shares to VTB Bank, FT reported. Now the businessman controls 48.13% of "Rusal" through En +, in which he owns 66%. VTB controls a 9.62% stake in En +. The package grew after Singaporean AnAn Group, associated with the Chinese CEFC, bought 6.25% of En + shares during the IPO, transferred them to the bank after receiving a margin call from it. Now the bank requires another $ 170 million from the group in the framework of obligations under the repo transaction (see "Kommersant" dated July 31).

According to the FT, the new plan has not yet been approved by the US authorities. Sources of the publication note that the transfer of shares of VTB, which is also under US sectoral sanctions, is planned only for a while, until the sanctions are lifted. Until then, the bank will sell the shares to the market to cover the loans provided to Mr. Deripaska.

VTB announced its readiness to participate in the implementation of the En + plan to withdraw from sanctions. "VTB welcomes any decision that will allow to withdraw En + from the sanctions of the United States, and is ready to participate in the implementation of the plan agreed with OFAC," the press service of the bank told RBC. Recall, in May, the head of VTB Andrei Kostin said that the bank terminated its cooperation with Oleg Deripaska because of sanctions.

On April 6, the Office of Foreign Assets Control of the US Treasury Department (OFAC) included Oleg Deripaska and assets under his control (Basel, En +, Rusal, GAZ Group and others) in the SDN list banning business with US residents and access to the country's financial system .

In addition, according to the plan, the businessman will not receive dividends from the remaining shares until he is expelled from the sanctions list - the money will be directed to the escrow account without the possibility of withdrawing them. Also, Mr. Deripaska should not prevent the appointment of independent directors. These measures have already been discussed earlier, in the framework of the report submitted in July on the rescue of the "Becker Plan".