Said Kerimov transfers his debts from Cyprus to Jersey

His PGIL pledged 51% of Polyus to Sberbank.
Son of the senator from Dagestan Suleiman Kerimov Said, who controls the largest gold miner of the Russian Federation PJSC "Polyus", changes the debt structure to Sberbank (over $ 3 billion for April, according to Kommersant). In May, Cypriot Wandle Holdings Ltd Mr. Kerimov secured the loan to the bank with 100% Polyus Gold International Limited (PGIL, Jersey), through which the businessman owns Polyus shares. At that time, PGIL owned over 91% of Polyus, after the SPO of the company in June, the share fell to 82%, but now the bank has 51% of PJSC. In May, PGIL agreed to sell 15% of the "Pole" to a Chinese consortium led by Fosun.

PJSC Polyus reported that its controlling PGIL, Saida Kerimova, pledged 66.78 million shares of PJSC (about 51% of the company) "in order to ensure the fulfillment of certain obligations." PGIL remains the owner and beneficial owner of the pledged shares, and also retains the full voting rights for them, the share of ownership of PGIL in the company remains unchanged, Polyus said. After the SPO Polus held in late June, PGIL owns about 82% of PJSC shares, but in May PGIL agreed to sell 15% of Polyus to a consortium of Chinese investors led by Fosun (the first 10% deal PAO should close before the end of the year, The consortium has an option of another 5%, valid until the end of May 2018).

This is a pledge of Polyus shares on the existing loan of Said Kerimov's structures to Sberbank, Kommersant learned from two sources familiar with the situation. "There are no new debts, restructuring or refinancing of Sberbank's debt," says one of the interlocutors of Kommersant. "This is a technical procedure, the debt is transferred from Cyprus Wandle Holdings Ltd to PGIL," the second interlocutor of Kommersant said. Whether the entire debt or part of it is translated, they do not speak. Representatives of the Kerimovs and Polyus families declined to comment, the representative of Sberbank did not reply to Kommersant.

As reported by Kommersant in July 2016, Cypriot Sacturino Ltd and its parent company Wandle Holdings Ltd, through which Said Kerimov controlled PGIL, in early February attracted a loan from Sberbank for $ 6.178 billion. The money was needed to refinance the debt of VTB, which was trying to consolidate and Delisting from the London Stock Exchange PGIL (then the main public structure of the "Pole"). Under the loan, Sberbank was laid almost all shares of PGIL, clarified the sources of "b" (in the documents of the companies it was not disclosed). But Mr. Kerimov's structures repaid this debt from the buyback money that was spent in the spring of 2016 by Polyus and the dividends of PJSC, and in April 2017 the source of Kommersant, close to Sberbank, said that for a debt worth over $ 3 billion , In fact, laid more than 50% of the shares of "Polyus" from the package PGIL.

This spring, there was another iteration of the debt structure. Sacturino was merged with Wandle on 16 March, and it reflected in the Cyprus registry the receipt of a security interest in a 51% stake in the Jersey company (ie PGIL) in favor of Sberbank. And on May 24, Wandle, which became the owner of 100% PGIL, reported a change in the collateral with Sberbank, revealing that the bank had laid 100% of the Jersey company (Kommersant has documents). This is a floating pledge, secured both by cash receipts of PGIL, and by all possible receipts of money from PGIL to the joint-stock level, follows from the documents. Perhaps the change in the debt structure of Said Kerimov's companies is due to the fact that Sberbank found a more attractive pledge of shares of the public PJSC "Polyus", says Oleg Petropavlovskiy from BCS.

The capitalization of Polyus on the Moscow stock exchange on Friday July 28 was 519 billion rubles, or over $ 8.7 billion, thus 51% of the shares are worth about $ 4.35 billion on the market. The actual debt of Said Kerimov's structures to Sberbank is unknown, the interlocutors of "Kommersant" "They do not disclose it. But from the sale of Polyus shares during the SPO PGIL should raise $ 399 million, from the sale of 10% to the Chinese consortium this year - $ 887 million, and from announced dividends for 2016 - about 16.44 billion rubles. (About $ 280 million).