The repurchase of PIK shares from the NPF balance sheet in the second tranche would have obliged Mintsev to transfer two-thirds of 350 million rubles, but their plan was to pay 350 million rubles. in one tranche after the completion of the repurchase of all shares - that’s how Dmitry Mints interpreted the contract, passed it to his younger brother Figin. And on April 17, he said that Mints’s structures could not buy out the remaining issues of PIK bonds, the testimony says. PIK nevertheless placed its last two bond issues at the end of June, but to a lesser extent (a total of 10 billion rubles). AP Mints, as follows from the evidence, did not buy the paper.
At a meeting in Milan on April 22, Gordeev and Dmitry Mints agreed on new conditions for repaying debt, which, thanks to the fact that NPFs bought out one tranche of bonds, fell to 1.7 billion rubles. Mints were supposed to pay them quarterly at 431 million rubles, but the first payment - in July - did not take place, as did payments in October. In September, Gordeev and Mintz met in London, but did not agree on a new scheme, it follows from Figin’s testimony. Gordeev’s structure appealed to the Cyprus court.
Was there a conflict of interest
Lawyers see signs of conflict of interest in O1 actions. “Assets came to the balance of APFs, but they were bought in a conflict of interest with the intention of circumventing the law and lending to O1,” says Tertychny. - Could NPFs buy assets better in this situation, with greater profitability and lower risk level? Of course he could. But he could be mistaken and buy assets worse. "
The possibility of a conflict of interest, if we consider the entire process as a set of related transactions, does not exclude Aleksandrov. “To do this, you need to understand personally who made the decisions,” he says.
As follows from Figin’s testimony, filed with a Cyprus court in November 2018, the plaintiff was going to appeal to the International Commercial Arbitration at the Russian Chamber of Commerce and Industry (ICAC). Information on the consideration of cases in it is not available.