Summa Group left by the top manager

First deputy general director of the "Summa" group Alexander Panchenko leaves this post. The reason is the failed privatization of the largest railway operator, Transcontainer, owned by RZD, explained RBC Panchenko.
Origin source
About the fact that Alexander Panchenko leaves "Summa", RBC told a source close to the group. This was confirmed by the official representative of "Summa" and the top manager himself.

"In the company I was engaged in new projects, the main of which is the forthcoming privatization of Transcontainer and the further integration of the operator with FESCO to create a" national champion. " As a result, as is known, the government decided to postpone the sale of the operator's package, scheduled for 2018. Given the circumstances, the management of Suma has decided to suspend development projects and optimize the structure, "he told RBC.

In April, it became known that the government postponed the privatization of the largest railway container operator Transcontainer for an indefinite period. "Amount", owning 25.07% of "Transcontainer", was one of the main contenders for the package of Russian Railways, accounting for 50.2%.

Amount of assets

Group "Sum" owns assets in port logistics, oil and gas sector, construction, telecom and engineering. Among the group's assets are FESCO, container operator Transcontainer, one of the largest port operators in Europe - the Novorossiysk Commercial Sea Port (NCSP), the United Grain Company, Intex, the engineering companies GlobalElectroService, Stroynovatsiya and others.

Will stay on the boards

Panchenko is also a member of the board of directors of the two transport companies that make up the Sum, FESCO and Transcontainer. According to him, he "remains exactly" in these councils and will continue to participate in all corporate events.

On May 8, FESCO reported that Panchenko was not included in the company's board of directors for election at the shareholders' meeting on May 31. He will return to the company's board of directors later and retain his post in the board of "Transcontainer", said the representative of Sumy, RBC.

Alexander Panchenko started working in Summa in 2012 as an adviser to the owner of the group Ziyavudin Magomedov. From 2012 to 2014 he worked as a manager of the direction of investment projects of the group, and from 2016 - as first deputy general director. According to the top manager, he is currently considering proposals for a new job placement.

About the departure of Panchenko from "Summa" became known a month and a half after the arrest of Ziyavudin Magomedov and his brother Magomed. They are suspected of organizing a criminal association (Part 1, Article 210 of the Criminal Code), fraud (Part 4, Article 159 of the Criminal Code) and embezzlement (Part 4, Article 160 of the Criminal Code). In the case of seven episodes of crime, the total damage is estimated at 2.5 billion rubles. Businessmen were arrested on March 31, and on May 10 they were formally charged with organizing a criminal association. According to Kommersant, the charge alleges that Ziyavudin Magomedov was "the leader of the community and was responsible for it in the economy," and Magomed "provided political and military cover for illegal operations." The suspects did not admit their guilt, the newspaper noted.

Of the top managers of Summa, only the general director of the group Leila Mammadzadeh appears in the case. According to her lawyer, Alexander Zabeyda, "Mammadzadeh was questioned in the status of a witness, she was not charged, she was not elected."

Based on the model of YUKOS

"When the company does not have any perspectives (and the current situation is such that Suma has no prospects, there is no understanding of what will happen to the company further), then management starts to slowly disagree," says Roman Tyshkovsky, managing partner of the Odgers Berndtson recruiting company. He calls two examples of this development: the arrests of Yukos CEO Mikhail Khodorkovsky and the main owner of AFK Sistema Vladimir Yevtushenkov. Khodorkovsky spent more than ten years in prison on charges of tax evasion and other episodes and lost most of his assets, he was released only at the end of 2013. Yevtushenkov was under house arrest in September 2014 on charges of money laundering during the privatization of Bashneft, but soon after Sistema returned the controlling stake to the oil company to the state, the businessman was released and then closed the criminal case.

The story with Evtushenkov was "rather short", and, being under house arrest, he most likely could take part in the management of the company, notes Tyshkovsky. But the case of Magomedov rather resembles the story of Khodorkovsky, warns the expert. It is already clear that this case will be long, considering how rigorous the process is, therefore it is not surprising that the management leaves the "Summa" group, he concludes. The

Herbert Smith Freehills partner Alexei Panich notes that the use of preventive measures in a criminal case (detention, house arrest) against the owner of a large business is often viewed by unscrupulous persons as a signal to attack the assets of such a businessman. "However, a properly structured ownership structure, as in the case with Sum, as a rule, does not allow this property to be taken away," he adds.

The same point of view is held by the General Director of INFOLine-Analytica, Mikhail Burmistrov. In his opinion, Leyla Mammadzade, the general director of Summa, "is quite competent to retain control." "There are no global risks," he notes. Panchenko's departure will not affect the company's activities, because he basically served Magomedov's interests and did not handle operational management, the expert sums up.