Vekselberg became the only beneficiary of Russian assets "Renova"

Minority shareholders exchanged shares in the structures of Renova for packages in the Swiss holding Liwet Holding.
According to SPARK-Interfax, since July 6, Renova LLC Viktor Vekselberg became the owner of 99.99% in LLC Renova asset and LLC Renova-Holding Rus.

Since 2016 these companies control the Russian assets of a businessman. The first owns Baikal Holding (a producer of drinking water), Kamchatka Minerals (gold-mining Kamchatka Gold), Akado Holding (Akado Internet provider), and Orgsynthesis Holding (Orgsintez Chemical Producer) ). The second company belongs to Airport-holding LLC (Rostov airport), Stentex LLC (biotechnology company Biosten) and development company Cortros Holding.

0,01% in both companies remained with OOO "Klok" Eugenia Olkhovik, as required by Russian law: a company controlled by one person (Renova is wholly owned by Vekselberg) can not be the sole founder of another enterprise.

Earlier, 90% of the companies "Renova Active" and "Renova-holding rus" belonged to LLC "Renova". By 5% - registered in Cyprus Stratmoor Investments Limited Vladimir Kremer and OOO Klok. What assets belonged to these companies other than Renova, it is not known.

A representative of Renova said that changes in the ownership structure of the Russian holding structures of the group occurred within the framework of the asset swap deal between Vekselberg and its partners, announced in May. Minority shareholders exchanged shares in Renova for a package of Swiss holding Liwet Holding, he said. Liwet Holding stressed in its message that the exchange occurred "in connection with the sanctions."

~ $ 1 billion

such a total amount of loans taken in JPMorgan, Credit Suisse and UBS, was repaid by Renova in May, Reuters reported citing sources. A representative of Renova said that the company repaid loans from its own funds. In mid-May, the Finance Ministry reported that the company received a loan from Promsvyazbank. The amount was not called. "The funds were issued on market terms, the rate on the loan is not preferential and takes into account both the cost of funding the bank and the risks inherent in this type of lending," the Ministry of Finance said in a statement.

April 6, 2018 Vekselberg and his "Renova" came under US sanctions. The US Treasury indicated that before May 7, US investors had to get rid of the shares and debt instruments of companies, and before June 5 - to sever their contracts with them. European banks also had to stop cooperation with Renova until June 5. Otherwise, counterparties would risk falling under the secondary sanctions.

After the introduction of sanctions, Renova reduced its share in its Swiss assets - the producer of solar batteries and equipment for Oerlikon power plants (up to 19.9%), in metallurgical and metalworking Schmolz + Bickenbach (up to 12.6%). The Russian businessman controlled them through the holding company Liwet Holding. In May, he reduced his stake to 44.46%. Olkhovik and Kremer received a significant share in the company - 38.9%. What shares they have now - it is not known, it was not possible to contact their representatives.

Because of the sanctions, another asset of the company - the Swiss manufacturer of industrial equipment Sulzer, in which Renova had a controlling stake - was under attack. The company sold 14.59% of shares of Sulzer itself, the share of Vekselberg's structures decreased to 48.83%.

The change in the structure of Renova's owners is intended to minimize the sanctions risks for the partners, but they can not be completely excluded, experts agree. "The move is to avoid sanctions against partners. But sanctions are a policy, not a right, so you can not rule out the risk completely, "says BMS Law Firm partner Denis Frolov. It is not necessary to put an equal sign between the change in the structure of the shareholders of the sanction company and the guarantee of salvation from sanctions for the partners of this company, said partner of the consulting company Urus Advisory Alex Panin. "It would be too simple: you need to consider what interests Olkhovik and Kremer overseas have, how much for them the partnership with Vekselberg is toxic, from the point of view of the US Treasury," he argues. For the company itself, these changes do not mean anything at all, I'm sure the investment director of TKC Partners Andrei Tretelnikov: "And before the departure of minority shareholders, all decisions were made by Vekselberg."