Leonid Fedun, who is the vice-president of Lukoil, shared with children 2% of the company's shares and depositary receipts, Lukoil said.
Fedun owned 9.78% of Lukoil. His company Cristal Investments Limited broke up with two packages - 0.53% of the shares and 1.47% of depositary receipts. Taking into account the treasury shares canceled today, the share of Fedun’s children increased from 2% to 2.26%. Fedun has two children - a son and a daughter.
Shares of Lukoil in the amount of 83.4 billion rubles. were transferred to children for 0 rubles., informs the company. What is the reason for the transfer of shares and receipts is still unknown; Vedomosti is awaiting a response from a representative of Lukoil.
“The transfer to children of a part of their condition is a standard practice,” says Denis Klenov, managing partner of UFG Wealth Management. According to him, there are many restrictions that can be imposed on successors, for example, to prohibit them from selling a share for several years or to vote on it, and allow only to receive dividends.
Fedun is 62 years old, since 1991 he has been involved in the creation of the company. The wealthier people get older, the more often they try to settle inheritance issues, argues the Maples. The fact that Fedun decided to share with the children his shares in Lukoil is a normal practice; this is most likely not an option to protect against impending sanctions, Klenov said.
At the beginning of the year, the main owner of Lukoil and President Vagit Alekperov in the will forbade the heirs to split up his share. In the fall, Alekperov told Vedomosti that he owned “about 23% of Lukoil, in the spring - that he and his family owned 24.8%. Alekperov’s son owns 0.13% of Lukoil’s shares, and his wife’s, 0.175%, Alekperov’s sister heads Lukoil’s charitable foundation and owns 0.00002% of the company's shares. On Thursday, the company revealed that 26.06% of the shares of Lukoil are under Alekperov’s control.
In recent years, the company's management has been actively buying shares. In 2015, a controlling stake was in their hands (taking into account the quasi-treasury package). But by the end of the year, the quasi-treasury package (16.6%) should be partially repaid, Lukoil warned. 11.8% of the company's shares will be canceled, the company plans to use the remaining part (4.8%) in the management remuneration program, Lukoil said. Now more than half of the voting shares of the oil company (50.8%) are controlled by the management.