The shareholders of “Togliattiazot” has terminated the deal of sale of control in the company Ilyumzhinov

Moscow. November 27. The shareholders of “Togliattiazot” has terminated the deal with the Fund of FIDE President Kirsan Ilyumzhinov Credit Mediterranee SA on the sale of a majority stake in the company, is spoken in the message of “Togliattiazot”.

According to the agreement, the fide President will leave the post of President of CJSC “Corporation “Togliattiazot”.

A source close to the negotiations explained that the reason for the cancellation of the deal became different views of the parties on the further development of the enterprise.

In early September, “Togliatti” announced that the shareholders of the company entered into an agreement c Fund Ilyumzhinov for the sale of the majority stake. A source close to the deal reported that the businessman buys more than 51% of the plant.

On Wednesday, the U.S. Treasury Ilyumzhinov has included in the sanctions list on Syria.

Togliattiazot is one of the world’s largest producers of ammonia. Production capacities of the enterprise amount to more than 3 million tons of ammonia and 960 thousand tons of urea per year. In 2014 the company produced 2.9 million tonnes of ammonia.

The main owner of Togliattiazot is the former President of the company Vladimir Makhlai, a minority shareholder with a share of 9.6% of URALCHEM.

In June Meshchansky court of Moscow arrested the shares of “Togliattiazot” with a nominal value of 12.5 million roubles, as security measures in case of fraud for $550 million.

Criminal case about fraud was brought in 2012, according to the statement of URALCHEM. According to investigators, in the period from 2008 to 2011 in the “Togliatti” was established, the company exported ammonia and urea at low prices in address affiliated with the majority shareholders of Swiss Nitrochem Distribution AG and Ameropa AG, which belonged to a long-standing partner of the family business Machlev Felix Civi, and then his son Andreas.

Also as part of this investigation in absentia arrested and put on the international wanted list “of Interpol’s” shareholders and management of JSC “Togliattiazot” Sergei Makhlai, Vladimir Makhlai, Zivi, Andreas, beat Ruprecht and Evgeny Korolev.