In June 2015 Sovcombank acquired 24.9% of the shares of the group of companies “S. bonds (Cbonds brand) for 50 million rubles, reported in the financial statements of the Bank for international standards (IFRS) for the year 2016. Another 14.9 percent Cbonds belongs to co-owner of Sovcombank Sergey Khotimsk, as he himself said .
Thus, Sovcombank and its shareholder in control of Khotimsk of 39.8% Cbonds. This is more than the CEO of the company Sergey Lyalin (31,9%), which was considered until now the largest shareholder resource. “We are a financial investor and participation in the resource management almost cannot accept,” said Khotimsk.
According to Khotimsk, the real deal was not just affiliated with Sovcombank structure owned these shares in Cbonds for several years. In June 2015 the share of the parent structure of the Bank SovCo Capital Partners B. V. is moved to its “daughter” (Sovcombank), khotimsky said. Co-owner and CEO of Cbonds Sergey Lyalin confirmed this information.
“We “clearing”, are restructuring the holding company and are prepared to complete offshore tax evasion. The Bank consolidates the assets that belong to the holding”, — said Khotimsk. He said that reporting and compliance requirements of the tax authorities in the legal transaction for the transfer of the shares in Sovcombank Cbonds “required to specify its amount, based on independent market valuation, which for a company like Cbonds, is rather conditional”.
Member of chamber of tax consultants Svetlana Ohanjanyan believes that the amount of Khotimsk and partners decided to specify in order for the deal didn’t fall under tax control. The tax code stipulates the order of taxation of transactions between affiliated entities, explains, Ogandjanian. If transactions between related parties and establishes the terms and conditions that are different from those that were in transactions between unrelated companies, then any “lost” therefore, the income (profit, revenue) will be taxed. Moreover, in this case, you may be assessed penalties and interest.
Sergey Lyalin said that the Cbonds rating based on actual and anticipated transactions with shares Cbonds. On this basis, the assessment of all of the company Cbonds — about $3 million.
For comparison, in 2013, one of the funds, “Finam” has sold 30% of the site “Banks.<url>” (one of the leading portals on financial services in Russia Fund Russia Partners Technology Fund for $6 million, valuing the entire resource in $20 million In September 2015, Axel Springer sold the magazine Forbes and other assets in Russia for $7 million, said informed sources .
Investments in microelectronics
Sovcombank in late April said that became the owner of 10% of the shares of RTI holding, bought part of the package at AFK “System”. The share of the latter decreased from 84,68 to 74,68%.
Business RTI is concentrated in the field of defence solutions, comprehensive security systems, microelectronics and system integration. Among other things, RTI owns a controlling stake of the Zelenograd factory “Micron”.
The transaction amount was not disclosed. At the end of 2012, 100% of the shares of RTI was estimated at 26.5 billion rubles, reported in the financial statements of the Bank of Moscow. Thus, 84,67% RTI, owned by AFK Sistema, was estimated at 22.5 billion rubles, wrote “Kommersant”.
A leading analyst of Gazprombank Sergey Vanin says that 10% of the shares of RTI could do Sovcombank 5.5–6 billion rubles.
The press service of Sovcombank explained the purchase of “high growth potential value of this strategically important Russian high-tech business”. Senior Director of Fitch (rated Bank) Alexander Danilov believes the acquisition of the Bank non-obvious. “It is unclear why the Bank to acquire a minority stake in the companies involved in microelectronics, if it is not part of another transaction or the result of the restructuring,” he says.
The fact that the investment for the Bank’s non-standard, agree and partner of BDO in Russia Denis Taradov. The Bank bought too small a package, which does not allow to influence dividend policy, but rely on dividends from the company, which operates in the defense industry, it is not necessary. Now AFK “System” actively trying to monetize their assets, but why the purchaser of the package was exactly Sovcombank, hard to say, she adds.
Last year the group of companies RTI ended with a loss of 2.1 billion rubles., says the analyst of NRA (rated RTI) Tatiana Kovaleva. She noted that the losses were to a significant degree due to the revaluation of assets and foreign currency liabilities.
Cbonds information Agency specializing in financial markets, operating in Russia, Ukraine and Kazakhstan. According to the data “SPARK Interfaks”, revenue, OOO Cbonds.ru” (Russian subsidiary) for 2014 amounted to 54.5 million rubles., net profit — 5,8 million rubles.
Sovcombank is a 20-th place by assets. Sovcombank profit for the year 2016 in accordance with IFRS amounted to 19.3 billion rubles Sergey Khotimsk and his brother Dmitry — the key beneficiaries (together 34,5%) and the founders of Sovcombank. Sergey also holds the post of first Deputy Chairman of the Bank and is responsible for all his business.