The Chairman of the Board of Directors “Mechel” Igor Zyuzin and his family members have reduced stake in the company from 67.42% to 55,04%, follows from materials of the company published on the website of the Commission on securities and exchange Commission (SEC). According to the report, the family of the head of “Mechel” have lost access to 12,4%, which in 2012 were incorporated in the Cypriot company UFS Investments Limited under the contract on attraction of financing.
In 2014, Calridge, the beneficiary of which is Zyuzin, found that no longer was listed as the owner of the pledged shares and has filed in the court of the district of Nicosia in the Republic of Cyprus, demanding to transfer shares to another Depository. Calridge argues that it remains the legal owner of the pledged shares. But UFS sold them on the exchange, which was possible owing to inadequate execution by the foreign Depository (custodian) UFS Capital Limited of its obligation to safekeep the shares belonging to its legitimate owner, established the Central Bank of Russia in 2015. UFS believes that had the right to sell shares of “Mechel”, as Calridge did not return the debt and interest, Forbes told a source in the company. UFS didn’t want to accumulate loss at the hands of Calridge Limited “taking into account the negative information background about the inevitable bankruptcy of “Mechel”, therefore, sold the shares of “Mechel” with the discount, told the journal the representative of the UFS. The trial in Cyprus on this case is still ongoing, the disclosure of “Mechel” in SEC.
In February 2015 the Cyprus securities Commission revoked the license of the UFS because of failure to meet requirements on disclosure of information. In July 2015, the Central Bank has accused the company the UFS and its CEO Elena Zheleznova in the manipulation of shares of “Mechel” and she withdrew the certificate of the participant of the securities market. The regulator explained that in November 2013 and in February 2014 auction in Moscow, there was a significant decrease in quotations of the ordinary shares of “Mechel” as a result of simultaneous placing of large orders on sale. Non-standard applications was initiated by several professional participants and brokerage firms, however, it became clear that all they were exhibited in the interests of one person company UFS Investments Ltd with the participation of a broker UFS Capital Limited.
Despite the loss of control over the 12,38% of the shares, Susanah family still owns a controlling stake of “Mechel”. Igor Zyuzin directly owned 21,54% of the voting shares of the company, yet 14.8% of it controls through Calridge. The owner of 18.7% of “Mechel” is “Metkhol”, shares in which Zyuzin in late 2014, he distributed between his wife Irina Zyuzina (34%) and children — Cyril and Xenia Zyuzina (33%).
Now “Mechel” concluded the restructuring of debt of $5.1 billion For the completion of the transaction the company requires the consent of 50% of minority shareholders, which meeting is scheduled for may 26. Total debt of “Mechel” is $6.2 billion, of which $5.1 billion, or 80% of the total, was owed to major creditors of the company — Sberbank ($1.3 billion), Gazprombank ($1.8 billion), VTB ($1.1 billion) and a syndicate of international banks ($1 billion). In early February, 2016, “Mechel” has published the terms of agreements with creditor banks. Under the agreement, Mechel may defer the repayment of the most part of loans ($5.1 billion) from 2017 to 2020.
With the participation of Ivan Tkachev