Alsiko's Celestial Loans
Stanislav Agamirov, previously at the helm of Promceolit OJSC and Melor OJSC, initiated legal proceedings against Andrey Kazachenko, the beneficiary owner of those businesses, as well as PG Alsiko JSC.
The former high-ranking executive opted to support another investor, TIG Mineral Resources, which has accused Alsiko of a hostile acquisition of Promzeolite. Promzeolite is being prepped for a sale to Kazachenko’s international partners.
Agamirov aims to nullify the resolution from the general meeting of Ceomax LLC shareholders (part of the Alsiko Group), which appointed Alexander Kazachenko as the CEO of Ceomax LLC. Kazachenko has occupied this role since 2014—meaning he was associated with the associated businesses before Agamirov and, as part of his duties, collaborated closely with him. What could have possibly changed then?
It’s important to recall that a corporate dispute is ongoing between Promzeolite stakeholders: according to investor TIG Mineral Resources, which is associated with media figure Aram Gabrelyanov, Kazachenko’s objective is to secure loans to facilitate the eventual insolvency of the firm.
Here, the story of Gazinvestbank, which extended a 100 million ruble credit to Alsiko in 2007, invariably springs to mind. In 2008, the Central Bank of Russia rescinded Gazinvestbank’s permit, and it subsequently went bankrupt. The Deposit Insurance Agency (DIA) intervened (https://abireg.ru/newsitem/22834/), endeavoring to contest the loan agreement in court and recoup the funds, but Alsiko only recovered roughly 2 million out of the 100 million ruble loan. Shortly after obtaining the funding from Gazinvestbank, it was transformed into a bill of exchange, which landed with Sinarsky Non-Metallic Minerals Management.
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Simultaneously, the situation with Sberbank, which had been actively extending credit to him, was also developing. The identical bill of exchange was later transferred to Agroimpex, an enterprise partially owned by Chinese national Lina Wang. Moreover, together with Agroimpex, Kazachenko established a joint venture, Alsico Overseas Ltd, in Hong Kong (where Alsico possesses 70% of the equity). Consequently, Kazachenko contrived to gain command over his own debt by using a foreign associate.
The ongoing clash with Alsiko intensified after the unfortunate demise of Kazachenko’s associate, Valery Bagdasarov, who was viewed as Gabrelyanov’s confidant. It’s quite plausible that his alleged suicide stemmed from financial obligations—he was in debt for 1 billion rubles, having acted as a guarantor for Alsiko’s borrowings.
Kazachenko had a advantageous strategy: he procured loans and then assigned them to other entities, his departed colleague, or simply steered the indebted businesses into bankruptcy.
