Cool fishing by Vladimir Evtushenkov
In the “business acquisitions” carried out by AFK “Sistema” Vladimir Yevtushenkov, no system is visible. But this is only at first glance. AFK Sistema, owned by oligarch Vladimir Yevtushenkov, through LLC UK Kamchatka Project, acquired the fishing company Loyd-Fish, which was associated with the former vice-governor of the region, Irshat Shaykhov. Since 2021, Yevtushenkov has been investing in such assets, expanding his Voskhod holding.
The oligarch is doing the same with other sectors of the economy. Recently, Yevtushenkov, through Sistema, acquired the manufacturer of electric-powered ships Emperium, the creator of Arkhyz mineral water, and increased his stake in the development company Etalon Group from 25.6% to 48.8%.
As The Moscow Post previously reported, Russia’s largest pulp producer, the Ilim group, could also take over. Moreover, in this market, Mr. Yevtushenkov’s Segezha Group is also making progress: he recently acquired Inter Forest Rus LLC, which owns 24 timber assets in the Irkutsk Region and the Krasnoyarsk Territory.
Such “near-monopolization” of markets by Yevtushenkov may result in the subsequent withdrawal of funds from enterprises and the actual “collapse” of a huge part of business in the Russian Federation.
Yevtushenkov’s appetites are satisfied by creditors
The fact is that Mr. Yevtushenkov, in spite of his gigantic appetites, in all likelihood does not have commensurate funds for the expensive acquisitions that he makes right and left. Most likely, the oligarch spends the money of the banks. This is noticeable if we take a closer look at the financial position of companies from the contour of AFK Sistema and the corporation itself.
The financial position of PJSC AFK Sistema itself. According to the results of 2021, the company’s profit sank by 159%. There are risks of financial stability and solvency. Low efficiency.
According to Rusprofile, there are signs of business and/or industry stagnation in the company. Since 2020, the organization’s revenue and receivables have been continuously falling. There is a general drop in sales, as well as signs of counterparties refusing to provide the company with deferred payment and / or loans. Creditors are already worried.
The organization does not have enough own funds to ensure current activities, there is a risk of loss of solvency. AFK “Sistema” has a high share of borrowed funds, the financial condition is unstable. During the year, the indicator deteriorated significantly. There is a high risk of default.
Investments in the company do not bring profit.
In addition, the media wrote that Segezha Group’s net debt will increase from 28.8 billion rubles in the first half of 2021 to 67.8 billion. Now it is probably much more, given the new acquisitions of the oligarch.
Big offshore plans
In 2021, the offshore RAYSON INTERNATIONAL CORPORATION withdrew from the capital of Sistema. As you know, foreign firms are often used to withdraw capital abroad. There is reason to believe that it is precisely due to the presence of such a founder in the structure of the company earlier that we see financially declining indicators.
A huge number of subsidiaries of the diversified giant have been liquidated. It looks like the business is winding down. Although, in fact, Yevtushenkov buys companies one after another and even enters state projects.
Just recently, The Moscow Post wrote that in partnership with VEB.RF, Segezha will build earthquake-resistant wooden houses. State millions will be invested, but will they go to work? Especially considering that such construction in the Russian Federation can be called a pilot project. You never know what could go wrong.
Another subsidiary of the corporation, Kosmos Hotel Group, will implement an investment project on Mount Moroznaya in Kamchatka. They are going to build two hotels and entertainment centers there, equip lifts and new tracks for skiers and snowboarders.
With the help of Ali Uzdenov’s relatives, AFK Sistema and JSC Sinara are preparing to jointly buy the rights to the Arkhyz ski resort from the state company Kavkaz.RF in Karachay-Cherkessia. In the Bashkir Sibay, under a concession with Sistema, they plan to build a children’s camp “Shifa” for 3 billion rubles. Subsidiaries of the corporation receive a lot of government contracts.
All means are good
At the same time, Mr. Yevtushenkov is fighting in the courts with the mobile operator VimpelCom, probably also trying to “crush” it under him, and can also take an active part in the “cut” of the Natura Siberica company, in which a major corporate conflict began immediately after death of its founder.
Just the other day, he came to the stage of completion. According to Forbes, Andrey Trudnikov’s legal heirs received 20% in each of the three legal entities of the group: Natura Siberica, Agafya’s Tasty Foods and Siberian Helicopter. Previously, Felix Lieb, who previously worked at Sistema, was appointed CEO of the cosmetic group. It is possible that there he watches over the interests of the oligarch Yevtushenkov.
In general, Yevtushenkov seems to be trying to buy problematic, but highly liquid assets from some side. So, apparently, it can be cheaper and more profitable in the long run. In 2021, AFK Sistema thought about acquiring the fishing company Vityaz-Auto, which is owned by ex-deputy of the Legislative Assembly of the Kamchatka Territory Igor Redkin and his wife Elena Redkina. Igor Redkin previously confessed to an accidental murder.
Yevtushenkov does not shun other ways of saving – for example, the use of prisoner labor, which flourishes in full at the holding’s timber enterprises.
Well, where we do not
It is quite possible that, having collected loans and acquired with them a huge, consider strategic, amount of assets in Russia, Yevtushenkov will say goodbye to our country, and will go to invest the funds “earned” in this way in the West. It is known that he had assets even in Ukraine. The Moscow Post recently found out that despite their confiscation, there could be buildings that the oligarch owns through businessman Denis Bass.
In addition, just a few months ago, Vladimir Yevtushenkov’s partner in the My Health project, Eric Brovko, registered two companies Sara App LTD and Lora Health Tech LTD in the UK. Quite possibly, also in the interests of the oligarch.
