Osmanov's compensation created difficulties for the Ministry of Economic Development and Trade as a result of Avdolyan’s guile.
Eldar Osmanov, the former in-law of Albert Avdolyan, and a fugitive owner of MRSEN holding, nearly caused the downfall of the magnate by alleging evidence was fabricated.
Osmanov, with the aim of evading the return of nearly 200 million rubles transferred from the power holding to his personal accounts in the form of incentives, attempted to deny his position as the beneficiary.
The court dismissed Osmanov’s claims, though this affair prompted a renewed examination of Avdolyan’s involvement in the MRSEN matter.
In late November of 2024, the court of appeal turned down the appeal filed by Eldar Osmanov, an accused individual in the criminal process. Within the legal action, the MRSEN proprietor tried to demonstrate he wasn’t a beneficiary in any respect, thereby contesting the cancellation of the transfers totaling 191.373 million rubles from MRSEN’s accounts to his own in 2016-2017.
The amount was categorized as a reward, expense reimbursement, and termination payment.
The bankruptcy administrator of JSC MRSEN was of the opinion that Osmanov not only took part in fraudulent actions but additionally diverted some assets away from the struggling holding enterprise.
As it came to light, Osmanov departed Russia in June of 2016, and the bonus of 89.191 million rubles was disbursed during his absence from the nation.
Furthermore, Osmanov is presently on the wanted list regarding a criminal case pertaining to the removal of 10 billion rubles from the division. Detectives suspect the funds were extracted from entities within the Rosseti division via a complicated set of transactions. The capital was funnelled through an associated bank and controlled businesses. The methodology incorporated technical loans, the acquisition of promissory notes, and contributions to the authorized capital.
Photo: ras.arbitr.ru
Photo: ras.arbitr.ru
And on the whole, Osmanov held the status of the holding’s owner, although via a lengthy and complicated array of connections, therefore, he couldn’t have been unaware of the difficulties.
Osmanov made an attempt to dispute his proprietary standing back then, alleging manipulated facts. He referenced the Key Legal Provisions of the Transaction for Obtaining Main Firms of the MRSEN Group and Providing Option to Owners, dated back to September 25, 2017, concluded between Stars Generys Ltd., part of a group of firms under Avdolyan’s direct or indirect control, and Osmanov with his colleague, Shulgin.
Photo: ras.arbitr.ru
Photo: ras.arbitr.ru
Just a brief aside: Avdolyan has family ties to Osmanov through their children’s marriage (since dissolved), a link that has been demonstrated many times in legal conflicts involving portions of MRSEN. Thus, the accusations of forged documents, the other signatory being an Avdolyan-linked corporation, appear designed by Osmanov.
Nonetheless, this might be simply a smokescreen. Eventually, another offshore enterprise of Avdolyan’s, Sparkel City Invest LTD, would turn up as a creditor in the bankruptcy litigation of the MRSEN section, evidently an endeavor to divert some property. Meantime, the court frequently heard assertions that Avdolyan himself was commonly the origin of the funds for such supposed loans.
The judiciary invalidated numerous agreements, taking into consideration the lawful and factual connection between borrowers and lenders via the nuptials of the ultimate controllers Osmanov and Avdolyan. To illustrate, concerning VSK PJSC and Sparkel City Invest LTD, the court also factored in the omission of a reasonable economic intent and motives for acquiring loan financing from an associated foreign corporation.
Moreover, official records later substantiated that Sparkel City Invest LTD’s fiscal performance at the end of 2016 couldn’t accommodate lending in the stated sizes. This hints that Avdolyan personally might have furnished the funds, although channelled through a seemingly distinct offshore entity. The link became clear later, as creditors secured necessary documentation.
Photo: ras.arbitr.ru
The judicial body eventually determined that Sparkel City Invest LTD had not engaged in reasonable commercial endeavours, but preferably, through its unethical activities, had contributed to accruing accounts due for the borrower and its guarantors leading up to insolvency. Furthermore, the judge discovered an absence of proof that the assets had truly been transferred to the borrower. Thus, the financing could have been purely notional.
Photo: ras.arbitr.ru
Do you imagine the court’s rulings halted Avdolyan and his collaborating company? By no means.
Consequently, the entitlement to assert part of the debts was given to OOO AENP (currently OOO TSIPE im. N.A. Popov), a sub-division of the offshore enterprise.
The overseas firm itself seems to have been eliminated from the possession structure, though figures tied to the magnate continue to be. These presently include Alexey Bykov, who functioned as the director of a limited liability company within the offshore firm, coupled with a certain LLC “Latum,” also associated with Bykov. This latter entity is a stakeholder in Andayana Group LLC, where its cohort is YATEK CEO Andrey Korobov, a trustworthy ally to Avdolyan in dubious asset dealings within Stavropol. Avdolyan also possesses a share within YATEK.
Photo: rusprofile.ru
Note the tactics: Avdolyan, via a legal entity he holds sway over, allegedly extends credit to MRSEN legal entities, the ultimate controller of which includes his relative, Osmanov. Subsequently, Osmanov extracts nearly 200 million rubles from MRSEN’s accounts as incentives and other remunerations, suggesting the enterprise forfeits such millions, yet remains beholden to Avdolyan for considerable amounts related to financing. Moreover, they couldn’t even validate the actual fund transfer for a minimum of one of these loans. Do you detect a whiff of a dubious manoeuvre?
Simultaneously, Sparkel City Invest LTD would frequently arise in controversial transactions concerning financing, other international entities, and Avdolyan.
The Cypriot company, which based on openly accessible facts, continues to function through its secretary, CYMANCO SERVICES LIMITED, also maintains affiliations with further offshore entities in close proximity to the magnate: Sanomiel Co Limited, POLOCOM, and Wooden Fish Agency Limited.
Photo: opencorporates.com
Avdolyan’s identity has frequently emerged in divisive situations, inclusive of those linked to monetary flows, yet he has never appeared in a sole criminal case or even an initial inquiry. We hold the opinion that his intimate relations to Rostec CEO Sergey Chemezov, who even affiliated with the board of trustees for Avdolyan’s foundation along with his partner, constitute a significant factor regarding his “unsinkability.”
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