Mazepins Holding Company Could Be Behind Attacks on ToAZ - CNN iReport

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Mazepins Holding Company Could Be Behind Attacks on ToAZ

By russianews | Posted November 9, 2012 Recommend Be the first of your friends to recommend this.

Posted November 9, 2012 by russianews Follow

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TOGLIATTI RESIDENTS ask Russias Prosecutor General, Presidential Envoy and Chairman of the Investigative Committee to look into situation around TOAZ IS HEAD OF URALCHEM BEHIND THE PR CAMPAIGN AGAINST TOAZ? Togliattiazot Under Seige

Russias Nezavisimaya Gazeta published additional details of the attack against TogliattiAzot (ToAZ) on March 28, writing that a minority shareholder in ToAZ, Uralchem Holding Company (which holds 9.73% in ToAZ) and its core beneficiary Dmitry Mazepin could be behind the attacks on ToAZ. These attempts by Uralchem to bring pressure to bear on ToAZ could be part of Uralchems strategy to alleviate its financial straights exacerbated by the heavy debt burden. Uralchems initiatives to thwart the management of ToAZ have become rather obvious of late. Uralchem voted against approving the 2011 annual report and financials of ToAZ at the latters AGM, Komersant business daily reports. The

http://ireport.cnn.com/docs/DOC-878651

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Mazepins Holding Company Could Be Behind Attacks on ToAZ - CNN iReport

12/14/12 1:35 PM

AGM elected Sergey Makhlai as Chairman of the Board of Directors at ToAZ. It was the most likely reason for the minority shareholders attempts to block the AGMs resolutions. This is not the first attack of this kind coming from Uralchem. Uralchem successfully requested a criminal investigation into the actions of unspecified ToAZ officers, accusing them of undermining a deal to sell 9.74% in ToAZ to Belpor Investments Limited; the Investigation Committee for Togliatti launched the criminal investigation on February 10, 2012, Kommersant Daily reports. ToAZ complained about the investigation on the grounds of violation of employees rights, as they were declared suspect, but not given the opportunity to appeal this decision formally, according to Kommersant. The original request for criminal investigation also fails to specify how and when ToAZ officers interfered with Uralchems transaction. We believe Uralhcem is trying to use the inappropriately initiated criminal investigation as an instrument to achieve its goal, the complaint says. If the allegation of Uralchems involvement is proven right, its core shareholder Dmitry Mazepin may also be behind the negative media campaign against ToAZ (previously covered by us in Issue 7 (406) of Chronograph of February 27, 2012. These actions may be explained, with a high probability, by the financial plight of Uralchem, which had US$ 867.5 mn of its debt maturing in
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2010 restructured to be repayable in 2011 2013. It borrowed some of that amount as a credit facility from Sberbank against its 9.73% stake in ToAZ as security and may lose the equity interest in the ammonia producer unless it keeps meeting its obligations under the Sberbank debt or further restructures its overall debt, losing its right to present claims against ToAZ.

TAGS: mazepin, togliattiazot, makhlai

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