Vanino underestimated

The Chamber of Accounts has checked the activities of “credit organizations of the banking sector of Russia and their subsidiaries”, which were selected by the agents on privatization of state property in 2010-2012. The check by the chamber discovered “irregularities” committed during the privatization of the state-owned stock of Vanino (73,3% of voting shares, or 55% of the charter capital). The value of the shares of Vanino sea port was 16,3 times more than the market value of the stock, which was evaluated by “Top Audit” independent valuer. According to the materials of the Chamber of Accounts, this causes doubts regarding the quality of the evaluation. Representatives of the Chamber of Accounts were unavailable for comments.

“Top Audit” evaluated the state-owned stock of Vanino as requested by Rosimuschestvo. It determined the starting price of the stock at 1,5 billion roubles. The auction was held in early December last year and organized by VTB Capital. “Mechel Trans”, a subsidiary of Mechel, offered the maximum price for the asset – 15, 5 billion roubles. The closest competitor of Mechel, “En+port”, was only prepared to disburse 10,6 billion roubles, “Pot Invest” and “Sibirsky Antratsit” – 5,6 billion each, “Mezhdurech’e” – 4,9 billion, Sea port of Saint Petersburg – 4,6 billion, SUEK – 3,7 billion. This information is contained in the materials of VTB Capital, which were made available to Vedomosti.

The Chamber of Accounts submits the results of its check to the Investigation Committee, which, should it discover signs of a corpus delicti, may initiate a criminal case, says Advocate Arthur Rokhlin, Partner of the Law Firm "YUST". However, he believes that the chances to contest the results of the auction of sale of the state-owned stock of Vanino are minimal: it is supposed that, in an open auction, the final price should be different from the initial one. Mikhail Burmistrov, General Director of “Infoline-analitika” agency, points out that the valuer hardly intended to underestimate the value of the asset, and the company is hardly responsible for such huge demand over Vanino among its potential buyers. Which is understandable: the Asian region grows ever more profitable for companies in various spheres.

Mechel did not purchase the shares of the port for its own use. The company is in huge debts – 9,6 billion USD. Immediately after the purchase, Mechel purchased 21% of common shares and 47% of privileged stock from Oleg Deripaska’s En+. Afterwards, it sold 71% of common shares to three Cyprus companies, whose beneficiaries are not known. The annual report of Mechel contains the information that the company is entitled to sell 23% of common shares and 47% of privileged stock of Vanino to a “foreign investor” (name not disclosed) this October for 147 million USD.

Representatives of “Top Audit” and Rosimuschestvo were unable to comment.

Representative of Mechel refused to comment.

For more details see here.