VTB will get a part of Otkrytie for someone else’s debts

VNB may receive a share of the Otkrytie holding within the framework of exaction of an old credit debt to Rusenergo Fund Limited. 10% of the holding’s shares were pledged by Otrytie shareholders back in 2008.

A source close to the holding’s shareholders told Kommersant about how the transaction of transfer of 10% of the Otrytie holding to VTB may be structured. The source says: “It is about the transfer of the holding’s shares to VTB within the framework of performance by the Otrytie shareholders under the credit from Rusenergo Fund”. According to it, the fund, which invested into the Russian energy sector and was controlled by Otkrytie Financial Group then, took a credit from VTB in 2008, pledging, in particular, 10% of the Otkrytie shares owned by Vadim Belyaev and Boris Mintz. The source of Kommersant informs: “The fund was later sold, but Messrs. Belyaev and Mintz remained the pledgers under the credit, even though Otkrytie has no relation to the fund’s activities, and Otkrytie’s shareholders are not liable for other credits of Rusenergo Fund”. Both Otkrytie and VTB refused comments.

VTB has been trying to recover the credit debt of 2008 from Rusenergo Fund in the amount of 6,3 billion roubles since October of 2014, when the bank filed the respective claim with court of arbitration of the city of Moscow. The claim has not yet been considered on its merits. Beside VTB, RusHydro and IES FPC (11,4 billion and 20,3 billion respectively) also demanded debt repayment in January. Therefore, VTB is the largest creditor of all, who try to recover their dues from the company in courts. However, VTB will probably not have to see Otkrytie in court.

Alexander Bolomatov, Partner of the Law Firm "YUST", explains: “In order to exact the pledged item from the pledger, in this case – the shares, the creditor should bring the debtor to liability within an already opened case or file a separate claim (no such claim is on the files of the court of arbitration – Kommersant). But there is also a third alternative – to resort to a writing-off of shares without acceptance, if such creditor’s right is stipulated in the ancillary agreement. Then one doesn’t have to wait for any judgments on the claim to the borrower himself, while the debt amount will automatically decrease by the pledge value”.