Mikhail Prokhorov winds down business in Russia

Mikhail Prokhorov winds down business in Russia
Mikhail Prokhorov Photo: TASS

According to a source, a radical solution occurs due to searches, made in Onexim Group’s compound.

The Onexim Group, held by Russian businessman Mikhail Prokhorov, dumps all assets, owned by it. It is reported by Vedomosti with reference to the source. The newspaper said the Onexim Group is seeking takers without stakeholders. The solution was settled after Russian Federal Security Service (FSB) and the Federal Tax Service raids in April.

As a reminder, FSB raided with searches in the Onexim Group this year on April 14. According to official information, raids were carried out within the framework of a criminal investigation in the matter of Tavrichesky (Tauride) bank case (a special administrator of the bank is International Financial Club (IFC), where Prokhorov owns 47.45% of shares). On the other, unofficial, version, searches occur due to coercion, exerting on Mikhail Prokhorov, and an attempt to force him to sell the media holding RBC, which has published several investigations of the so-called "Panama dossier" - offshore accounts of Russian officials and people close to Vladimir Putin.

According to rumors, the Onexim’s assets sale was strongly recommended by the Kremlin. However, Vedomosti did not provide exact information about a bond between raids and the solution. Vedomosti conducted a survey among large media companies and inquired that Prokhorov has been looking for a future RBC’s buyer. Experts deem that this step is taken under civil servants’ dictation, because they displease editorial policy of the holding. None of the Vedomosti’s media- and TV companies' respondents confirms the negotiating about purchasing RBC, although two interlocutors enlightened that there were proposals from Onexim.

It will be remembered that the Onexim Group (established in 2007) has a capital participation in the Uralkali (20%), UC Rusal (17,02%), the ore mining and smelting holding company Intergo and holds majority shares in the energy company Quadra, also controls the bank Renaissance Credit, the investment company Renaissance Credit, an interest in IFC, the insurance company Soglasie (Consent), the investment and development group “OPIN”, Onexim Sports & Entertainment and media holdings - RBC and Snob.

On Friday it was reported that representatives of Mikhail Prokhorov have been negotiating sales to the owner of Moscow Credit Bank, OPIN development group, Roman Avdeev – with reference to several people, who are acquainted with the negotiations. The person, closed to Avdeev, does not exclude a probability of such a deal.

Two weeks ago it was reported (by the investment banker) that Renaissance Capital (the Onexim Group has 100% of the assets) was offered for sale. According to Vedomosti, informal negotiations about the sale of stake in UC Rusal happened to be. Some of the assets of the Onexim Group have been exposed for sale long ago. For example, according to Vedomosti, the Onexim Group has been seeking a buyer for Quadra for more than a couple of years, a buyer for the insurance company Soglasie and the bank Renaissance Credit for more than several years. A year ago an investment fund was intended to withdraw from the Uralkali.

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