Deputy Zubitskiy distributed his cast iron business between his wife and son

Deputy Zubitskiy distributed his cast iron business between his wife and son
Boris Zubitskiy

As a result, the Zubitskys still own 85.9% of the shares of the Koks company, the world's largest cast iron exporter.

The VI convocation State Duma Deputy Boris Zubitsky transferred his wife and son equal shares of the Koks group which is the world's largest exporter of cast iron.

According to the newspaper Vedomosti referring to the disclosure of data by the PJSC Koks, Zubitsky gave 13.39% of the shares of the company  to his wife Galina and 13.38% to son Evgeny, which resulted in the fact that the latter's share in the assets of the holding increased to 45.44 %.

As a result of the intra-family redistribution of the assets only the proportion of Zubitsky’s second son, Andrey, has not changed. He owns 27.11% of the group.

The publication writes that the transfer of shares was preceded by a court action for division of property of the Zubitsky spouses which the Zamoskvoretskiy Court of Moscow on accepted on 24th of May. First, the property was arrested by the court, but on August 17th, the arrest was cancelled, and the case of the division of property was terminated. According to Evgeny Zubitsky, the parents settled their disputes out of court. The Deputy’s representative noted that Zubitskiy handed the shares to his son on his personal will at no charge.

It is worth noting that the Zubitskys initiated the partition of property without a divorce, still being married. By law, the spouses at any time can start the partition of property, including unilaterally by the court. It is not necessary to apply for a divorce.

According to Denis Frolov’s BMS Law Firm, this happens when a property nominally belonging to one spouse, and formally - jointly acquired one is under the threat of foreclosure because of the personal debt.

After the transfer of shares to members of the family, Boris Zubitsky, according to the Deputies' declaration for 2015, will only own real estate and cars.

The Koks group is engaged in coal mining, iron ore and smelting of commercial iron. The company’s history began in 1995, when Boris Zubitsky began buying up and consolidating the assets, which then were included in PJSC Koks (brand "Industrial Metallurgical Holding", PMH).

Having bought the first 10% of the company Kemerovo koksokhimichesky plant for vouchers, Zubitsky, in late 1999, acquired the shares of the largest supplier of cast iron Tulachermet, which was headed by his son Evgeny.

Around the same period, Boris Zubitsky was elected to the State Duma of the III convocation from the Party Yedinstvo (Unity), and after some time, joined the United Russia. Zubitsky is considered one of the wealthiest deputies of the State Duma.

In the Forbes’ list, Zubitsky and his son Evgeny first got in 2008 with a fortune of $ 1.2 and $ 1.4 billion respectively. According to data of 2016, prior to the transfer of the Koks’ assets to his wife and son, his fortune was estimated at $ 350 million. In 2013, the newspaper Izvestia wrote about Zubitsky’s readiness to give up his parliamentary mandate because of the reluctance to declare his expenses, but the information was not confirmed.

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