Fugitive billionaire Mints paid off debts with pension funds
This is stated in the materials of a court of Cyprus, considering the dispute of the oligarch with former senator Sergey Gordeyev.
Russian oligarch Boris Mints, who worked with Rusnano Head Anatoly Chubays, paid his debts with funds from non-state pension funds (NPFs), RBC reports citing materials of the Cyprus court considering a dispute between the billionaire and former senator and owner of PIK group Sergey Gordeyev.
According to the testimony of former PIK board member Georgy Figin, in 2016–2017, O1 Group of Boris Mints agreed with Sergey Gordeyev on a deal in the framework of which Mints's NPF bought shares of the company for almost 19 billion rubles ($285.8 m), and then the businessman’s Cypriot enterprise borrowed part of this money from Gordeyev.
Such a scheme allowed Mints to circumvent legislative restrictions on the management of pension money. The Law on the Activities of NPFs prohibits the conclusion of loan agreements at the expense of pension savings, but formally the actions of Mints's companies were legal.
According to Figin's testimony, Mints's enterprises tried to pay off the debt using pension funds, but failed to do it. The testimony of the former member of the PIK board of directors was sent to the Cypriot court in support of claims for the distress of Mints’s assets.
The plaintiff in the case is the Cyprus company Rokiana, owned by the Liechtenstein HREF Foundation with ultimate beneficiary Sergey Gordeyev. The director and registration addresses of Rokiana coincide with other Cypriot companies through which Gordeyev controls PIK. The defendants are O1 Group and its Cypriot enterprise Katalama Holdings.
The plaintiff demands to frozen the assets of Mints in the amount of at least 2.4 billion rubles ($36.1 m). The damage from transactions with companies of the oligarchs was estimated at a similar amount. It was reported that PIK achieved the seizure of the building of the former Bolshevik confectionery. Details of the dispute between Mints and Gordeyev, as well as the fact of attracting pension funds to transactions, were not disclosed earlier.