Mikhail Prokhorov left without land and property

Mikhail Prokhorov left without land and property
Mikhail Prokhorov

The ONEXIM Group owned by Mikhail Prokhorov announced the closing of the sale of substantially all of the assets of the development company OPIN to the concern Rossium belonging to the main owner of the Moscow Credit Bank Roman Avdeev.

The price of the transaction was not disclosed. It is possible that Prokhorov gave most of the OPIN’s assets for the debts.

Mikhail Prokhorov’s ONEXIM has closed a deal to sell 90.99% of shares in the development company OPIN to Roman Avdeev’s structures, according to the group’s official report. The acquirer was the concern Rossium which belongs to the main owner of the Credit Bank of Moscow Roman Avdeev. He received the rights to the developer’s land bank and the all development projects, including the Torpedo stadium reconstruction project in Moscow.

Earlier, the banker told Kommersant that he has no interest in the business of OPIN, and both OPIN and ONEXIM refused to comment on the situation. Today, a representative of Mr. Avdeev also officially confirmed the deal, saying that OPIN acquired assets will be integrated with Ingrad – Mr. Avdeev’s another developer structure. "At the current stage, Ingrad and OPIN will operate as independent structures, but merger is planned after all the relevant corporate procedures are completed", said Rossium in its statement. In addition, after the purchase of OPIN, Roman Avdeev is going to separate the company’s agricultural business and its agricultural lands. Now, the company's land bank includes 28 thousand hectares. For 14 years, the company sold about 500 thousand sq. m. of real estate and mastered about 500 hectares for residential construction. Ingrad, controlled by Mr. Avdeev, has a land bank for housing in Moscow and Moscow Region covering about 180 hectares, and the total volume of residential areas for sale amounts to more than 1.5 million sq. m.

The ONEXIM representative argues that the sale of OPIN has a monetary nature. "And this is significant funds", he says. Developers interviewed by Kommersant, who are familiar with the situation in OPIN, have questioned this statement. "The company has a debt of 28 billion rubles, said one of the interlocutors to Kommersant, in addition, OPIN has not yet managed to finalize one of its major projects – the reconstruction of the stadium Torpedo – with the Moscow authorities." Given that Mr. Avdeev’s bank is the main creditor of OPIN, the announced deal really looks like a quasi-market one.

OPIN was created by the ONEXIM group owner Mikhail Prokhorov in partnership with the Vladimir Potanin’s Interros. But after the partners separated, Mr. Prokhorov managed to retain OPIN assets, and Mr. Potanin got the land in Krasnaya Polyana, which now operates as a ski resort Rosa Khutor.

In the summer of this year, Vedomosti reported that ONEXIM group sells all the assets belonging to it. This happened after searches conducted in ONEXIM. On April, 14, the day of the live broadcast nationwide phone-in with Putin, the FSB raided the ONEXIM’s structures. The FSB Public Relations Center called them "operational activities" related to the investigation of a criminal case concerning the bank Tavrida (it is sanitized by the IFC; Mr. Prokhorov owns 47.45% of shares).

Tags: Oligarchs
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