Versailles mansion of TagAZ owner searched

Versailles mansion of TagAZ owner searched
Mikhail Paramonov Photo: Vasily Deryugin / Kommersant

The total amount of creditors’ claims to Mikhail Paramonov exceeds 19 billion rubles ($300.2m).

French siloviki conducted searches and seizure of documents in the Versailles estate of the former owner of the TagAZ plant, Mikhail Paramonov. Investigative actions took place on July 18. RBC reports this with reference to a source close to Sberbank, a creditor of Taganrog Automobile Plant (TagAZ).

Searches were also conducted at the office, showroom, and MPM Motors company, which has ties with the Russian businessman. According to Kommersant, the total amount of claims of creditors (among the main creditors there are Sberbank, Gazprombank, and VTB) exceeds 19 billion rubles. The bankruptcy trustee found no property in Russia during the bankruptcy of Paramonov, so banks are trying to collect the debt selling the debtor's foreign property. The Paris and Versailles courts issued orders to conduct investigative measures and to seize documents.

At the same time, as RBC sources have specified, searches can still be appealed within two months. In this case, the bankruptcy manager will not be able to access the information received during the searches.

"Sberbank is satisfied with the decisions made and will continue to recover the debts of Mikhail Paramonov both in Russia and abroad," said Maxim Degtyarev, the vice president and director of the risk assets department at Sberbank.

Mikhail Paramonov served as the general director of the TagAZ in 1999-2002. Then he stood surety for loans to TagAZ in the amount of 1.3 billion rubles. The businessman brought all his property abroad and transferred all assets to affiliated companies, nominal holders, and his relatives.

TagAZ was declared bankrupt in 2014. A bankruptcy proceeding was introduced. The register of claims of TagAZ creditors includes the requirements of the Sberbank’s structure - South Automobile Group - in the amount of 4.5 billion rubles. Now the property complex of the plant is put up for auction for 1.023 million rubles. But all trades were recognized failed due to lack of bids.



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