Regional Electric Networks (RES)

History

2023: Rosseti will receive 96% of RES by decree of Putin

Shares of the Novosibirsk JSC "Regional Electric Networks" (RES) are transferred to PJSC "Federal Grid Company - Rosseti" by decree of the President of the Russian Federation Vladimir Putin of May 10, 2023. The document has already entered into force.

According to the text of the decree, Rosseti receives 92.5 million shares of RES, 107 thousand securities of Energetik JSC (a working village in Krasnoobsk), 7 thousand preferred and 2.2 million ordinary shares of Elektromagistral JSC. Putin gave the government nine months to transfer assets.

Rosseti will receive 92.5 million shares of RES

The package transferred to Rosseti corresponds to the entire share states in RES, which, according to the company's statements, from September 1, 2022 is 95.98% of the company's shares (the rest is from unnamed individuals and legal entities), notes Interfax"." The news agency adds that the state received RES shares as part of the trial of the ex-minister. Mikhail Abyzov

JSC RES is engaged in the transmission and distribution of electricity in the Novosibirsk region. The company has a dominant position in the market for the provision of electric energy transmission services in the region. RES and Energetik JSC were part of the structure of Novosibirsk Skenergo of the Ru-com group of Mikhail Abyzov, who was arrested in 2019 on charges of organizing a criminal community to steal funds from energy companies. According to investigators, in the period from April 2011 to November 2014, Abyzov, in complicity with other defendants, by deceiving the shareholders of Siberian Energy Company OJSC (SIBEKO, successor to Novosibirsk) and Regional Electric Networks OJSC (RES) stole 4 billion rubles from companies and brought them abroad.

RES shares were converted into state revenue - in this way a court decision was executed to recover 32.5 billion rubles from Abyzov and Cypriot companies controlled by him.^[1]

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