Power stream

Is one of the largest private holdings in the power sales market of the Russian Federation integrating 18 power sales enterprises in 16 regions of the country. According to experts, in 2012 through Energostrim there took place transactions from 12% of the electric power in the country.

Owners and management

Till June, 2012 the CEO of the company was Yury Zhelyabovsky who then headed UK Energostrim LLC. For January, 2013 on the official site of Energostrim LLC it is noted that this management company has no relation to holding, and the former heads of Energostrim Yury Zhelyabovsky and Tatyana Muromtseva "suggest directors of regional power supply companies to make the transactions which are not corresponding to the interests of holding", including to sign with UK Energostrim LLC consulting agreements for "tens of millions of rubles".

According to the USRLE, the CEO of Energostrim LLC for January, 2013 is Sergey Smorodin. Co-owners of the company — Marina Abramova (33.4%), Sergey Kazakov and Victor Tikhomirov (on 33.3%).

Performance Indicators

In August, 2012 it was reported that the total debt of the companies of group makes about 25 billion rub^[1].

Revenue of holding for 2011 — 1.085 billion rubles, net profit — 67.6 million rubles.

History Energostrima

2008: Purchase of the first sales companies

The history "Energostrima" began in 2008 when three friends — the graduate of MGIMO Yury Zhelyabovsky, Andrey Shandalov and Valery Yeliseyev decided to earn from reform of power and to create the power sales holding. Zhelyabovsky had by then eight-year work experience in RAO UES of Russia where headed one of departments.

Shandalov' family with partners owns the Optima group — one of the largest technology holdings which primary client are the companies of the power industry. In 2008 the group won tenders of the energy companies more than on 2 billion rubles. And Valery Yeliseyev's father Vladimir — one of co-owners of Yakor insurance company and large construction holding "Avtoban".

Zhelyabovsky gathered a team of people with whom he worked in Russian joint stock company, and Energostrim headed. Shandalova invested the first purchases of sbyt, the CEO of one of the companies entering into the Energostrim group says.

Zhelyabovsky with his command, Yeliseyev with partners and Shandalova with partners received equal shares in new business.

In 2008 partners for 1.23 billion rubles purchased at an auction of RAO UES the first are sold in the Ivanovo, Penza, Oryol and Bryansk regions. The following purchases happened already at the expense of the purchased sbyt, Ivlev claims. It can find indirect confirmations in materials of the companies. For example, "Ivenergosbyt" at once began to issue big loans: 312 million rubles — to Energostrim, 190 million rubles — to the East European center of legal researches (on SPARK, belonged Shandalov). In total such loans of "Ivenergosbyt" issued on 700 million rubles.

2009

In 2009 new large purchase — the sales companies in the Belgorod, Smolensk, Kursk and Tver regions took place. Among buyers there were four previous sales and also the companies which issued loans.

2010: Consolidation of 18 sales companies and pumping out of means from them

In 2010 partners purchased from Mikhail Abyzov's structures four more sales in Siberia, and by 2012 the holding controlled already 18 companies taking the leading positions in the markets of 16 regions (see the card). After each purchase history repeated: the sales company sharply increased issue of loans and took shares of other sbyt of holding.

The source close to Shandalovym says that in 2008-2011 26.5 billion rubles — the amount comparable to future debts of Energostrim were spent for consolidation of assets.

In 2010 Yeliseyev left the project, its share passed with Shandalov. Ivlev says that Yeliseyev did not accept policy of development and management of holding, but the interlocutor of Vedomosti close to Shandalovym, about the reason of an exit of Yeliseyev does not want to speak. It is possible even to assume why.

At the companies which were bought by Energostrim the profitability sharply fell, several times grew creditor and receivables, noted in the reports of analytics. The reason was that Zhelyabovsky built the system of pumping out of means from power supply companies, Sergey Smorodin calling himself the CEO of Energostrim considers.

The express audit which is carried out later by the new management elicited the numerous facts of funds withdrawal under different consulting agreements on the conditions which are not corresponding market without observance of procurement competitive procedures.

Here what was told to Vedomosti by Yury Simonov who headed one of Energostrima companies in January, 2012 — Contour. "Contour" was created in 2009; according to SPARK, it was founded and headed by Boris Stavissky, the former top manager of one of the companies of Optima (it and was replaced by Simonov). The real estate of the Ivanovo, Oryol, Kursk, Belgorod, Bryansk and Smolensk sales companies which was estimated at 100 million rubles was transferred to authorized capital of Contour. Then are sold leased at Contour the real estate and this real estate began to be it by 10 times more expensive, Simonov tells.

But payments of sbyt did not make for Contour profit. On SPARK, in 2010 its revenue made 116 million rubles, and losses — 75.5 million rubles. The reason — in unreasonable management expenses: they reached 83 million rubles, or more than 70% of revenue. It did not prevent Contour, as well as all other companies of group, to actively take and issue loans, in 2010 it had 425 million rubles debts.

One more former employee of Optima — Sergey Pavlyuk (into Optima it was brought by the former schoolmate and the friend Zhelyabovsky, specifies the source close to Shandalov) became the founder and the CEO Energostrim of service. This company was engaged in IT service of the sales companies then their expenses on IT grew by 4-5 times; in general on the Energostry to Service group only in March — May, 2012 about 300 million rubles could be paid, Simonov considers.

The source in Energostrim confirms that IT was really centralized, but expenses because of it did not increase.

In 2009 Energostrim signed the agreement on management with the Ivanovo, Oryol, Penza and Bryansk sales companies. "Ивэнергосбыт" paid Energostrim for management of of 25% of the book value of assets, said in the reporting of sale. In 2011 — 207.6 million rubles, for the I quarter 2012 — 85 more million rubles (then the Board of Directors refused services of Energostrim). The Oryol sale paid for services in management in 2011 164 million rubles. Other companies did not open these data, but, having applied extrapolation, it is possible to assume that in two years Energostrim received not less than 1 billion rubles for management. At the same time the net profit of energostrimovsky sbyt seldom exceeded 10 million rubles.

The sales companies could pay also extraordinary services. The top manager of Energostrim says that in 2009-2010 11 sbyt paid Financetrading and Legart companies "for services in expense reduction during the work with wholesale market of the electric power" 2.25 billion rubles. From them 480 million rubles were accepted in expenses, i.e. is put in rates for consumers.

The director of the department of public relations of Energostrim Anastasia Izotova does not comment on it. And the source in Energostrim claims that loans were issued only to the companies, under control Shandalov, in three years issued more than 7 billion rubles, the term of their return expires in the nearest future. And to whom other 18 billion rubles were issued, the source could not answer. Shandalov's representatives do not comment on it.

Similar miracles happened in Energostrim and with actions.

Ivlev tells that when the group bought "Buryatenergosbyt" (Ivlev is the former board member of this company), "Bryanskenergosbyt" acted as the guarantor and guaranteed payment at the price of 2.68 rub for an action. And in several months about 7% of authorized capital of the Buryat company appeared on balance of Bryanskenergosbyt already on 12.48 rub for an action. The offshore which could earn not bad from a fivefold difference in the price acted as the seller of actions. And "Bryanskenergosbyt" revaluated the purchased packet later at its actual cost then the company had a loss.

This story can be traced according to the reporting Bryanskenergosbyt. The company reported that in 2010 it took the shares "Buryatenergosbyta" on 256 million rubles, and the packet markdown up to 47 million rubles — by more than 5 times was by the end of the year carried out.

It, by the way, for Bryanskenergosbyt not a limit. The shares of the Omsk sale acquired for 41 million rubles after adjustment fell in price by the end of 2010 up to 3 million rubles — by 13 times, Chita — from 474 million to 33 million rubles, by 14 times, Tomsk — from 379 million to 22 million rubles, by 17 times.

Of course, such jumps cannot but be reflected in indicators of the company. Ivlev says that he, for example, according to the results of the I quarter 2011 of "Buryatenergosbyt" showed net profit in 248 million rubles, and on a half-year — a loss in 316 million rubles. At the same time the short-term financial investments of the company reached 850 million rubles Ivlev considers that it and is profit which less a loss could be about 500 million rubles.

2011

Charity

On the website "Energostrima" it is reported that in 2008-2011 the company spent 209 million rubles for charity and sponsorship. Money went, in particular, for recovery of temples in the Tver and Oryol regions, financing of Asinovsky orphanage in the Tomsk region, reconstruction of neurologic department of the Kursk regional clinical hospital and financing of hockey club "Bryansk".

In 2009 Energostrim purchased the Bryansk football club "Dynamo" and began to finance it. In total on it 398 million rubles left. Plus 8.2 million rubles – on sports School Dynamo. Since 2010 Energostrim invested 35 million rubles in the Penza hockey club "Diesel".

Fishing seasons: Energostrim among the grown insolent power engineering specialists

For the end of 2011 Energostrim – one of the most scandalous companies of the sector. Since the end of 2011 activity of its structures studies Investigative Committee according to which of the companies displaid more than 5 billion rubles.

Energostrim controlling about 10% of the Russian market of electricity received Vladimir Putin's attention when in December, 2011 the prime minister of that time bawled out to the "grown insolent" power engineering specialists.

"In Central Federal District for a row of years the scheme on accumulation and withdrawal of funds of power in offshore zones works" — Putin reported. Everything, according to it, to acquisition of power assets "to foreign offshores on externally legal bases over 25 billion rubles are transferred". "It is about Energostrim company, the CEO — Mr. Zhelyabovsky Yu. A.<...> which at the same time is the actual co-owner of power supply companies. Now are brought by law enforcement agencies on a number of the facts and criminal cases are investigated" — he told.

Putin publicly called a surname of Zhelyabovsky on December 19, and on December 27 Energostrim announced that Zhelyabovsky wrote the withdrawal letter. Tatyana Muromtseva became the acting as the CEO. According to Zhelyabovsky's partners, then he ceased to answer the phone calls.

"We completely entrusted Zhelyabovsky management of holding — Pavel Kiselyov, one of shareholders of power sales holding tells. — Even when there was information on criminal cases, believed his explanation that it is intrigues of competitors. And after the tough performance of Putin shareholders tried to understand what happens to the assets purchased by them, and came up against a situation that information cannot be obtained: Boards of Directors in all companies consist of Zhelyabovsky's people. Now we are forced to study the open reporting".

For example, Zhelyabovsky, perhaps, managed to receive control in Belgorod Retail Company: in May, 2012 the company reported that it has two new owners — offshores Ripparo (24.95%) and Ercolano (24.82%); another 24.94% belong to Kiper Management long ago. The CEO of one of the companies entering into the Energostrim group claims that he these offshores is controlled by Zhelyabovsky or his people.

And in Novosibirsk, on the contrary, shareholders of holding managed to save 455 million rubles for power supply company the Board of Directors of Novosibirskenergosbyt wanted to spend 255 million rubles for purchase of a share in Tveryoblelektro, and 200 million rubles — to deliver in trust management of IFC Ekonomika. But the CEO acted against, was dismissed, now there is a court which blocked the transaction.

2012

Criminal cases

In April, 2012 criminal case was brought concerning unidentified officials of Omskenergosbyt. The company issued loans, at the same time obtaining the credits in banks (and percent on the credits join in a rate, as a result illegal income of the company could be 15.9 million rubles).

At the same time it became clear that "from August, 2010 to November, 2011 unidentified persons of JSC Omskenergosbyt by the conclusion of the dummy agreement with false firm stole funds of this organization<...> more than 296 million rubles".

For June, 2012, according to the source close to Market Council, Energostrim owed to producers of energy about 8 billion rubles (it is a quarter of debts in all wholesale market of the electric power), and to the network companies — 13 billion rubles, 9 billion rubles of which are overdue. The director Fonda of power development Sergey Pikin warns that in this situation there is a big risk of bankruptcy of the guaranteeing electricity providers who enter into the Energostrim group.

"Money is raised, and then begin to drive them, and money from calculation does not reach suppliers" — so Putin described activity of one of Energostrima companies — Tveryoblenergosbyta. This phrase is the cornerstone of the majority of the criminal cases connected with Energostrima companies in Smolensk, Bryansk, Oryol, Tver, Belgorod and other areas.

In Tula, for example, the prosecutor's office of area studies suspicious cash transactions of Tulaenergosbyt. In 2009-2011 sale issued to offshore companies seven loans on 2.8 billion rubles and purchased from them securities on 4.9 billion rubles. The Tula company obtained 64 loans from Energostrim and several related companies on 5.85 billion rubles. The Tula investigators considered that "issue of loans on a systematic basis" falls under article about illegal banking activity, and in September, 2011 brought criminal case.

On June 6, 2012 Zhelyabovsky was dismissed from a post of the CEO of Energostrim, Smorodin is appointed to its place — about it Vedomosti was told by Smorodin. He says that complex audit of activity of group is now carried out to determine the extent of damage caused by Zhelyabovsky and his command then shareholders will address to law enforcement agencies. Boards of Directors and the CEOs of sbyt who lost trust will be replaced, Smorodin promises. The main objective, he says — preserving of business and stabilization of a situation in holding:

"Shareholders and the new management cannot assume that activity of dishonourable and unfair managers affected consumers".

Perhaps, and will be. But in the USRLE on Friday, June 15, appeared the CEO of Energostrim not who other as Zhelyabovsky. The partner of Herbert Smith law firm Dmitry Kurochkin says that until changes are entered in the register, Zhelyabovsky is considered the CEO.

In the middle of June, 2012 in office "Energostrima" in Moscow there passed searches, withdrew documents, Yury Ivlev, the minority shareholder of five sbyt entering in Energostrim tells.

Currant representatives of Energostrim do not recognize. Izotova said to Vedomosti that "no appointments of the new CEO in the company existed, meetings of participants of Ltd company were not held, and the acting as the CEO of Energostrim still Tatyana Muromtseva". According to Izotova, in the last two months Energostrim is exposed to the raider attack:

"Offshores require holding extraordinary meetings of shareholders, threats to the CEO of the sales companies arrive".

The fact of searches and audits at office "Energostrima" and the sales companies of holding of Izotov denies. According to the source in this company, Shandalova really are beneficiaries of some offshores which share in the sales companies makes up to 25%. Other shareholders — Zhelyabovsky and a number of people whose interests he represents. Shandalov's representatives do not comment on it.

As Vedomosti knew, the third participant — Quorum debt management group also appeared in the conflict between co-owners of power sales holding in May, 2012. According to one of beneficiaries of this company Artem Zuev, Quorum in the middle of May became the co-owner of holding, having redeemed a part of a share from shareholders, relatives to Shandalovym. Quorum specializes in management of troubled assets and business, among his clients there are Transneft, Sberbank, Rostekhnologii and BTA Bank^[2].

August: A meeting on Energostrim in the Ministry of Energy

On August 1, 2012 the financial status of 18 sales companies of the Energostrim group was discussed at a meeting in the Ministry of Energy under the leadership of the deputy minister Mikhail Kurbatov, told Vedomosti several participants of a meeting. Decided to deprive of their status of the guaranteeing electricity provider (services most of clients, has the guaranteed sales allowance which is paying back expenses on supply of consumers), one of interlocutors reported. "Also possible methods of activation of this process — were discussed up to the beginning of insolvency proceeding of some companies" — he added. It was confirmed by two more participants of the meeting. Still the state yet never deprived the sales companies of the status of the guaranteeing supplier.

Energostrima companies work in 18 regions. 10% of payments of consumers in retail market are the share of group. At the same time Energostrim — the second in value debtor of power engineering specialists after the sales companies of the North Caucasus. A total debt of the companies of group — 28.4 billion rubles. In wholesale market 31.4% of average monthly debt, on retail — 15.2% fall to the share of Energostrim. The largest creditor — IDGC Holding to which Energostrima companies owed 10 billion rubles of Pravda, holding is ready to discuss restructuring of these debts, one of participants of the meeting says.

Bankruptcy of the sales company can form the basis for tender on change of the guaranteeing supplier, the head of Market Council Vyacheslav Kravchenko confirms. The debts which are not paid off within two months can become the same basis. But until on this basis process of deprivation of the status of the guaranteeing supplier only of one structure of Energostrim is started, specifies Kravchenko. Thus that the bases were still at least on eight companies. The final decision on discharge of sale from accomplishment of its functions is made by the supervisory board of Market Council. He announces competition at the choice of the new supplier. Until there is a replacement, former will supply consumers with the electric power, Kravchenko says.

Kurbatov told only Vedomosti that the Ministry of Energy "attentively monitors a situation". "Formal decisions are not made" — he assures.

For August, 2012 the main beneficiary of the Energostrim group – the co-owner of Optima group Andrey Shandalov. But the former CEO of Energostrim Yury Zhelyabovsky got a part of assets. Optima disputes these transactions.

The head of UK "Energostrim" Yury Zhelyabovsky transferred through the representative that considers inexpedient the decision of the Ministry of Energy. He specifies that the companies of group fulfill obligations for repayment of the credits, besides, they sue out return of 17.6 billion rubles from Andrey Shandalov. The representative of Optima accuses of Zhelyabovsky's situation. According to him, concerning it and some former managers of Energostrim 10 criminal cases upon an output from the company more than 25 billion rub^[3] are brought].

Rosenergoatom applies for assets of Energostrim

On August 3, 2012 Rosenergoatom is ready "pick up consumer service of Energostrim, such opportunity was discussed with regulators", the representative of state company told Vedomosti. Rosenergoatom can become the new guaranteeing supplier in problem regions or purchase the problem companies entering in Energostrim, but only "on profitable terms" and "at the reasonable price", the interlocutor of Vedomosti says. State holding, according to him, interest are sold in regions of presence, in particular in Kursk and Smolensk.

"The sales companies of group save up record debt to wholesale market and networks" — the deputy minister of Energy Mikhail Kurbatov said to Vedomosti. According to NP Market Council, it is 28.4 billion rubles. "Separate are sold on formal grounds get on the procedure of consideration of deprivation of the status" — Kurbatov adds. And one of participants of the meeting in the Ministry of Energy specifies that the speech can go about eight companies "Energostrima" (from 15) — at these sbyt more than two months of delay on debts.

Yury Zhelyabovsky's representative (the co-owner of Energostrim) says that he does not know of an initiative of Rosenergoatom. Pavel Kiselyov, the representative of one more co-owner of holding — Andrey Shandalov, on the contrary, says that to major shareholders of Energostrim many offers on acquisition both a part of sales assets, and all group arrive.

Rosenergoatom manages the Russian nuclear power plants, but it is attracted also by sales activity. Two years ago it saved from loss of the status of the guaranteeing supplier the largest sales companies of the Rostov region — "Donenergosbyt" and "Energosbyt Rostovenergoat".

Debt repayment — the main condition of tender on the new guaranteeing supplier, the director Fonda of power development Sergey Pikin reminds. In practice this condition was never applied, but can theoretically become a restraining factor for applicants for sales assets, the expert notices. For example, state Inter RAO is also interested in assets of Energostrim, but is only ready to manage business — Inter RAO is not going to buy the companies or to pay their debts, the representative^[4] marks out her].

2013

6 companies lose the status of suppliers

In January, 2013 the supervisory board of NP Market Council for the first time deprived of the statuses of the guaranteeing suppliers six sales companies "Energostrima" which saved up 8 billion rubles of debts at once. As of January Energostrim owes 11 billion rubles to the network companies and 17 billion rubles — generating, told then a source in Market Council. The group owed 15-17 more billion rubles to banks, other interlocutor close to Market Council said. Heads of Energostrim are put on the international wanted list on criminal case about plunder more than 1 billion rub^[5].

The guaranteeing suppliers sell the electric power to most of clients in the region, have the guaranteed sales allowance which is paying back expenses on supply of consumers. The sales company can receive the status of such supplier at special competition which is held by NP Market Council. In case of deprivation of the status of the guaranteeing supplier his functions are transferred to IDGC local branch, and the company has any more no right to buy the electric power in wholesale market.

Arrest in absentia of Zhelyabovsky and his deputies

In January, 2013 Tverskoy Court of Moscow in absentia arrested three former heads of the largest private power supply company Energostrim LLC. According to Kommersant, the former CEO Yury Zhelyabovsky and his deputies — Tatyana Muromtseva and Tatyana Bondareva — suspect of participation in an illegal output of company assets. The investigation assessed damages from actions of suspects at 694.6 million rubles so far. Charge under the article "large scale fraud" is in absentia brought to all three.

According to the investigators, in 2008-2012 suspects stole actions of ten power supply companies, including the Dagestan power supply company, Penzaenergosbyta, Ivenergosbyta, Marienergosbyta, Bryanskenergosbyta, Arkhenergosbyta and Omskenergobyta. Investigators consider that Zhelyabovsky directly directed the criminal scheme, Muromtsev contacted to the management of regional power supply companies and resolved the arising production issues, and Bondareva controlled schemes of transfer of stocks from balance of Energostrim of the companies under control of Zhelyabovsky. All three made the false documents necessary for implementation of the criminal plan, the investigation believes.

"Realizing that simultaneous write-off of actions from accounts" without approval of founders of Energostrim will be quickly noticed, Zhelyabovsky ordered to separate the abducted actions into parts and suggested the accomplices "issue on behalf of Energostrim LLC several purchase and sale agreements at once", using that on Bondareva and to Muromtsev powers of attorney from the regional companies were earlier issued, quotes the edition case papers. The criminal scheme began to work, according to the investigation, since April 2, 2012 when the false sales agreement of the stocks "Bryanskenergosbyta" and "Omskenergosbyta" with a total cost more than 142.3 million rubles was signed. Payment under agreements was not made therefore as a result of movement of the stocks "Energostrim" lost the assets.

In the middle of January the Ministry of Internal Affairs reported that over 12 billion rubles assess damages from plunders in Energostrim in the amount.

Zhelyabovsky is put on the wanted list

In June, 2013 Zhelyabovsky and two his deputies are put on the international wanted list, the official representative of the Ministry of Internal Affairs reported. "It is during the investigation established that during 2009-2011 company executives Energostrim, Yury Zhelyabovsky and two of his deputies (their names are not told), stole over 1 billion rubles belonging to the Russian power sales organizations", says the Ministry of Internal Affairs.

According to the investigators, money was withdrawn through a chain of contracts for providing different services which Energostrim signed with phony companies. The company as a result did not receive service, and money was cashed via terminals or brought to accounts of the foreign companies. — to the former manager Roman Mikhalchenko charge of fraud is brought to the arrested person involved in this criminal case. According to the investigation, he cashed the stolen money.

Charge is brought to other heads in absentia — their location is unknown. The investigation considered that they have money and the real estate in Western Europe, notes a source in the Ministry of Internal Affairs. The management of the sales company is accused of an output of company assets abroad, reported before the Ministry of Internal Affairs.

"As soon as it will fall into hands of one of law-enforcement structures of the Interpol with which at Russia the agreement is signed, the issue of an extradition and the premises into custody will be resolved" — the lawyer "Klishin and partners" Andrey Shugayev explains.

According to him, the investigation has the right to arrest the real estate, accounts and other assets of the defendant as in Russia, and abroad under the agreement on mutual assistance.

Plunder of money not the only thing what Zhelyabovsky and his deputies are accused of. In January, 2013 it became known that the former management of energoholding — Zhelyabovsky and his former deputies Tatyana Muromtseva and Tatyana Bondareva — are accused of illegal alienation of stocks of some sales companies. The investigators suspect that they in 2008-2012, using official position, stole actions of ten power supply companies, including the Dagestan power supply company, Marienergosbyta, Bryanskenergosbyta and Omskenergosbyta. According to the investigation, the damage from these actions was 12 billion rubles.

Attempts to attract foreign law enforcement agencies not always helped the Ministry of Internal Affairs. For example, the former president and the co-owner of Bank of Moscow Andrey Borodin who is in the international wanted list since May, 2011 was granted a political asylum in Great Britain. He is accused of fraud at issuance of credit for 12.76 billion rub^[6].

Notes