RTK-Leasing

Owners

In July, 2013 it became known that RTK-Leasing revealed the final owners. The company has very complex structure of property: actions are distributed between banks – nominee holders who hold them for the benefit of the Russian and Cyprus companies, and those, in turn, belong to other structures from Russia and different offshore jurisdictions.

But now names of those who stand behind this difficult chain became known. The largest share block – 49% - is in ownership of Sberbank. Keeps bank it for the benefit of Mega-capital company which through Makro-invest is owned by Svetlana Pronina. The packet from 22% of the stocks "Northwest Financial Company" keeps in the interests of the Cyprus offshore of Belltrust Trading & Investments behind which there is Vitaly Sorokin.

Another 24% of stocks are in nominal ownership of Raiffeisenbank and "Interregional depository company". The real owner of this packet – the Cyprian Davager Consultants which through the offshore Ormond Consults registered on Belize is owned by Vladimir Moryakov.

The scheme of ownership of RTK-Leasing for July, 2013

All three beneficiaries of RTK-Leasing in the telecommunication market are unknown. None of them are included into Board of Directors of the company. However, between them there is a communication with one of the biggest customers "RTK-Lizinga" - the Zelenograd microelectronic Angstrem group.

So, according to Contour-Focus base, Pronina through Makro-invest holds minority stakes in two main enterprises of group – JSC Angstrem and Angstrem M.

Vladimir Moryakov repaid the debt of the offshore to RTK-Leasing for $11 million bills of exchange of Angstrem-Invest in due time (this company owns 25% of stocks of JSC Angstrem, her beneficial owners are unknown).

As for the third co-owner – Sorokin – that he is connected with Pronina. Recently Sorokin agreed with RTK-Leasing about repayment of a part of the debt for $22 million which is available before the company for the offshore belonging to it, bills of exchange of Makro-invest.

History

1990: Rostelecom creates RTK

RTK-Leasing was created in the mid-nineties by Rostelecom for optimization of deliveries of telecommunication equipment.

Beginning of the 2000th: "The St. Petersburg operators" receive control over the company

At the beginning of the 2000th years control over the company passed to structures of the "St. Petersburg group of operators" which was considered as close to the Minister of Communications Leonid Reiman of that time. After that RTK-Leasing became the large supplier both for the state holding "Svyazinvest", and for the mobile operators (MegaFon, Sky Link, the enterprises of the Eventis Telecom group) controlled "St. Petersburg".

A number of offshores which beneficiary, as well as the owner of other assets of the "St. Petersburg" group, the Danish lawyer Jeffrey Peter Galmond called himself owned the company. However, this statement was called into question by the Zurich tribunal at the International chamber of commerce.

2008-2011: Reyman loses a post of the minister, RTK-Leasing is blown off

In 2008 Galmond declared an exit from all assets, including RTK-Leasing.

The new owner of RTK-Leasing the company got not in the best status. Demand for leasing fell owing to crisis, and because of Reyman's leaving from a post of the minister and simultaneous sale "St. Petersburg" a number of the assets of the position "RTK-Lizinga" in telecom industry weakened.

So, if in 2007 the volume of the leasing contracts signed by the company was 18 billion rubles, then in 2008 it was reduced to 11.5 billion rubles, and in 2009 in general fell up to 600 million rubles However, in the "RTK-Lizinge" connect such deterioration in indicators with the general financial crisis.

As a result for 2009 the net profit of the company was 140 million rubles, having decreased by 7 times in comparison with 2008, and in 2010 at the company net loss in the amount of 1.05 billion rubles Besides, to new owners "RTK-Lizinga" was formed also the heavy outstanding debt from structures got "St. Petersburg", namely – the enterprises^[1].

So, the Kyrgyz mobile operator "Bimokom" should "RTK-Lizingu" $10 million and 11.5 million euros, and the Moldavian operator Eventis Mobile about 10 million euros. 1.5 more billion rubles. RTK-Leasing did not receive from the Cyprus offshore of Runica Investmnets which in 2008 became the owner of the most perspective asset of the Angstrem group – Angstrem T (according to Mint Global base, this offshore also belongs to Eventis Telecom).

Hardly it will be possible recover these debts which total amount is 2.74 billion rubles in the nearest future (the end of 2012): Bimoky and Eventis Mobile are made bankrupt, and a claim to Runica Investments was submitted in 2009, but and was left without the movement.

In 2011 RTK-Leasing put these receivables on the credit of 900 million rubles issued by a certain offshore Travars Intertrade. But the source close to Board of Directors of the company said that it is the technical transaction with the purpose to save the company from bad debts.

In 2010 the volume of the signed leasing contracts was 3.4 billion rubles, in 2011 – 10 billion rubles Russian Post became one of the largest customers, RTK-Leasing actively participates in its tenders.

In addition to Russian Post, RTK-Leasing was succeeded to find new sources of income outside telecom industry. The company signed delivery contracts in leasing of a utilities equipment, motor and railway transport, the equipment for the food industry, etc.

2011: Mega-contract with Russian Post

At the end of 2011 RTK-Leasing signed with Russian Post the large contract for the amount of 65.4 million euros for purchase at the Italian Selex Elsag of the equipment for protection of franking machines. Its amount - 2.6 billion rubles – exceeds the total revenue of RTK-Leasing for 2011. In more detail about the transaction here. At the time of signing of the contract by Russian Post Alexander Kiselyov who in the time spent of Reyman in a ministerial chair at first was his deputy directed, and then headed Svyazinvest holding.

2012: Small net profit, owners are three natural persons

At the end of 2012 at revenue in 5.2 billion rubles in RTK-Leasing small net profit in the amount of 3 million rubles was got).

It is impossible to exclude that for the end of 2012 of RTK-Leasing still remains under control "St. Petersburg", and current owners of the company (Pronina, Moryakov and Sorokin) in a varying degree act in its interests. The structure of the Board of Directors "RTK-Lizinga" can speak well for this version. Four of five places in it are engaged top managers of consulting company Sloane Square Capital Partners (SSCP):

• Tatyana Chapaykina,
• Alexey Chernikov,
• Olga Ignatkina and
• Elena Nikotina.

SSCP advised "St. Petersburg" selling their shares in Sky Link earlier and MTT, and the co-founder of the company Artur Akopyan together with Leonid Reiman in 2010 purchased the French producer Linux- a distribution kit Mandriva. At the same time Chapaykina, Chernikov and Ignatkina are included into Board of Directors of JSC Angstrem, also Chernikov represents the interests of Eventis Telecom. Reyman for quite some time now began to represent openly the Angstrem group on public actions. For the beginning of 2012 he owned on 25% of stocks in JSC Angstrem and Angstrem M, and recently the ex-minister acquired 100% of the shares "Angtsrem-T" at Runica Investments.

Besides, RTK-Leasing continues to cooperate actively with the enterprises, in a varying degree friendly "St. Petersburg". In spite of the fact that, one of structures of Angstrem did not repay the debt to RTK-Leasing, the company continues to supply the equipment to the enterprises of this group including to NPO Angstrem belonging personally to Reyman.

2014: RTK-Leasing — made the decision on liquidation

The large supplier of telecommunication equipment — RTK-Leasing — made the decision on liquidation. The company could not pay off the creditors who showed to early repayment of the bond for 900 million rubles^[2].

Liquidation commission of the supplier of telecommunication equipment RTK-Leasing held the first meeting. Following the results it was decided to convene an extraordinary meeting of shareholders. Earlier at other extraordinary meeting the decision on liquidation of the company was already made.

The reason of such succession of events became occurred this summer technical the default "RTK-Lizinga" in connection with non-execution of obligations under the redemption of own bonds. Last year the company released the eighth bonded loan consisting of 2 million bonds with a total cost of 2 billion rubles. The coupon payments on it had to be performed time in half a year within 5 years. Despite the taken place first two payments, in the summer owners of 1.2 million bonds — 90% of the market volume of a loan — showed them to the early redemption. Their repayment required nearly 900 million rubles, and such means at the company did not appear.

Notes