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The structures of the Russian billionaire Mordashov blocked the payment of dividends at Turboatom

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According to Turboatom, the actions of Biscone Limited, the ultimate beneficiary of which is a citizen of the Russian Federation, endanger the successful operation of the enterprise and its existence as a whole.

The structures of the Russian billionaire Mordashov blocked the payment of dividends at Turboatom

Turboatom JSC reported that the decision of the economic court of the Kharkiv region of 04/26/2021 completely blocked the process of payment of dividends to the shareholders of the enterprise. This decision was made to secure a still pending claim from the shareholder of the company, BISCONE LIMITED, a limited liability company affiliated with the Russian holding PJSC Power Machines, the actual owner of which is Alexey Mordashov.

“Both he and Power Machines are included in the sanctions lists of the NSDC (decisions of the NSDC of 06/21/2018 and of 03/19/2019, approved by the relevant decrees of the President of Ukraine No. 176/2018 and No. 82/2019). These decisions were one of the reasons why Turboatom did not pay dividends in their favor. In turn, BISCONE LIMITED filed a lawsuit to recover almost UAH 161 million in dividends from Turboatom JSC. BISCONE LIMITED also submitted to Turboatom a demand for a mandatory buyback of shares in the amount of UAH 194 million, ”the press service of Turboatom explained.

Turboatom said that the seizure of almost 355 million hryvnia from the enterprise could lead to bankruptcy. In addition, such actions potentially pose a threat to the energy security of Ukraine.

Turboatom JSC appealed to the President of Ukraine Volodymyr Zelensky and the Prime Minister of Ukraine Denis Shmyhal with a request to initiate, before the National Security and Defense Council of Ukraine, the application of adequate restrictive measures against BISCONE LIMITED, provided for by the Law of Ukraine "On Sanctions".

Turboatom is the only Ukrainian manufacturer of turbine equipment for hydro, thermal and nuclear power plants. The geography of supplies of the enterprise covers 45 countries of Europe, Asia, America and Africa.

As reported, Turboatom ended 2020, according to preliminary data, with a net profit of UAH 226.53 million, which is 27.8% less than in 2019 (UAH 314.07 million). The plant's net income decreased by 48% to UAH 1.47 billion compared to 2019. At the same time, the enterprise reduced its gross profit by 3.5 times to 287.4 million hryvnias for the specified period.

As of the fourth quarter of 2019, the state represented by the State Property Fund of Ukraine owns more than 75.22% of the shares of the JSC. A large minority shareholder (15.34% of shares) is the Seventh venture investment fund managed by AMC Svarog Asset Management, which is associated with businessman Konstantin Grigorishin. Another 5.598% is owned by Cyprus-registered Biscone Ltd.

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