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Transmashholding transferred the registration of the parent company from the Netherlands to Cyprus

Russia / Business and Finance

The company assures that this has nothing to do with the denunciation of the tax agreement with the Netherlands in the Russian Federation, calling it a coincidence.

Transmashholding transferred the registration of the parent company from the Netherlands to Cyprus

Transmashholding (TMH, 20% of shares belong to the French concern Alstom) changed its ownership structure, refusing to register its parent company in the Netherlands: however, the group argues that this has nothing to do with the denunciation of the tax agreement between the Russian Federation and this country. p>

“We had a holding company, it was registered in the Netherlands - it was the only desire of Alstom, which also has its own corporate office there, and they build all subsidiaries through the Netherlands,” TMH CEO Kirill Lipa told Interfax on the sidelines Petersburg International Economic Forum.

“But we left the Netherlands. ... The formal decision of the court has already been made - we are now waiting for exclusion from the register, ”said the top manager. “This process began a long time ago, and it coincided miraculously. It turned out that we acted presciently, "he said.

“Therefore, the process of denunciation, fortunately, will not affect us in any way. We have a joint stock company with Alstom now registered in Cyprus (Transmashholding Ltd). All relevant agreements have been signed with Cyprus, I do not see any problems, ”Lipa said.

Commenting on the possible denunciation of the tax agreement with Switzerland, the head of Transmashholding said that this "story is generally insignificant."

“TMH International is registered with us - it acts as a holding and management company for our international assets. And today the financial and dividend flow has been built in such a way that we have no problems. As the tax system changes further, we will react, ”he said.

Transmashholding is the largest Russian manufacturer of rolling stock for rail transport. The group's enterprises are located in St. Petersburg, Bryansk, Penza, Tver, Moscow, Rostov and Saratov regions, as well as in Switzerland, Hungary, South Africa, Egypt, Argentina, Belarus and Kazakhstan. The service block of the group is represented by the legally independent Lokomotivnye Tekhnologii holding.

In Ukraine, since 2016, sanctions have been introduced against Transmashholding, which owns PJSC Luganskteplovoz in Ukraine (registered in Severodonetsk, Luhansk region). They include the blocking of assets - a temporary restriction of the right to use and dispose of the property belonging to it, restriction of trading operations on the territory of Ukraine, preventing the withdrawal of capital from the country.

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