Photo: TASS

Minister for Open Government Mikhail Abyzov filed a lawsuit against businessman Viktor Vekselberg, demanding up to $488.4 million. He claims that the owner of Renova did not exercise the option to purchase shares of IES Holding from him.

Counterclaim

Abyzov’s lawsuit against Vekselberg and Renova Industries was filed on December 8 in the Eastern Caribbean Supreme Court and the Supreme Court of the British Virgin Islands (RBC has a copy). The minister claims that oral agreements were concluded with Vekselberg’s structures in 2006 and 2011 regarding options for shares of IES Holding (Vekselberg is its main owner), which the businessman allegedly violated. The cost of the put option (the right to sell), according to him, amounted to $451.57 million, and another $13.06 million was Abyzov’s contribution to the activities of IES after 2011 (a total of $464.6 million). The alternative claim is $488.4 million, the amount the plaintiff assessed the damage from the violation of the oral agreement of 2011 (which involved the transfer of part of the shares of IES Holding to Abyzov).

Abyzov’s representative explained to RBC that this complaint is a counterclaim against Vekselberg, who previously filed a claim against the minister. “The purpose of Vekselberg’s lawsuit is to avoid the obligation to exercise the option. As a result, Abyzov was forced to file a counterclaim demanding that Vekselberg fulfill his obligations,” she said.

Vekselberg in 2008, in an interview with Vedomosti, confirmed that Abyzov has “an option for more than a blocking stake” in IES, which he had in the fall of 2006, and later added that this option is “indefinite” and “is valid until then.” until the shareholders reconsider it.” Yesterday his representative declined to comment.

Vekselberg's lawsuit

According to Forbes magazine, Vekselberg filed his lawsuit back in December 2013, demanding that Abyzov’s option, which he received in September 2011, be invalidated. The businessman is not challenging the option itself, but the timeliness of presenting the letter on the exercise of the option, indicates a source close to Abyzov: he asks that this letter be declared invalid. But the companies representing Abyzov’s interests presented this option in due time, at the end of June 2013, despite attempts by Vekselberg’s employees to prevent this, adds RBC’s interlocutor.

Abyzov, who worked at RAO UES until 2006, invested in IES Holding, which actively participated in the purchase of state-owned company assets (TGK-5, TGK-6, TGK-7, TGK-9). Initially, there was an agreement between the partners, according to which Abyzov was owed 41.65% of IES Holding, Vekselberg - 43.35%, and another 15% was distributed between Vekselberg and the then general director of IES, Mikhail Slobodin (now heads VimpelCom), says a source close to Abyzov. In 2006–2008, Abyzov contributed $380 million to IES in the form of loans, and by the end of 2010 he fully paid for the promised share in IES, he continues. Slobodin, through a representative, declined to comment.

In 2009, Vekselberg’s structures continued to purchase TGCs and Abyzov’s share became lower than previously agreed upon. But nothing foreshadowed a conflict until the businessman agreed to sell the IES to Gazpromenergoholding. Although the deal did not take place, Abyzov managed to agree with Vekselberg on an option to sell his stake for $451 million with an exercise date of July 1, 2013, says a source close to him. Businessmen are now arguing about whether this option was presented in a timely manner.

The British Virgin Islands court operates under British law, which values oral agreements, says Alexey Melnikov, lawyer at the Moscow City Bar Association. The fact that Abyzov has invested in IES Holding for several years is a significant argument, he adds.

Abyzov is the second businessman to accuse Vekselberg of violating previously reached agreements (the legality of which the latter denies). In February 2014, Senator from Chuvashia Leonid Lebedev filed a lawsuit in a New York court against Vekselberg and Leonard Blavatnik for $2 billion, claiming that they were obliged to pay him compensation for his stake in TNK-BP (in 2013 they sold it for about $7 billion) .

They demand $0.5 billion from Vekselberg