The Deripaska family will formally help him retain a controlling stake in En+

The New York Times has reviewed a classified document from the Office of Foreign Assets Control (OFAC) of the US Treasury Department, which describes the procedure for Oleg Deripaska's relinquishment of control over En + and Rusal, and found it beneficial for Deripaska. The publication claims that, together with related parties, he will continue to control EN+, which owns Deripaska's aluminum and energy assets.

More. The closed document outlines the future structure of En+ shareholders, which Deripaska agreed with the US Treasury in order for the company to be removed from sanctions. It follows from it that Deripaska and persons associated with him will remain the owners of a controlling stake in the company.

• The billionaire himself will own a 44.95% stake in En +;
• his ex-wife Polina - 5.19%;
• Deripaska's charitable foundation "Volnoe delo" - 3.22%;
• Polina Deripaska's father Valentin Yumashev - 1.57%;
• and another 1.78% - Orandy Capital, which in the En + IPO prospectus was called associated with members of the oligarch's family.

Thus, in total, Deripaska and his relatives will have a 56.71% stake in En +.

What is important. Deripaska and persons associated with him will still not be able to control the company with this stake - under an agreement with OFAC, the businessman will be able to vote only 35% of the shares, and Volnoe Delo and members of his family will have to transfer the right to vote all their shares to an independent third party.

Judging by the retelling of the NYT, the conditions described in the closed part of the agreement with the Ministry of Finance do not differ from what was in the open part - Deripaska still renounces control over the company and participation in its profits, and the control procedures detailed in the agreement will not allow to bypass this item.

Peter Myronenko