Agroholding Rusagra announced the lifting of the seizure of the company’s assets and its shareholders

The Arbitration Court of the Saratov region lifted the seizure of assets worth 219 billion rubles., Imposed on “Rusagra” and its shareholders Maxim Basov and Vadim Mashkovich, according to the agricultural holding. The information was also confirmed by one of the creditors involved in the lawsuit. This information is not in the court file.

The arrest was imposed as a precautionary measure in the bankruptcy case of the Volga Terminal. It used to be part of the Solar Products oil and fat holding. His debt was bought by the Rusagro group, after which the holding’s companies, including the Volga Terminal, went bankrupt. In 2021, “Rusagra” bought at auction the property of this company for 115 billion rubles. Two creditors – “Cinco Trade” (part of the “Cinco”) and Tatiana Bordacheva, as well as the bankruptcy trustee of the “Volga Terminal” Ivan Baskov demanded to bring those who control the company to subsidiary liability. The court ruling states that the application is being considered against Basau, Mashkovich and the company itself. The arrest was demanded by “Sinko Trade”, the debt to which exceeds 200 million rubles. Otherwise, the debt could not be returned, he explained. Now Sadivankin declined to comment, Baskov did not respond to the request.

Basau and Mashkovich pointed out to the court the inconsistency of the precautionary measures taken by the court and the lack of evidence of the defendants’ plans to withdraw assets, said a copy of the court ruling of January 21. The court also found that on December 28 in the register of creditors’ claims included claims not for 219 billion rubles., And only for 104 billion rubles. The court agreed with the argument of inconsistency and found no evidence that the defendants were going to withdraw assets, the document said. And the applicant’s arguments about the possible alienation of property are based on assumptions, the court said. This ruling can be appealed to the Twelfth Arbitration Court of Appeal, the document said.

“We are glad that the court promptly resolved the misunderstanding and lifted all restrictive measures,” said a representative of Rusagro. Earlier, he said that the arrest was made by mistake: the court was misled by the company “Cinco”.

Rusagra is one of the largest Russian agricultural holdings. In addition to the oil and fat business, he is also engaged in the production of sugar, pork and crop production. Mashkovich owns 57% of the holding, Basov – 8%. Another major shareholder is the brother of the governor of the Moscow region Maxim Vorobiev with a share of 10.1%. Revenue for 9 months of 2021 increased by 45% to 1576 billion rubles., Net income more than doubled to 354 billion rubles.

In a recent interview with Vedomosti, Basov said that Rusagra had already bought out all the interesting assets of Solar Products, including the Volga Terminal, and was working on them as an owner. As a result of the deal, the company became Russia’s largest producer of crude sunflower oil, the second largest producer of industrial fats and improved its position in the mayonnaise market, Bass said. “Of the secondary segment of oil and fat segment” Rusagra “became the largest in terms of revenue – it amounted to 76 billion rubles last year. This is 4 times more than in 2017, when the group did not have any assets of “Solar Products”, – he explained. In the revenue structure last year, its share was 44 percent. And in the first nine months of 2021, it increased to 57%. Bass has not worked for Rusagra since January 1, 2022. He was succeeded by Timur Lipatov, who previously headed Power Machines.

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