On February 1, the 11th Arbitration Court of Appeal terminated the proceedings on the appeals of the offshore companies Trafalgar Developments Limited, Bairiki Incorporated, Kamara Limited, Instantania Holdings Limited Sergei Makhlay and Triumph Development Limited Andrew Zivy, who control the majority stake in PJSC Togliattiazot, against the decision of the appeal court Samara region on the mandatory holding of an extraordinary general meeting of shareholders of the enterprise on November 27 last year. the court confirmed the legality of convening and holding this meeting.
Let us recall that on November 19, 2021, the Arbitration Court of the Samara Region satisfied the claim of the minority shareholders of PJSC Togliattiazot, JSC UCC Uralchem and JSC Khiktaktivinvest (together owning more than 10% of the enterprise) regarding ToAZ’s obligation to convene and hold an extraordinary meeting of shareholders of the plant.
At the EGM, decisions were made to terminate the powers of the management company JSC Togliattiazot Corporation and the board of directors of ToAZ, controlled by Makhlai and Tsivi, hiding abroad. A new composition of the Board of Directors was elected, which included representatives of Uralchem.
The majority stake was voted by Oleg Egerev, who was appointed financial manager of Sergei Makhlai, who was declared bankrupt in August. According to the court decision, Makhlai’s property will be sold, and the proceeds will be used to pay for the damage caused by the criminal activities of the beneficiaries of ToAZ Makhlai and their foreign accomplices.
In 2019, in a criminal case of fraud on an especially large scale (Part 4 of Article 159 of the Criminal Code of the Russian Federation), they were sentenced in absentia to 8.5-9 years in prison and payment of compensation in the amount of 87 billion rubles.
The essence of the criminal scheme of the ToAZ owners was that the plant’s owners stole its export products, which they “sold” to the Zivi-owned Swiss offshore Nitrochem Distribution AG at prices reduced by 20-40%, and Nitrochem then resold them at market prices. Members of the criminal community transferred the margin to their offshore companies.
The shareholders meeting on November 27, 2021 was the most important event for ToAZ – liberation from the criminal group of international swindlers entrenched at the plant
“ВЧК ОГПУ”