The miners who owned minority stakes in the Lebedinsky GOK appealed…

The miners who owned minority stakes in the Lebedinsky GOK addressed an open letter to the owner of the enterprise, billionaire Alisher Usmanov. They believe that as a result of fraudulent actions they lost their shares during a forced buyout, which was made by Usmanov’s structures at prices far from market prices. The assessment was carried out by the company Gorislavtsev and Co. Estimation,” which was based on the fact that the mining and processing plant’s official revenue was less than $1 billion. However, according to the applicants, in reality the revenue was underestimated by at least three times. For tax optimization purposes, products were sold at reduced prices to Usmanov’s offshore companies (BGMT and FMC ltd.), and they then sold them at market prices. As a result, the mining and processing plant’s real revenue was at least $3 billion.
Here is an excerpt from this letter to A.B. Usmanov.

“By the way, thank you for the laconicism with which you explain to the greedy British the magnitude of generosity unprecedented for Foggy Albion – “lucky and successful people should return to society the maximum of what their abilities allow.” Taking this opportunity, one more question: what’s wrong with our society of miners and metallurgists in Russia? Alisher Burkhanovich, why, with your abilities and generosity, were you unable to compensate at least the market value of the assets taken from our families through those amendments to the law on joint stock companies, which we ourselves lobbied for with Vasily Anisimov in 2006? Or do we still not understand the meaning of “Minimizing the cost part”?
If you have forgotten, as in the case of the purchase amount of the Mikhailovsky GOK, we remind you – the assessment that your GAZMETAL ordered from Gorislavtsev and Co. The assessment” (with a reputation as a print seller) could not be objective due to the fact that you were taking away our shares for your grandiose profit plans based on the residual value of the plant without taking into account the real profits concentrated in your offshore.

The second assessment, made by Deutsche Bank with the participation of CreditSwiss, Merrill Lynch and Renaissance Capital, already taking into account those 3 (Three) billion dollars that you annually “forgot” on your “FMC”, was intended for an IPO with our shares in your DEPO account .

Advertisement

Dear Alisher Burkhanovich! …

By helping the rich and successful, like Robie Williams, Andrei Konchalovsky or Lord Owen, you are not fulfilling the Creator’s main plan for your brilliant abilities, with which He generously endowed you: to help, first of all, orphans and widows, the most defenseless segments of the population.
If someone cunning whispered to you that money spent on art and sports at the expense of Russian miners deprived to poverty will matter for your location in eternity, do not believe it! You’re being scammed!”