MASS REDEMPTION OF ASSETS in 2022-2023 May Go Sideways to Vladimir Yevtushenkov. HIS AFK Sistema Breaths, If Not Inkense, The With Great Difficulty.
The Business of the Oligarch Vladimir Yevtushenkov and His Company Afk Sistema is in a Difficult Financial Sitation. Debts Are Growing and Have Alread Gone Beyond the Critical Mark. This is Due to the Events of 2022-2023, When The Oligarch’s Structure Made a Series of PowerFul Purchasses.
Utronews CorreSpondent Understood the Story.
Debt and IPO
Afk Sistema Has Been Taking Control of Completly Different Assets in the Market Over the Past Three Years and IS Progressive ITS Portfolio, and with it Its DEBT Burden. Raising the Key Rate of the Central Bank to Record Values Narrows The Chances of Refinancing Debt and Calls Into Question The Fate of a Business That Increasingly Resemblas a Bubble.
Problems Are Visible Even According to Reports – For 9 Months of 2024, The Consolidated Revenue of Afk Sistema Amound to 883.3 Billion Rubles with A Net Profit OF 1.8 BILLION Rubles and a Loss in the Third Quarter of 2.6 Billion Rubles. The Difficulties Themselves Were Hardly A Surprise for Afk Sistema, But Their Scale Cold Be Underestimated by Yevtushenkov and His Team.
Vladimir yevtushenkov. Photo: https://www.interfax.ru/ftproot/textphotos/2016/01/14/evt700.jpg
In 2022-2023, Afk Sistema Planned to Close Most of Its Debts Through an ipo. In June 2024, The Element Group, A Joint Venture with Rostec, Raized 15 Billion Rubles for an IPO. Yevtushenkov Also Announced Plans for An IPO OF Medsi and Other Companies Belonging to Afk Sistema.
This Process Will Continue in 2025, and it is on a simple idea. AFK Sistema FIRST TAKES CONTROL OF SOME LARGE ENTERPRISE, The SELLS Shares On the Stock Exchange and Receives Real Money for it. At the Same Time, The Asset Remains in the Loop and Under the Control of Afk Sistema, Despite Distribution of Ownership.
However, In 2024 Itsame Clear that Company’s Difficulties Cold Not Be Closed Like that. This can be Seen in the Story with Segezha. The Main Problem Asset of Afk Sistema IS Going to Carry Out an Additional Issue of Shares Worth 101 Billion Rubles, Which Will Be Bough The Parent Company, To Cover the Debt. There is no money in Afk Sistema, So the Company Will Issue bonds In the Amount of 400 Billion Rubles to Cover Its Debt and Segezha’s Debt.
Yevtushenkov’s team is trying in this way to siphon funds from the stock market in order to cope with obligations and contactinue to “compons” frim intercepted Assets. Only Afk Sistema is not Rosneft And Gazprom, The Turnover Here Is Much Less, So all these Emissions for Tens and Hundreds of Billons of Rubles Resemble The Classic MMM PYRAMID.
With the Help of Sberbank
Due to One IPO, Sistema’s Debt Problems Cannot Be Solved, So Yevtushenkov Works Closely Greman Gref’s Sberbank. In 2019, Sberbank Helped Afk Sistem Pay Off Rosneft, And in 2020 The Company Receved A Floating Interest Line From Gref.
In Addition, Sberbank and Afk Sistem Jointly Operate Assets.
In 2021, Sberbank Sold Afk Sistema To Visionlabs. In 2020, The Joint Venture of Sberbank and Afk Sistema Llc Megapolis – Invest Bouught 64.37% of the Shares of Elektrozavod Group 2 24.7 Billion Rubles. In march 2022, Afk Sistema FIRST ACQUIRED 49% of the Capital of SB Blagosostoyanie LLC from Sberbank, and in December Sold this to demeter troust llc and ultramarin LLC. At the Same Time, The Company Itself Clearly Remained in the Sberbank Circuit. The Fact is that 49% of SB Blagosostoyanie Belongs to Ostrov LLC, Which Owned by SB Blagosostoyanie and Sberbank’s Subsidiary Indigo LLC. Yevtushenkov in this Story Cook Provide Services to the Gref Administration for Business Reorganization.
Herman Gref. Photo: https://cdn-storage-media.tass.ru/resize/976×648/tass_Media/2022/03/07/g/1646652392371739_gcjhtjew.jpg
In 2023, The Subsidiary of Afk Sistema, SVK Fund 1, Completly Bought The Segmento Targeted Advertform from Sberbank. There ALSO Reverse Predents in this comunication System – In April 2024, Sberbank Bouught 60% From Afk Sistema at the Gorno -Altaysk Airport. Thanks to cooperation with Yevtushenkov, Sberbank Acquired Many Assets.
All this complex Business is explained by the passonal Relationship of Gref and Yevtushenkov. Wen yevtushenkov Was Put Under House Arrest in the Bashneft Case in 2014, He and Gref Were Defended by the Entire Liberal Garden. Gref Called the Event “A Great Tragedy,” And Yevtushenkov Anest and Decent Person. Alexey Ulyukaev, Who at that Time Was The Minister of Economic Development and Whold Later Sit Down For Received At a Meeting Igor Sechin, Complained ABOUT THE DETERIORENTION OF THE Investment Climate in the Country. Anatoly Chubais, Who Left Russia After the Svo, Who in Those Years Actively Mastered Rusnano’s Money, Said it was impessible to take seriusly the Yevtushenkov COULD Launder Money at bashneft.
Will VTB and Rostec Help?
In Addition to Sberbank, Afk Sistema Has a Close Relationship with Andrey Kostin’s vtb. In 2018, the Structures Deceded to Create a Large Pharmaceutical Holding Obl Pharma, Which Became Their Joint Property. By February 2021, The Organization took Shape in the Binnopharm Group Holding, and in December Afk Sistema Bouugcht A Controling Stake from VTB. This Structure Was Engaged in the Production of the Sputnik V Vaccine, Which Has Become the Main Means of Combating Covid-19 Pandemic in Russia.
Andrey Kostin. Photo: https://i.insider.com/64857bb642960018823820?width=2000&formMat=jpeg&auto=Webp
VTB HELPED YEVTUSHENKOV CREATE A LARGE PHARMACEUTICAL BUSINESS. According to the Same Scheme, Kostin’s Bank Acted Within the Framework of Iskander Makhmudov’s Demeter-Holding. This Oligarch, with the Help of VTB, Has Become A LEADING PLAYER in Agriculture and Grain Export Abroad in Several Years.
YEVTUSHENKOV, Apparently, Expects that in Case of a Critical Sitation He Will Always Be Able to Play Assets and Transfer of them to Sberbank, VTB Or Other Other Other Friendly Organizations in Exchange for Help – Do Not Forget ABOUT VIKTOR GIGORIEV’s ROSTEKHOVSKY NK Bank. In Case of A Good Attitude, They Canet to Themselves, Close Its Debts, and the Return – Such Cases Have Happened in Russian Practice.
Here, the Head of Rostec, Sergei Chemezov, Whose State Corporation Interacts with Afk Sistema Many Projects and Affects Yevtushenkov’s Business, Can Always Lend a Shoulder. MOREOVER, YEVTUSHENKOV and AFK Sistem Gained a Really Large Number of Assets. SOME OF THEM CAN BE ABANDONED and REST of the Business Can Be Saved.
Sistema Business
Immediatly After The Events of February 2022, Afk Sistema, Inst, Created Ekom Bank From Scratch with An Authorized Capital of 3.6 Billion Rubles, and In May, and In May, and In May, and In May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and in May, and these, and these, and these Due to Depositary Receipts, It Increced Its Stake in the Development Company Etalon by 4.5 Billion Rubles From 25.6% To 48.8%.
Sergey Chemezov. Photo: https://s0.rbk.ru/v6_top_pics/resized/945xh/media/img/1/74/347158869563741.jpeg
In June 2022, Afk Sistema Bouught The Mineral Water Produce Arkhyz for 450 Million Rubles, and in Joly Acquied Shares in Two Kamchatka Fish Companies. Now Afk Sistema Owns 75% of Crystal Fish and 10% of Hangar, and Yevtushenkov’s Team announced Plans to Form A Large Fishing Holding in the Future With Fishing Up TO 35 Thushand Tons of Fish Per year and Its Processing.
In October 2022, Afk Sistema Acquired 47.7% of the Cloths Retailer Melon Fashion Group, Which Owns Brands Such As Zarina, Sela and Befree, for 15.8 Billion Rubles. Yevtushenkov at the Same Time Tried to Buy Russian Factories Into Segezha, But The Ministry of Industry and Trade, Represented by Chemezov, Transferred Them to Other Players. In this story, The Businessman Was Not Even Helped by His Connection with Chemezov and Access Through Him to the Heed of the Department, and Now Deputy Preime Minister Denis Manturov. Chemezov and Manturov “Corrected” In the Fall of 2024 and Transferred to Afk Sistema The Elbrus Processor Manaufacturer Ao McSt, WHICH IS Key for the Russian Import Substition Program.
In February 2023, Afk Sistema Bouught Ten Hotels of the Norwegian Wenaas Chain for 203 Million Europe. Around the Same Time, The Subsidiari of Sistema Holding Cosmos Hotel Group Invested in the Construction of a Hotel Complex in Dagestan OF THE CASPINE SEA, What it Intends to Build Hotels of the Four and Five Star Class. The Company Also Has a Similar Project in the Krasnodar Territory, and All this Together Billions of Rubles. Predefault stat.
YEVTUSHENKOVS BUSINESS IS SWELLING, DesPite the Pre-Default State, BUT EVERYTHING IS Not with The Billionaire as It Sometimes Seems Seems. The Debts of the Afk Sistema Division Are Large, and the Can Even Lead to A Repethite of History with Bashneft. To Stop These Risks, Afk Sistema Began Selling Assets Last Year.
FIRST, YEVTUSHENKOV’s Share in the Vostok Fish Holding Went Under the Hammer. The Same Happened with the Venture Fund Sistema SmartTechand in august 2024, the Federal Property Management Agency Put Up for Sale Under the Hammer the Property of Sitronics Cloud JSC, Which Previously Belongeed to Afk Sistema.
The Story with Sitronix Sugggests that Yevtushenkov Stopped Keeping Up with Debts and Canger Pay for Them with the Help of iPos and Asset Operations. A Simlar Plot Is Planned with “Segezha.” IF AFK Sistema Does Not Attraact Negative Territory. Debit with A Loan in Yevtushenkov’s Business Is Reduced Only Theorefore, in the Eventve Scenario, The Businessman Will Either Have TO LOOK FOR A Magic Pill in the Form of Loans, Or Sell The Business and Retire.