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The Co-owner Of the Chelyabinsk Pipe Plant (CPP) Seized By Law Enforcement Officials
March 12, 2014 13:45


The co-owner of the Chelyabinsk Pipe Plant (CPP) Andrey Komarov was seized by law enforcement officials, a source in defense and law enforcement agencies reported to “Interfax”.  “Komarov was seized by the Main Directorate for Combating Economic Crimes and Corruption (GUEBiPK) of the Ministry of Internal Affairs of the Russian Federation together with the Federal Security Service of Russia” - the agency interlocutor said. He did not specify exactly what Komarov is accused of.

The Ministry of Internal Affairs confirmed the seizure of the owner of the Chelyabinsk Pipe Plant Komarov. According to the prospectus of the CPP to the IPO as of 2011 (entering IPO was eventually canceled), Komarov controls about 73% of the company - he owns 95 % of Mountrise, which in turn owns 76.8% of the CPP. Fedorov owns about 8.1% - he owns 5 % of Mountrise and 100% of Poweredge, the holder of 4.3 per cent block of stock of the CPP.

Komarov was born in 1966, graduated from the Moscow Institute of Chemical Engineering. Komarov came to the CPP in the mid-1990s. He took the office of the Deputy General Director of the plant in 1996 and began buying its shares. Now he is a member of the Board of Directors of the CPP, is a co-chairperson of the Pipe Industry Development Fund. He represented the Legislative Assembly of Chelyabinsk oblast in the Federation Council. Forbes magazine estimated his fortune at $ 750 million in 2013 (138th place in the list of the richest Russian businessmen).

CPP Group includes enterprises and companies of iron industry - “Chelyabinsk Pipe Plant” OJSC, “Pervouralsk New Pipe Plant” JSC, the company for scrap production and recycling “Meta” LLC, metal trading division CJSC Trading House “Uraltrubostal” and oilfield service division presented by “Rimera” CJSC.

In 2012 the CPP encountered difficulties in servicing debt and was forced to request state assistance. The company asked for state guarantees of 30 billion roubles for credits refinancing. The state guarantee was provided, with its help the CPP signed new credit agreements with a group of banks (Sberbank, Gazprombank, Bank of Moscow and others) for nearly $ 3 billion.

Author: Anna Dorozhkina

Tags: Chelyabinsk Economic Crime Corruption   

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