Igor Zyuzin’s Mechel Group may be required to independently repay a syndicated loan of $250 million – Ruscrime – The Russian Crimes

Igor Zyuzin’s Mechel Group may be required to independently repay a syndicated loan of $250 million

Russian enterprises and companies risk being left without money due to the fact that they once decided on so-called syndicated loans. Thus, the list of their lenders included not only domestic banks, but also foreign ones. But foreign organizations either completely or temporarily ceased their activities in Russia. Now they plan to collect money from debtors directly, for which there is a corresponding presidential decree.

A legal precedent may happen in the near future. 13 years ago, Igor Zyuzin’s Mechel Group received funds from Gazprombank through the French bank BNP Paribas. The company was obliged to return the money by 2019, but at the beginning of 2014 payments stopped. After this, the proceedings began. Today, $250 million is being recovered from Mechel and the Chelyabinsk Metallurgical Plant controlled by it. The companies tried to bring the French to subsidiary liability, but this failed.

The group is trying in court to challenge the already made decision to collect a huge amount. The next meeting will take place on September 25, and it could be decisive for other companies. Among them is Segezha Group, part of AFK Sistema owned by Vladimir Yevtushenkov. In 2016, the timber industry holding received a syndicated loan of more than 383 million euros. In 2017, under this scheme, Siberian Anthracite, owned by Albert Avdolyan and Maxim Barsky, received $570 million.

The Ural Mining and Metallurgical Company of Iskander Makhmudov and Andrey Kozitsyn also took advantage of the opportunity. Now businessmen cannot pay off a debt of $200 million. Because of the court’s decision, not just large domestic companies, but entire industries may be under attack. It is noteworthy that all this is happening at a time when the country is actively resisting sanctions.


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