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Monday, October 24, 2016

Russian oligarch Malofeev’s blunder Vivacom

Russian oligarch Konstantin Malofeev and entrepreneur Dmitry Kosarev failed to take possession of the assets of the Bulgarian Telecommunication Company (Vivacom brand). Spas Rusev is preparing to close a complex deal, despite all the efforts of the Orthodox oligarch.

photo: ru.wikipedia.org

“Despite opposition of certain persons today, more than 87% of holders of Eurobonds Vivacom 400 million euros, including global institutional investors, has agreed to a change of ownership of the company Bulgarian Telecommunications Company EAD (BTC). Agent for the process of obtaining the consent of shareholders was made by VTB Capital. Winning a deal a consortium of investors led by the Savior by Rosewyn has already received approval from the Bulgarian and European regulators on the deal. The approval of regulators and almost all shareholders will in the near future to complete the transaction on acquisition InterV consortium”, – reports the website of VTB.

In addition, the press service of the company said that the “claims EmprenoVentures and Dmitriy Kosarev is aimed solely at the failure of the transaction”.

“During all this time Mr. Kosarev has not provided neither VTB nor the international regulators absolutely no documents confirming his ownership of shares in the holding structure of BTC. Kosarev stands in the interests of third parties. in addition, Kosarev never owned any telecommunications operator, and now he deliberately misleads parties to the transaction and third-party observers, in pursuit of selfish interests in relation to the company” – sums up his position VTB.

Thus, we can say that the long con of Russian oligarch Konstantin Malofeev and his trusted partner, Dmitry Kosarev to seize the assets of the largest telecommunication companies of Bulgaria did not succeed. Earlier, the company Empreno on behalf Kosareva, together with the other company – LICT – challenged in the High court of London the results of the auction where the current owner of the Bulgarian operator of Spas Rusev acquired 100% of its shares. Kosarev said at the time that is the largest shareholder, the holder of a 77% stake in the Bulgarian Telecom, and their losses in court was estimated at 250 million euros.

However, Kosarev can hardly be considered an independent figure in the case of Vivacom. According to media reports, he has been successfully cooperating with Konstantin Malofeev. For example, since the mid-2000s, Kosarev has worked in many structures of the oligarch, such as the BVI “Firsthomepage Management INC., DZHI.AY.TI. Telecom limited”, CJSC “TC holding”, JSC “Regionkapital”, JSC “Production center “BOS”.

Entrepreneurs who share the profit from projects in Russia. Their interests are promoted and outside the country: the names of both businessmen featured in the Panamanian scandal. According to the “Source”, it Kosareva EmprenoVentures LTD got published lists PanamaPapers. It is noteworthy that on the actual address: Russia, Novinsky Boulevard, 31, Business center “Novinsky passage”, 5th floor, registered and MarshalCapital Konstantin Malofeeva. Also PanamaPapers data show that Kosareva, Malofeyev and the former owner Vivacom a Bulgarian entrepreneur Tsvetana Vasileva related offshore company: GloverCorp. and CarnabyStreet S. A.

The involvement of Konstantin Malofeev in the redistribution of assets of a Bulgarian operator and the presence of his name in the lists PanamaPapers looks amazing and fits well to the business reputation of the oligarch. Behind him stretches a long train of judicial scandals – from bribing voters in the Smolensk region to the claim of VTB in connection with the history of credit.

For example, in 2012, Malofeyev was involved in a political scandal. His candidate withdrew from the race the day before the election to the Board of deputies Znamenskogo selskogo poseleniya Ugranskiy district of Smolensk region. The decision to withdraw Malofeeva the court made at the request of the district attorney. As stated in the decision of the court, during public Prosecutor’s check has revealed the fact of bribery of voters.

Apparently, Konstantin Malofeyev has not only considerable experience in fomenting scandals, but also the ability to leave them “dry”. So with the redistribution of shares in Bulgarian Vivacom to put a point yet. It is unlikely that such “single-minded” people, as Malofeev and Kosarev, just accept that, seeing as out of their hands float away the assets of the largest Telecom companies of the whole country. However, this time, Malofeeva the odds are really not great. His partner and original owner Vivacom Tsvetan Vasilev himself is under arrest in Serbia for economic crimes. Malofeev himself is under European and us sanctions. It is unlikely Bulgaria will want such dubious characters were the owners of the largest communication company in the country.

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