A Cypriot court has arrested assets of Alexander Chigirinsky

A Cypriot court has arrested assets of Alexander Chigirinsky

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Founder GK “bullfinches” Alexander Chigirinsky

Photo: Valeriy Levitin/RIA Novosti

A Cyprus court has frozen the assets of the founder group of companies “bullfinches” Alexander Chigirinsky for $170.8 million. This amount want former partners in the project of the tower “Evolution” in “Moscow-city”. The businessman previously accused them of “unjustified enrichment” and sued for $127.2 mln

The arrest of Cyprus

Corporate conflict between partners in the construction of the tower “Evolution” in “Moscow-city” has got a new twist. As it became known to RBC, the District court of Nicosia (Cyprus) on the claim Snapbox Holdings Limited Victor Rashnikov and Nader Nader took the decision to arrest the assets of the founder of the developer group of companies “bullfinches” Alexander Chigirinsky in the amount of $170.8 million.

In a judgment of 29 November 2016, which is at the RBC, listed a number of companies. Among them, the development division of the group — CJSC “Snegiri development”, several legal entities, owning Moscow and regional projects Chigirinsky, and also affiliated with the Cyprus Frental Development Limited, the controlling via Folsten Holdings Limited 50%, OOO “city Palace”. It, OOO “city Palace” owned by tower “Evolution” before the spring of 2016 bought “Transneft”, and then became the holder of the proceeds from transactions — net profit on sale of asset was $267,6 million Cypriot court ordered to list themselves at the expense of half of this sum, $133.8 U.S. million, in compliance Snapbox.

Managing Director Snapbox Andrey Fokin confirmed RBC that the CEO of “city Palace” Marat Akchurin has signed documents on transfer of $133.8 U.S. million to the special account of the Cypriot court, but the confirmation about their arrival yet. In this case the plaintiff does not intend to lift the seizure of assets Chigirinskiy until then, until it receives the entire amount of the claims, including lost profits and legal expenses, that is $170,8 million, said Fokin. Up to this point, each of the six defendants (in addition to designated legal entities among them are Alexander Chigirinsky and Marat Akchurin) has a right to spend no more than $15 thousand per month for operating expenses.

Spring conflict

The deal to sell the tower “Evolution”, which RBC was first written in the summer of 2014, was closed only in the spring of 2016. According to Andrei Fokine, April 4 held a Board of Directors of the company Folsten Holdings Limited, which adopted the decision on profit distribution in equal shares among its owners — Frental Snapbox Holdings and Developments. The decision on payment structure Chigirinsky was fully implemented, but the enum in favor of Rashnikov and Nader “city Palace” is blocked.

Subsequently Snapbox Holdings tried to recover from the “city Palace” $133,5 million in the Arbitration court of Moscow. However, the Russian court rejected the company, saying that technically she is not a member of “city Palace” and is not entitled to claim dividends from it.

The partner of lawyer Bureau “Reznik, Gagarin and partners” Alexander Simkin, representing the interests of Chigirinsky and “Bullfinches” explains that “city Palace” I could not transfer funds because at the time the account Snapbox was arrested by the circuit court of the city of Limassol (Cyprus) at the suit of S&T Equity, headquarters of group of companies “bullfinches”. In the spring of 2016 that requires Snapbox $127.2 mln as payment for “unjustified enrichment” in the purchase of 50% in the project of construction of the tower “Evolution”. The deal itself took place six years ago.

The controversial deal

Rashnikov and Nader became partners Chigirinsky project of the tower “Evolution” in 2010. Prior to this, OOO “city Palace” on an equal footing owned “Inteko” the spouse of the Moscow mayor Elena Baturina and S&T Equity Chigirinsky. However, after the resignation of Yuri Luzhkov Snapbox Holdings redeemed a share “Inteko” for $52 million.

Thus, as of December 31, 2010, the consulting company Cushman & Wakefield estimated 50% of “city Palace” in $195,4 million Partners Alexander Chigirinsky in “Bullfinches” (at the time the businessman owned 60%, about 13% had Teymuraz Manageabilit, 15.88 per cent — from the structures of Roman Abramovich) was against the deal, he told RBC. Moreover, the tower “Evolution” was interested in another potential buyer — the President of group “VI holding” Vitaly Masecki.

Masecki confirmed RBC this information: “Figured the cost of $360 million, according to Cushman & Wakefield. I was ready to buy 50% in the project for this assessment. But then Alexander (Chigirinsky. — RBC) said that the project is sold at cost”.

The amount paid Snapbox, was equivalent to the volume of funds invested “Inteko” in the “city Palace” and were not tied to market value, evidenced in their testimony to the court (there RBC) the President “Inteko” Oleg Solomenski.

Personal arrangement

The reason for the decision to sell half of the project cost of steel parallel arrangement with Rashnikovym and Nader, said RBC Chigirinsky. According to him, in exchange for “bullfinches” was to receive 50% of the hotel “Russia” in Zaryadye and the eponymous tower in “Moscow-city”, which were jointly owned by his older brother Shalva Chigirinsky and Victor Rashnikov. Snegiri had also become the project developer for the construction of a skyscraper “Russia”, said Chigirinsky.

“Actually, it was a personal arrangement between four people: Shalva Pavlovich, me, Nader, and Rashnikovym”, — says Alexander Chigirinsky. According to him, it was achieved in August 2010, owned by Kick Villa Cap Ferrat on the French Riviera.

However, the partners have not signed it, recognizes Chigirinsky. Representatives Rashnikov and does deny it. Lawyer Alexander Sutyagin, representing the interests of Rashnikov, argues that there are no oral agreements between Chigirinskiy and Rashnikovym and Nader was not. As a result, owners Snapbox has not passed to the “Bullfinch” is promised a share in the hotel and the tower “Russia”.

Technical solution

The parties have not made claims for nearly five years. Chigirinsky explains that first Rashnikov and Nader pretended that they were ready to perform the oral agreement, and when it finally became clear that this does not happen, the businessman did not initiate the proceedings, which could adversely impact on the course of the project. Give it Chigirinsky decided only after the deal to sell the tower “Evolution” was closed in the spring of 2016.

Then, the court in Limassol on demand S&T Equity and arrested the account of Snapbox. However, on 24 November, the plaintiff himself withdrew from the court of their demands. Alexander Simkin calls this step S&T Equity purely “technical solution” and suggests that the plaintiff intends to seek interim measures of protection in respect of personal property Rashnikov and Nader.

The money claims to Viktor Rashnikov and Kick will Kick in $90 million is also the company Shalva Chigirinsky Hazlewood Investment & Finance Ltd. This claim also is now considered in Cyprus. The businessman intends to challenge the results of the sale of their stake in the Russia tower. The plaintiff says that she, too, was at a lower price. In 2013-2014 this project has bought Turkish Renaissance Construction, which now completes it.