RUSNANO began to be taken away “on the cheap”

Sergei Kulikov wants to blame his scams on Chubais



As the telegram channel of the VChK OGPU warned, Rusnano, on the eve of bankruptcy, is beginning to enter into rather strange deals. As Rucriminal.info found out, by the end of the year, a 30.76% stake in Novomet, owned by Rusnano, will be sold for an amount slightly exceeding 5 billion rubles. At the same time, Rusnano invested 3.968 billion rubles in the company in 2011.

Novomet is one of the flagships of the domestic mechanical engineering industry, the company's main products are electric centrifugal submersible pumping units - one of the best on the world market in terms of reliability and energy consumption, especially when extracting oil from complex fields and offshore. The company has good dynamics in both sales and profit (at the end of 2022 + 18%), with about half of the revenue coming from the foreign market, the company has more than 20 production bases in the near and far abroad.



In 2017, Rusnano put up its stake for auction for 7.5 billion rubles. Later, other shareholders joined the competition. The winner of the competition, the American company Haliburton, put out an offer to acquire 100% of the company for 45 billion rubles. Unfortunately for the shareholders, the deal with the Americans was blocked by the Russian Federal Antimonopoly Service.

Later, RDIF tried to buy out Rusnano’s stake in Novomet in a consortium with Saudi Aramco, Lukoil, TMK (ChTPZ), GE, and the company’s management. In all cases, trading began at 7.5 billion rubles; Rusnano also planned to receive a bonus if a strategic investor entered Novomet (with a share of more than 50%) or the company entered an IPO within five years after the transaction. The bonus amount is half the difference between the sale price of shares now and in the future.

In 2022, Sergei Kulikov (the current head of Rusnano) already tried to sell a stake in Novomet to the structures of the Orthodox oligarch Malofeev, but the owner of Tsargrad was not ready to pay the market value, and Kulikov could not find grounds for selling for next to nothing.

Now - a second attempt with an ironclad justification: “Rusnano urgently needs money and Chubais is to blame for this.”

Timofey Grishin

Source: www.rucriminal.info

On the table are ready-made cases for four projects of Rusnano (Chubais)

Scams Rusnano-Capital Foundation, Plastic-Logic, Elvis Neo Tech, Rosana





On December 1, Rusnano paid off the coupon yield and redeemed 100% of the face value of the BO-002R-01 series bonds issue.

The most persistent bondholders won, as well as those who initially knew that the payments would take place. With regard to the rest of the participants in this story, it is too early to draw conclusions, after all, only a small part of the more than one hundred and fifty billion debt of the corporation has been paid off, but still, let's try. Preliminary conclusions are in the material of the VChK-OGPU telegram channel and Rucriminal.info.



A key participant in the story, the former head of Rusnano, Chubais, suffered what would seem to be the most sensitive losses.

Firstly, in terms of reputation. Of course, reputation is probably what worries A. Chubais least of all. But one thing is clear - the image of an “effective leader” has disappeared completely, and from now on not a single business project associated with his name will receive a single penny of funding - neither from the state, nor from private investors.

Secondly, in terms of the team. Until recently, Chubais's team looked monolithic, slogans on facebook like “we built the nanoindustry” and “we have something to be proud of” acted mobilizingly. Now the mood has changed dramatically: people are not psychologically ready to answer for failures and want to shift the blame onto the leader. In such a situation, and even without the active support of former employees by Asnis & Partners, the personal risks of A. Chubais and members of the management board multiply.

But Chubais bought time. Today, a year after his departure from Rusnano, references to "Chubais's difficult legacy" sound convincing. But the further, the greater will be the responsibility of the new leader S. Kulikov.



It was S. Kulikov who suffered the most crushing defeat. First, he did not calculate at all the consequences of his "easy" blackmail of the government and creditors. The market was pretty shaken, the bonds of Rusnano collapsed, and the bonds of other state-owned companies were also affected. Analysts, rating agencies and others started talking about the state's reputation.

But the most interesting thing happened on December 1 - it turned out that the accounts of Rusnano had funds in excess of 5.5 billion rubles, which made it possible to completely close the problem of issuing bonds of the BO-002R-01 series. According to the source of Rucriminal.info, this fact will have significant consequences for Rusnano and S. Kulikov.

Secondly, the goal of blackmail was not achieved - Rusnano did not receive financial support from the state, and the possibility of obtaining such support in the future will of course be influenced by the subjective assessments of the new leadership of the Ministry of Finance and the Central Bank of the Russian Federation.

Thirdly, the creditors of the company from this whole situation left a very unpleasant aftertaste: Rusnano kept the bondholders in complete ignorance until late in the morning of December 1, 2021. [By the way, a reasonable question arises (to regulators and law enforcement officers) - were all bondholders in an information vacuum?]

In any case, it will now be difficult for Rusnano to convince bondholders and banks of the need to repay the debts of the state-owned company with a 30-40% discount.

Fourth, S. Kulikov got a very influential enemy in the person of A. Chubais. The first analytics have already appeared: we are talking about a significant impairment of the project portfolio in the first month after Chubais's dismissal. Yes, S. Kulikov just repeated Chubais's trick with the collapse of the investment value at the beginning and demonstration of the subsequent growth of financial indicators, and he did this, following the lead of the board members inherited from Anatoly Borisovich (Pimkin D.A. and Kalanov AB), but it will be very difficult to find a clear explanation of this machinerie.

Fifth, the siloviki suddenly remembered that the reporting period for S. Kulikov was over, and during the reporting period, no new criminal cases were initiated against ANY member of the Board of the old Rusnano. This is strange, considering that the new head has a ready-made invoice on the table for such projects as the Rusnano-Capital Fund, Plastic-Logic, Elvis Neo Tech, Rosana, etc.

Timofey Grishin

To be continued

Source: www.rucriminal.info

The fate of Chubais and the team has been decided. We will find out about her a little later.

“Anatoly Borisovich still has immunity, but only from cases initiated by the state



The rescue of Rusnano could cost the state more than 200 billion rubles. This amount includes bank loans, bond loans (both secured by government guarantees and not), interest on them. And even after that, Rusnano will not be able to function normally. To launch a new investment cycle, you need at least 30, and preferably 50 billion rubles. The details were told by the sources of the VChK-OGPU telegram channel and Rucriminal.info.

So, there are two solutions at stake:

First. The state will capitalize Rusnano by 230-250 billion rubles, creditors receive their investments and interest; Rusnano managers continue to receive their insane salaries, another 10-15 projects will be invested, which will end in losses, write-offs and arguments about the lack of demand for innovation.



There is another way: the state will pay exactly what it should pay (about 120 billion rubles), and the creditors will have to receive the remaining money through bankruptcy proceedings. The second way is the most legitimate, the most correct, the most liberal.

The lobbyists of the first option are obvious - these are the creditors, A. Chubais and S. Kulikov.

The RF Ministry of Finance should come out in favor of the second option, but A. Chubais's pressure on A. Siluanov restrains the ministry's tough and unambiguous statements.

We will find out which option will be taken as a basis already on December 1, by which time the fate of the bond issue, which is not secured by state guarantees, should be decided.

We will observe, but no matter how this story ends, it already allows us to draw conclusions and has its own consequences.



1. In the part of A. Chubais. Anatoly Borisovich himself still has immunity against criminal prosecution, but only initiated by the state. How the system will behave if hundreds of thrown creditors begin to write applications to law enforcement agencies is not at all clear.

According to a Rucrimial.info source, Chubais's inner circle (members of the Rusnano board or the so-called Partners) is doing worse. Until now, as a result of the jewelry work of lawyers, more than one member of the Rusnano board has not seriously suffered from criminal prosecution: they took the performers, they took the former, but not a single member of the Board has ever been to a pre-trial detention center, or even under house arrest.

Now the situation must change dramatically.

And, finally, neither A. Chubais, nor the Members of the Management Board, and even the Members of the Board of Directors, have any protection from subsidiary liability in bankruptcy cases.

2. In the part of S. Kulikov, who showed himself as a weak manager who tried to blackmail the state. Obviously, the conclusions have been made, but the decisions, according to tradition, will be made a little later.

The main thing is that in the current moment S. Kulikov will have to play to the end, which means that it is S. Kulikov who will become the key driver of criminal cases.

3. Banks, bondholders. I absolutely understand the situation when you buy a bond secured by state guarantees, but how could you purchase “purely market” Rusnano securities in conditions when all reporting is absolutely available?

Investors who believe in presentations and not in reporting are not at all a pity.

The bond crisis is a story in which everyone will lose, but it will "sweep off the board" both Rusnano, and its previous leadership, and its current leadership.



Timofey Grishin

To be continued