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The wave of nationalizations of private companies, which affected $50 billion in assets and became the largest redistribution of property in Russia since the 1990s, has raised questions for the Central Bank.
The Central Bank concluded that several transactions involving the seizure of companies by the state violated the rights of minority shareholders, Reuters reports, citing sources familiar with the situation. According to the agency’s sources, some officials at the Central Bank and the Ministry of Finance are questioning the nationalization process, which they see as a return to a Soviet-style command economy.
According to three sources, the Central Bank has initiated administrative proceedings against Rosimushchestvo, the federal agency subordinate to the government that manages Russian state property. The reason for this was the nationalization of Yuzhuralzoloto: the state took 67.8% of the shares belonging to billionaire Konstantin Strukov, but did not issue a mandatory buyout offer from minority shareholders.
Russian law on joint-stock companies requires new owners of shares over 30% to make a buyout offer within 35 days of the change of ownership. And the Central Bank insists that the state comply with this law by offering a buyout to shareholders, including those who purchased Yuzhuralzoloto shares during the 2023 IPO. "The state’s actions in the Yuzhuralzoloto case are undermining the last vestiges of private property rights in Russia," a source familiar with the discussions told Reuters.
The state effectively devalued the shares of private investors who bought the shares on the open market and had no connection to either the court case or the company’s former owner, Strukov, he explained.
Yuzhuralzoloto held one of the largest IPOs in Russia in 2023, positioning itself as a "safe haven" amid the flight of foreign capital. Approximately 10% of the company’s shares are currently in free float.
"How can we convince anyone to buy shares now?" a source close to the Central Bank complained to Reuters. "The long-term damage to the economy from such actions far outweighs the benefits of any billions they seize." According to Reuters, the Moscow Exchange filed a complaint with the Central Bank, after which the regulator, in turn, accused Rosimushchestvo of violating the law.
Margarita Shulgina, an attorney with the Delcredere Bar Association, believes that the state should not issue a mandatory tender offer to minority shareholders, as it is not the acquirer of the shareholding in a market transaction and will not be the final buyer.
"Based on current practice and the law, we believe the mandatory tender offer will be sent to minority shareholders after Rosimushchestvo sells the stake to a new buyer. It is the new shareholder who will make the mandatory tender offer," Shulgina explained.
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