Grimaces of the new privatization: where did the whole port go?
The fact that flirting with privatization in our country in most cases turns into Russian roulette can now be considered as an unequivocal fact. True, Russian roulette and Russian privatization still have one important difference: in the first case there is at least some chance of success ... Despite the fact that the chances of improving the situation in certain sectors of the Russian economy in the case of privatization of high-yielding enterprises are close to absolute zero, the idea of holding the next privatization stages in our country continues to give hot heads. At the same time, many readers can say: what is actually bad about the very fact of privatization, because in our country today there are a lot of inefficient companies and enterprises that are on the state balance and work without any return, or even frankly minus. After all, it is possible to transfer these enterprises into the hands of an advanced private owner, who will force them to bring tangible profits. Yes, indeed, there are enough of such enterprises, and there is nothing bad in transferring them into the hands of efficient private owners. However, today, for some reason, it’s not about the privatization of objects breathing incense, but about transferring to the private hands of the state property that brings obvious profit.
Recently, it was announced about the possibility to privatize such companies as Rosneft, RusHydro, United Grain Company and a number of others. It would seem that the very fact of privatization in this case loses all meaning, because the same Rosneft is one of the largest taxpayers to the state treasury. So why look for good from good? Perhaps, someone from the bureaucratic apparatus hopes that the sale of these state-owned companies into private hands will lead to filling the state budget with an enormous amount, which in itself will become life-giving moisture for the Russian economy. Well, well - hope, of course, is necessary, but whether this is a case where the risk (and the sale of a large state-owned company to a private trader is a risk by definition) is justified.
Is it justified or not justified - no one has asked us for a long time ... They don’t ask, but again they explain how blessed the sale of both efficient and ineffective state-owned enterprises into private hands will be. No, you know, hidden intrigues, no doubtful vouchers or mortgage auctions. Everything is for the country, everything is for the people. It would seem, why this time not to believe the ideological inspirers of the new privatization perturbations? We would be glad to believe, but ...
One of those “buts” that again makes us think about a new round of privatization fraud is the privatization of the famous Vanino Sea Trade Port, one of the largest stevedoring companies in Russia (a company carrying out a set of measures for the loading and unloading of ships, as well as having the authority to hire a shipowner and charterer).
Not so long ago, the privatization of the “new model” just by the example of the Vanino port (VTPP) showed itself in all its glory. At first, it was reported that the state decided to sell 73,3% of the company's shares to one of Mechel's subsidiaries, which was managed by a man like Igor Zyuzin. The same Igor Zyuzin, who became one of the key figures of the grandiose scandal with Mechel of the 2008 model of the year, when it turned out that the company's management was selling its products to foreign buyers with a strange discount. Why did you sell it "at a discount"? Well, certainly not to increase tax revenues to the state budget.
It is worth recalling that after identifying the fact of “discounting” in 2008, in just one day, Mechel’s shares fell by a third, thereby inexpressibly “delighting” shareholders ...
And now, after 4 a little more than a year later, the state decided that Mechel was still an effective proprietor who would manage the VTPP much better than the state itself. But it is hard to believe. After all, if a company tried to avoid paying the proper amount of taxes once, and its management did not have anything for it, then it is unlikely that it will want to repeat a similar attempt again.
However, this could be long and lengthy to argue if the controlling stake in Vanino port de jure would remain in the hands of Mechel-Trans, the very same daughter of Mechel mentioned above. But then the situation made us feel a sense of déjà vu, returning us to the dashing 90. The fact is that Mechel-Trans, after a very short time after the purchase of the 73,3% of the shares of VMTP, decided to sell the 71,04% of the shares of this company ... Why? Perhaps, Mechel set out to self-brand itself, emphasizing that this time the effective owner did not come out of it. But somehow, extremely quickly, the management of the company received the idea of selling almost all of the port’s shares. In this regard, the conclusion suggests a somewhat different one: but could not the company “Mechel-Trans” itself could act in advance as an early maturing mediator, who took the “right” 2% for his works “for the good of the Motherland”? It is a painful sensational figure, isn’t it ... But if it is a mediator, then who ultimately received the lion’s share of the VCPP shares? ..
It is not difficult to guess that these buyers were "effective owners" of clearly questionable status. The media is actively discussing the topic of offshore. Where do without them in the implementation of the "new" privatization ideas. So, the buyers of 71,04% of HMTC shares are: Sedmino Investments, Travina Trading and Op. Trade. Where are these companies registered? Well, of course, in Cyprus.
And here new oddities arise. It would seem that Cyprus is part of the European Union, which means that, on the basis of the updated legislation, it does not have the right to harbor offshore companies on its territory. However, Cyprus today is far from uniform. On this island there is also the territory of Northern Cyprus, undefined by status, in which the conduct of business is beyond any control. It is Northern Cyprus that today intercepts the palm of an offshore championship from the rest of Cyprus. In addition, the European Union part of Cyprus for some time received the status of the so-called onshore, which allows (note) firms to avoid double taxation. It turns out that the companies to which Mechel-Trans sold 71,04% of the shares of the Vanino port in any case (even if they are offshore, onshore though) are exempt from paying the money to the Russian treasury. Cypriot legislation says so directly: register with us - pay taxes to us or pay nothing to anyone at all (in the case of Northern Cyprus). So all profits from the port of Vanino after such a sale actually float past the federal Russian budget. As the saying goes, what was required to prove ...
But then the situation gets even more "funny" shades. Mechel-Trans unexpectedly buys En + 21,6% shares from the shareholder of the port of Vanino and starts negotiations with Russian Railways on co-financing the development project of the maritime harbor. Interest in the deal with Mechel on the part of Russian Railways was manifested. But at the same moment the question arose: after all, the state-owned company “Russian Railways” itself did not have time to privatize. Then it turns out an obvious nonsense: the state sells its port to “unknowingly”, so that later its (state) company makes a deal to develop this port with a private buyer. The question is: why then did the port have to be privatized, if ultimately for its development the state is going to spend its (that is, taxpayers) hard-earned money? It hurts all this story with the privatization of the CPV, it resembles the classic episode of the privatization of the early nineties: the big heat of bureaucratic hands ... 2% of the sale just enter the notorious outline ...
Understanding such a sting with the participation of Russian Railways, the government promptly announced that it was not encouraging the deal with Mechel. Well, if it had also encouraged it, it would have looked quite somehow impermissible for our Cabinet of Ministers.
In terms of sales and resale of the port of Vanino, there is still only one mystery left: who is behind those Cypriot “effective owners” of Russian property? It is hardly worth believing that these are some Cypriot retirees who have dumped their savings and bought shares of the whole port in the amount of almost 550 million dollars from Mechel-Trans. And if not Cypriot pensioners, then who?
Considering the fact that Mechel-Trans actively trades in stocks and tries to involve RZD in this business too, it is worth assuming that all these Trades and Investments are some backsends of the company. And if so, then Mechel-Trans made what is called a knight's move, once again finding a loophole that avoids the need for full tax deductions to the state budget. And whoever, at the government level, advocated it so that this company would become one of the new implementers of privatization ideas is a question, the answer to which will be obvious in a few years ... As they say, even in Russian privatization everything secret becomes obvious ...
PS If the state intends to continue to privatize its high-yield enterprises like the Vanino port, then such privatization to the Russian citizens, as the hero of one cartoon said, is not worth it, and not money for money ... If you really want to privatize something, then why would not start our officials from their, for example, cabinets? .. And what - even a very profitable business can happen if you sell the lower floor of the Government House, for example, a network shopping center, and in the State Duma meeting room a couple dozen in the always empty deputy chairs to convert into dental chairs; On the roof of the Federation Council you can grow tomatoes with zucchini in general ... Again, profits - but everything in the budget - no offshore ...
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