Alexander Gafin, vice president of Alfa Bank
Photo: Pavel Smertin
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Alfa Bank Leaves Altushkin with No Past
The investment memorandum of Russia’s Copper Co. doesn’t specify any relation of the company’s co-owner, Igor Altushkin, to Urals Mining & Metal Co. (UGMK), said Alfa Bank, although before the revision, the document clearly stipulated the 15-percent stake of Altushkin in UGMK and said he withdrew from the metal holding in 2003. Alfa Bank that had made out the document as the lead manager for CLNs of Russia’s Copper Co. apparently decided to patch up the memorandum once UGMK denied the data in public.
The investment memorandum of Russia’s Copper Co. was released in early December and dedicated to placing $100 million CLNs for three years.
“In 1995, Altushkin participated in creation of Urals & Metal Co. and became its holder [15 percent],” said “Development History” section of the memorandum. “Altushkin withdrew from the holders’ number in 2003, because of his own concept on further advance of the metal industry.”
For some reason, UGMK didn’t hail this information. “Igor Althushkin has never been a holder of UGMK and has never had any relation to the stock capital of the company. This fact is officially stipulated in respective extracts from the register of UGMK holders, which have never mentioned either Igor Altushkin or any companies close to him,” UGMK said at the official web-site.
Altushkin used to own a minor stake in Uralelektromed and a blocking stake in Mid.-Urals Copper Mill, said sources with UGMK. Today’s co-owner of Russia’s Copper Co., Altushkin pulled out of the UGMK business in 2003, having got the stocks of Urals Bank for Reconstruction and Development (UBRiR) and a share in Karabashsky Copper Mill in return.
“The investment memorandum shows no ownership of 15 percent or of any other stake in UGMK [by Igor Altushkin],” Artur Saribekov, senior vice president at Alfa Bank said, declining to comment on memorandum adjustment.
It is worth mentioning that availability of contestable data in the memorandum is of no threat to Alfa Bank, first of all, because the laws of Russia don’t cover the CLNs. Therefore, the client itself might have requested the bank to correct the memorandum, perhaps, on fears of conflict with UGMK before placing its CLNs.
www.kommersant.com
All the Article in Russian as of Dec. 09, 2005
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