Ukrainian tycoon Rinat Akhmetov (Photo: IT).
Best Solution JSC will acquire 100% of the shares of Don Anthracite and Obukhovsky Mine Management in the Rostov region from Cyprus-based Fabcell Limited, the Kremlin said on January 25.
Russian President Vladimir Putin signed off on the purchase based on an August 2022 decree on "the introduction of special economic measures in the financial, fuel and energy sectors in response to unfriendly actions by certain foreign states and international organizations.
In 2012, Ukraine's richest man, Akhmetov, bought Don Anthracite and Obukhovsky Mine Management for $39 million from DTEK Energy Holding Company. However, in 2021, DTEK announced that it would sell them to pay off debts it owed to Sberbank.
According to Russian newspaper Kommersant , Don Anthracite and Obukhovsky Mine Management were sold in August 2021 to Cyprus-based Valleyton Investments for $230 million, with their outstanding debt estimated at nearly $447 million.
However, in September 2022, Mr. Akhmetov’s assets in Russia were seized and he was accused of “funding terrorism” because his company SCM Holding had pumped significant funds into the Ukrainian military. At the same time, another Cyprus-based company, Fabcell Limited, emerged as the legal owner of the two mining businesses.
In June 2023, Fabcell transferred management of Don Anthracite and Obukhovsky Mine Management to SBK Premier, formerly a division of Sberbank.
Mr Akhmetov is considered the richest man in Ukraine with a fortune of $5.7 billion. His company SCM Holdings is the largest shareholder of DTEK and has investments in various industries, from energy and transport to mining, metallurgy, banking and finance. He is also the owner of the Shakhtar Donetsk football club.
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