Major shareholder of Mechel has lost control over 12% of company’s shares

​The major shareholder of Mechel, I. Zyuzin, has lost control over a part of the company’s shares. The stake of I. Zyuzin and his family in Mechel fell by 12.34% to 55.04%.

The fall of Zyuzin’s stake is connected with the fact that the shareholder lost control over Mechel’s papers stored at UFS Financing (Cyprus). These shares were a security by the agreement between UFS and Calridge (belongs to Zyuzin, via which he holds a part of his package in Mechel) on the attraction of financing in 2013.

A representative of Mechel refused to comment. Formally Calridge stays the holder of the shares in dispute. A source of Kommersant says that I. Zyuzin is trying to return the control over the shares at Court.

In mid 2015 the Bank of Russia said that the Cyprus companies of UFS and “Arbat Capital” manipulated the shares of Mechel on the MSE in November 2013 and February 2014. The Central Bank said that at this time by means of simultaneous offering of large packages of shares, the value of Mechel’s shares sharply fell.