четверг, 17 марта 2011 г.

Philaret Galchev - Chairman of board of directors of OAO «Eurocement Group»

http://rumafia.com/person.php?id=59


Surname: Galchev

Name: Philaret

Fathername: Ilyich

Position: Chairman of board of directors of OAO «Eurocement Group»


Biography:

 

Date of birth: 5/26/1963 of year

Birthplace: Tbilisi, Georgian Soviet Socialist Republic.

Education:

Moscow institute of mining industry, economy and management in mining manufacture, 1991.

The master's thesis on problems of regional coal markets formation, 1996

Academy of national economy at the government of the Russian Federation, the thesis for a doctor's degree "Coal market development in Russia", 1999

Career:

In 1991 he was the main commercial expert of Skochinsky Institute of mining. In 1992 he obtained a post of CEO in the International mining trading house. In 1993 was appointed to a post of Head of the Coal Market Organization Administration of the enterprise "Rosugol". In 1996 Galchev created own company "Rosuglesbyt". After a while, in 2004 the company was renamed into OAO "Eurocement group". In 2000 he held a post of the chairman of board of directors of OAO "Krasnoyarsk coal company".

According to magazine "Finance" in the beginning of 2009 he has a fortune in amount 2.8 billion dollars, and also occupies 18th place in a rating of the Russian billionaires.

Marital status: married, has a daughter and a son.
Source: [url]www.bfm.ru[/url]

Dossier:

 

Filaret Galchev became interesting for large mass media much later than the majority of his colleagues-oligarchs. It happened in the end of 2000 in connection with competition strengthening in Russian coal business. Journalists were interested by this process in connection with statements of representatives of "Gazprom" that deficiency of gas in domestic market in 2000 would make 11 billion cubic meters, and by 2020 would increase up to 85 billion cubic meters. They started talking about transfers of the large sums by the government of the Russian Federation and "Gazprom" for revival of the coal industry. The chairman of board of ZAO "Rosuglesbyt" of that time (the largest trader in the Russian coal market) Filaret Galchev also showed interest to this issue— as he said the company was ready to donate $500 million.

This statement of Galchev meant about certain arrangements according to which he expected to receive dividends from the outlined policy of the government on restoration of coal manufacture. Moreover, the issue of attraction of large extra means from the World bank was discussed.
Source: newspaper «Kommersant» № 238 (2123) from 12/20/2000

A bit later Filaret Galchev was involved to the serious conflict to a management of ZAO "Krasnoyarskenergo" because of non-payments for coal which was delivered to "Krasnoyarskenergo" by AO "Krasnoyarsk coal company" ("Krasugol"). Re-elected chairman of board of directors Filaret Galchev (he also was the chairman of board of ZAO "Rosuglesbyt") made sharp enough statement having promised that the company would pass to system of a 100 percent advance payment for delivered coal before winter came. In this connection journalists paid attention to relations of Galchev to a number of the first persons in Krasnoyarsk administration.
Source: newspaper «Kommersant» № 102 (2232) from 6/15/2001

In the beginning of 2002 the conflict rose up. The RAO "UES" declared that it managed to agree definitively with the companies of ZAO "Vostsibugol" and "Kuzbassrazrezugol" about coal deliveries in the 1st quarter of 2002. For the first time in history of relations of coal miners and power engineers in contracts fines for a non-payment and failure of deliveries were stipulated. Meanwhile «Krasnoyarsk coal company» (KCC) disagreed the conditions offered by the RAO "UES". It was not possible to agree also with one more Galchev’s structure - ZAO "Rosuglesbyt". "Rosuglesbyt" insisted on essential increase of the coal price — 25-50 %. In the absence of contracts KCC already stopped fuel transfer to Krasnoyarsk state district power station-2 and Berezovsky state district power station, and also to "Altayenergo" and "Hakasenergo". Actually during this period there was a serious conflict between Galchev and RAO "UES" management.
Source: newspaper «Kommersant» № 6 (2375) from 1/17/2002

Probably, within this conflict Galchev sold the actives in «Krasnoyarsk coal company» (KCC) and the leading coal trader of Russia OAO "Rosuglesbyt" to MDM group approximately for $120 million; after that the conflict ended up.

In July, 2002 the press-service of ZAO "Rosuglesbyt" belonging to Filaret Galchev declared acquisition of a controlling interest of the largest cement holding of Russia, company "Stern-cement". The press wrote that the decision on an investment of the obtained money in cement business in was mostly connected with old relations of the management of "Rosuglesbyt" with the head of Moscow department of investment building programs Leonid Krasnyansky whose son George headed board of directors in "Rosuglesbyt". The capital market was priority for "Stern-cement" (the company provided more than half of all cement deliveries to Moscow).

It was noticed that purchase of "Stern-cement" was made during the scandal regarding conclusion of cartel agreement by cement enterprises to rise up the prices for the production. At the initiative of capital mayoralty Office of Public Prosecutor started investigating cartel activity of cement manufactures. However after the transaction journalists predicted change of a position of Moscow mayoralty.
Source: newspaper «Kommersant» № 126/P (2495) from 7/22/2002

A bit later in Bryansk Filaret Galchev's meeting with the governor of the region Jury Lodkin took place. After negotiations mister Galchev made a startler: cement holding will change the name soon and will be registered in Bryansk. Besides, it was informed that probably new owner of the company would arrange simple re-structuring — would transfer the most attractive actives to the new structure as "Stern-cement" is almost bankrupt, its debts, under the informal information, reach $48 million.

And in connection with a possible registration of the company in Bryansk journalists came out with assumptions that it was simple advances with regional administration and that thus Filaret Galchev let know to Jury Luzhkov about inexpediency of pressure upon holding for the purpose of price reduction for cement delivered to Moscow. At a registration Moscow would lose up to $10 million tax revenues per year.

The matter is that until recently a link between the Moscow mayoralties and "Stern-cement" was the founder of the company Vladimir Shternfeld. But he sold the share in business approximately for $15 million. Right after announcements of the transaction in the market there were hearings that mister Shternfeld would be appointed as a deputy head capital construction complex of Vladimir Resin.
Source: newspaper «Kommersant» № 134 (2503) from 8/1/2002

Right after negotiations in Bryansk Galchev had a conflict to the president of investment company "Aton" Evgeny Juryev in connection with negotiations about acquisition by Galchev of 76 % of shares of OAO "Oskolcement" belonging to the company. Filaret Galchev offered the sum which seemed “ridiculous” to mister Juryev. Then Galchev promised "Aton" to launch price war which would decrease profitability of "Oskolcement". The capital mayoralty was interested in such price war also. "Stern" agreed with Jury Luzhkov to provide delivery of cement for municipal needs of a city actually under the dumping prices that closed the market for "Oskolcement".
Source: newspaper «Kommersant» № 141/P (2510) from 8/12/2002

Practically right after it Filaret Galchev got to sphere of interests of mass-media in connection with destruction at once two top-managers of his business empire. In Moscow suburbs the assistant to the general director of OAO "Rosuglesbyt" Ivan Kartashev was killed. The inspectors of Odintsovsky Office of Public Prosecutor who initiated a criminal case connected murder with the struggle for Krasnoyarsk coal cuts. It was noticed that the coal business connected with a considerable quantity of offsets, barters and bills, traditionally is considered as one of the most criminal. Especially in Krasnoyarsk where thieves-in-law, "authorities" and simple gangsters show interest almost to each large transaction.

On strange coincidence of circumstances this very day at approximately the same time one more businessman connected with "Rosuglesbyt" was lost. Victor Ostrovlyanchik, the adviser of the president of concern "Stern-cement" committed suicide at home. They wrote that Filaret Galchev until recently heading "Rosuglesbyt" was dissatisfied with old management and in particular with Ostrovlyanchik. The reason of dislike of Filaret Galchev to an old management team of "Stern-cement" is simple. He faced huge creditor debts of holding (nearby 1.5 billion rbl.). It is obvious that the question where money got to was asked to all his employees including Victor Ostrovlyanchik.

Filaret Galchev's representatives asserted that it’s absurd to connect those two deaths as in February, 2002 businessman Ostrovlyanchik sold the coal business to MDM group, and for the obtained money a bit later "Stern-cement" was got. Ivan Kartashev came to work in "Rosuglesbyt" only in May. The mess ostensibly arose also because during that moment there were two "Rosuglesbyt": ZAO under control to Galchev, and OAO owned by MDM which was a trader to "Krasugol".
Sources: newspaper «Kommersant» № 142 (2511) from 8/13/2002, Magazine "Money" № 32 (387) from 8/21/2002

At the shareholders meeting of “Stern-cement” which passed in January, 2003 the decision on creation of new structure — operating company "Eurocement" was accepted. The made decisions were a plan part at the re-structuring of "Stern-cement" begun by mister Galchev after purchase of holding in July, 2002. Thus Filaret Galchev did not begin to register the company or to transfer its actives to the new structure (minority shareholders of "Stern-cement" — investment fund Russia Partners (41,2 % of shares) and Swiss holding Holcim — 6,8 % were afraid of that ).
Source: newspaper «Kommersant» № 13 (2616) from 1/28/2003

In the summer of 2005 right after rise in prices for cement tens companies — cement consumers, including RAO "UES" applied to FAS with complaints to shares of "Eurocement Group". FAS considered shares of "Eurocement" as infringement of the antimonopoly law and tried to collect from the company to the budget 1.9 billion rbl. of ostensibly illegally received income.
Source: newspaper «Kommersant» № 57 (3388) from 4/1/2006

New scandal with Filaret Galchev's participation happened in the spring of 2006. Fund Russia Partners and its partner, the investment company "A 1" (structure "Alfa-group"), informed about claim against "Eurocement of Group" given to the arbitration court of Moscow. The claim was submitted to arbitration court of the first instance on behalf of companies Kolden Holdings Ltd. and Serpell Holdings Ltd. under control of Russia Partners which possess 44 % of shares of OAO "Eurocement". The essence of claims was that in 2004 "Eurocement Group" deduced three cement plants from structure the share in which belonged to fund, open-cast mines on raw materials extraction. According to Russia Partners, the group began to sell raw materials to the factories at the overestimated cost, and to direct finished goods already for almost market prices to "Eurocement" for sale to end users. As a result OAO "Eurocement" profit in 2004 decreased for 68 % in comparison with 2003. The claim sum (nearby 3.35 billion rbl.) makes more than 75 % of all profit received by "Eurocement of Group" in 2004.
Source: newspaper «Kommersant» № 48 (3379) from 3/21/2006

At the same time 9th arbitration appeal court recognized the order of FAS regarding transfer of 1.9 billion rubles of ostensibly illegally received income by OAO "Eurocement Group" as illegal. Moreover, "Eurocement Group" supervising more than 50 % of the cement market of the country since then is not considered as a monopolist anymore.
Source: newspaper «Kommersant» № 57 (3388) from 4/1/2006

In August, 2006 New York fund of direct investments Russia Partners in addition to the previous claims declared the suit beginning against "Eurocement of Group" (ECG) in Great Britain and on Cyprus. Claims of the fund, demanding to collect with ECG $100 million, 38.7 % of shares of the largest enterprise of the group — "Maltsovsky portland cement" concern.

Dispute started because of 38.7 % of shares of factory "Maltsovsky portland cement", the largest active of ECG. An essence of the claim is that owner of ECG Filaret Galchev and the Cyprian companies Rodette and Taplow controlled by him illegally kept this share holding which Russia Partners sold them in 2004 within the multistage transaction on transfer of this package from Russia Partners to their joint company — OAO "Eurocement". Till now these shares and are not transferred to OAO "Eurocement". The sum of claims makes $100 million.
Source: newspaper «Kommersant» № 151 (3482) from 8/17/2006

Journalists wrote that war between Russia Partners and «Eurocement group» ended up with fund defeat. But the case did not come to the end: instead of Russia Partners the cement corporation received much more serious opponent — Roman Abramovich's company Millhouse Capital.

Abramovich's structures redeemed his package at fund Russia Partners and put two representatives to board of directors of "Eurocement". And Russia Partners has withdrew all claims from the Russian and foreign courts. So the victory of «Eurocement group» actually was Pyrrhic: experts did not doubt that Abramovich's group would not stop on it and would like to receive the control over the strongest player in the cement market.
Source: Magazine «Firm Secret» № 29 (212) from 7/30/2007

In 2008 Filaret Galchev appeared in the centre of new scandal. It happened because the factory "Pikalevsky cement" (part of Galchev’s "Eurocement Group"), on two third providing requirements of builders of Petersburg and Leningrad region, decreased cement release three times — to 800 thousand tons per year. Decrease was ostensibly compelled: Pikalevsky aluminous factory (belongs to Oleg Deripaska's "Bazelcement") providing it with its raw materials was closed for modernization. In "Bazel" it was connected with a restructuring of the factory from raw materials manufacture to cement manufacture. In this case "Pikalevsky cement" appeared before prospect of full closing that in turn could lead to social explosion in Pikalevo where this enterprise was one of core companies. Besides, it is not necessary to forget that Deripaska and Galchev – competitors.
Source: newspaper «Kommersant» № 49 (3866) from 3/26/2008

"Eurocement group" tried to prevent "Bazelcement" to close Pikalevsky aluminous factory (PAF) for modernization, having initiated check of actions of the basic competitor by Federal antimonopoly service (FAS).
Source: newspaper «Kommersant» № 78 (3895) from 5/8/2008

Approximately at the same time it was informed that for the first half of the year 2008 volumes of output at the company factories of "Eurocement of groups" (supervises almost 40 % of the market) fell to third in comparison with the similar period of last year. It occurred for the first time after the holding in 2005 became the leader of cement business in Russia. Reduction of volumes of output was a compulsory measure: cheaper import restricts "Eurocement" goods from the market that already led to 20 percent reduction of prices on cement.
Source: newspaper «Kommersant» № 131 (3948) from 7/29/2008

In September 2008 it was informed that "Eurocement group" through Eurocement Holding AG became the owner of 6.52 % of shares of one of world cement manufacturers — Swiss Holcim. It is the largest transaction for the Russian cement market: its sum is estimated in $1.39 billion. Operating manufactures today in Russia practically are not on sale; there is crisis in the market crisis; it’s necessary to invest the means received from business (following the results of 2007 holding could earn a $930 million minimum), experts explain Filaret Galchev's interest to minority package of Holcim.
Source: newspaper «Kommersant» № 171 (3988) from 9/23/2008

Predicted social consequences in Pikalevo started soon. The company "Eurocement group" officially declared dismissal of 60 % of employees at the factory "Pikalevsky cement" in Boksitogorsk area of Leningrad region. It was supposed that till November, 2008 more than 700 persons would leave the enterprise. Eventually this conflict was settled with personal participation of the prime minister of the Russian Federation Vladimir Putin.
Source: Newspaper "Kommersant-SPb" № 172 (3989) from 9/24/2008

In the end of 2008 Belgorod regional Office of Public Prosecutor reacted to the complaint of workers of ZAO "Oskolcement" as a part of «Eurocement group», about their compulsion to dismissal at own will which was stated during dialogue of Russian prime minister Vladimir Putin with the country population. As it was informed in supervising department, at the enterprise the legal estimation of the situation would be given after check would come to the end. In «Eurocement group», the leader of the branch, it was asserted that workers were leaving by a mutual consent with the employer and received three wages. Further this case was hushed up.
Source: Kommersant (Voronezh) № 223 (4040) from 12/6/2008

Later journalists wrote that holding "Eurocement group" managed to receive financing even before the state confirmed an order of credit granting within the limits of state support of manufacturers of cement. Sberbank opened for Filaret Galchev's companies the demand line of credit at a rate of 6 billion rbl. for a period of 18 months. The fact that the first large credit during crisis was received by holding "Eurocement group" did not surprise the players of the market: the basic owner of cement holding Filaret Galchev was not only the old partner, but also the shareholder of Sberbank (for January, 2008 he possessed 1,8 % of bank shares). Thus Galchev managed to find money for an exit from the difficult financial situation connected with non-payments during crisis.
Source: newspaper «Kommersant» № 26 (4081) from 2/13/2009

A bit later "Eurocement group" of Filaret Galchev declared reception of the second credit in Sberbank for the sum of 15 billion rbl. The company agreed with bank without any state support: its application for reception of state guarantees at the moment of credit reception was in Ministry of Regional Development. Money was assumed to spend for replenishment of circulating assets: buyers of cement did not pay delivery in time. In pledge under this credit there could be half of actives of "Eurocement", experts counted.
Source: newspaper «Kommersant» № 82 (4137) from 5/8/2009

In the beginning of summer of 2009 in a press there was information that the share holding of "Sberbank" belonging to Filaret Galchev decreased less than to 1 %. Details were not informed.
Source: Magazine "Money" № 25 (730) from 6/29/2009

In the end of summer of 2009 there were first messages on rupture between Galchev and its old business partner Georgy Krasnyansky. In particular at first there were messages that one of two founders of "Eurocement group" Georgy Krasnyansky sold a 23.8 percent share in business to Filaret Galchev and left a holding control system. As George Krasnyansky told to newspaper «Kommersant», the transaction was made in May, 2007 and became a consequence of "divergences on strategy of company development". According to the source, close to partners, its sum made about $1 billion. According to press forecasts, it could be uneasy for Filaret Galchev to pay off for the shares sold on peak of the market. Demand and the prices for cement dropped since June, 2008, and as the result ZAO "Eurocement group" received a dead loss in 6,1 billion rbl.
Source: Magazine "Money" № 33 (738) from 8/24/2009

A bit later it was informed that old corporate war of holding "Eurocement group" with minorities of affiliated company OAO "Eurocement" was finished. The owner of holding Filaret Galchev redeemed 44 % of shares of OAO at Millhouse. Roman Abramovich's company received this share from the fund Russian Partners which could not agree with mister Galchev even by means of "Alfa group". The sum of transaction could make $150 million: for this money Millhouse refuses claims to the owner of holding and withdraws the claims from High court of London.
Source: newspaper «Kommersant» № 158 (4213) from 8/28/2009

Journalists paid attention to communications of Galchev in government of Republic Tatarstan. In this connection they wrote how the government of republic and «Eurocement of groups» entered into the agreement on which the group can receive all large orders for construction of Universiade objects, social mortgage and petrocomplex "Taneko" and to increase volumes of deliveries in republic by 20–25 %. Players of the market consider that the republic does not need «to establish monopoly for delivery of strategically important raw materials», and experts do not exclude that competitors of "Eurocement" can apply to FAS.
Source: Kommersant (Kazan) № 158 (4213) from 8/28/2009

In the meantime the conflict between Galchev and his former partner Krasnyansky for money which Galchev owed to him developed. In this connection in November, 2009 it was written that Georgy Krasnyansky's company GLK Investment Ltd submitted the claim to "Eurocement AG" (head structure of holding "Eurocement group") for the sum $200 million. Krasnyansky sold to the partner 23,8 % of holding for $1 billion — this sum should be paid in parts till May, 2011, but in terms of crisis the schedule of payments was not executed.
Source: newspaper «Kommersant» № 206 (4261) from 11/5/2009

In March, 2010 it was informed that Georgy Krasnyansky decided to break off definitively relations with the former partner on "Eurocement group" Filaret Galchev. Company GLK Investments Limited of the mister Krasnyansky sold debts of mister Galchev ($600 million total sum) to structures of certain businessman Pavel Krotov. In whose interests the new creditor of the party of the transaction and itself "Eurocement group" operate – it was not discovered.
Source: newspaper «Kommersant» № 54 (4354) from 3/30/2010

A month later the press informed already that “Eurocement group" of Filaret Galchev informed about re-structuring of a debt at a rate of $600 million. Details about Pavel Krotov were found out – he was named the financial adviser of the president of the Chechen Republic Ramzan Kadyrov. The assumption was come out that the new creditor was interested in reception of one of the largest cement factories of the group in the North Caucasus — ZAO “Caucascement".

According to "Vedomosti" newspaper, mister Krotov represented interests of the nearest colleague Ramzan Kadyrov — the deputy of the State Duma Adam Delimhanov.

"For the Chechen Republic ZAO "Caucascement" belonging to “Eurocement” is especially interesting— one of the largest enterprises in Karachaevo-Circassian Republic (capacity — 2.98 million tons per year)", — argues one of the partners of "Eurocement group". He assumes that this active could be or is traded in debt parts, or put at re-structuring. Before crisis “Caucastsement" cost not less than $540 million, participants of the market estimate."
Source: newspaper «Kommersant» № 64 (4364) from 4/13/2010

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