T plus vekselberg. Vekselberg's energy holding is in no hurry to return to the exchange
T Ppus energy holding, which is part of Viktor Vekselberg's Renova, intends to continue active investments. We are talking about the modernization of thermal power plants, and about renewable energy sources - solar generation and, possibly, Rostec's waste incineration projects. As a result, T Plus plans to invest up to 90 billion rubles only in modernization. The need for large investments will not allow paying dividends yet, the company admits.
In 2017-2018, "T Plus" does not see an opportunity to pay dividends to shareholders, said on April 5 and. O. CEO of the company Denis Pasler. He explained this by the high need for investment. “There is a desire of shareholders (to receive dividends - Kommersant), but if there are huge investment programs, this will not work,” the top manager explained. If DPM-2 appears (the discussed program of modernization of the old generation - Kommersant), then for the next ten years it is clear what we should do. " CDA - contracts for the supply of capacity, guarantee a return on investment in generation due to increased payments on the energy market.
“T Plus” will also participate in the summer competition for solar generation projects (now the “T Plus” portfolio for the sun is 215 MW). According to Mr. Pasler, the company was also negotiating with Rostec on the joint construction of waste incineration TPPs (MTES) in the Ulyanovsk, Nizhny Novgorod and Sverdlovsk regions (such projects in the Moscow region and Tatarstan are carried out by RT-Invest, a part of the state corporation). “They have technology, we have assets,” the head of T Plus explained, adding that the company would return to the topic when “the state decides on the territories,” but without specifying possible investments. RT-Invest confirmed their interest in cooperation with T Plus.
The basis of "T Plus" is the heat and power plants in the Volga region and the Urals with a capacity of 15.7 GW purchased from RAO UES by 2008 (sixth place in Russia). Net profit under RAS in 2017 - 3 billion rubles. against 323 million rubles. a year earlier, revenue increased by 2.8%, to 222.7 billion rubles. The company did not pay dividends earlier. Under the program of contracts for the supply of capacity, T Plus built 2.9 GW, having invested 127 billion rubles. In 2016, the general director of the company Boris Vainzikher and the chairman of the board of directors Evgeny Olkhovik (retain their posts) were arrested in the case of bribery in the Komi Republic, now under house arrest.
According to Denis Pasler, the modernization of the T Plus TPP may affect 2.5-3 GW, the amount of investment - 60-90 billion rubles. In total, the Ministry of Energy plans to modernize up to 40 GW of thermal power plants by 2035. In 2017, capital investments of "T Plus" will amount to 25 billion rubles, another 10 billion rubles - investments in solar generation. The ratio of net debt to EBITDA by the end of 2017, according to the top manager, decreased to 3.1 against 3.8 a year earlier, the debt itself decreased from 147 billion rubles. at the beginning of 2017 to 134 billion rubles. today and in 2018 debt burden will no longer decline. "T Plus" also does not see any prospects for the return of shares to the stock exchange. “We believe that now is not the time,” said Mr. Pasler. The delisting from the Moscow Exchange took place in 2016 - immediately after the completion of the reorganization, when TGK-5, TGK-6, Volzhskaya TGK and TGK-9 were merged into T Plus.
Natalya Porokhova from ACRA notes that the statement about the impossibility of paying dividends is atypical for energy companies. She notes that in 2016, for the first time in many years, a free cash flow(FCF) in the industry as a whole has become positive and until the beginning of 2020, when the modernization of TPPs is likely to begin, will, on average, remain so, since most companies have completed their CDA investment programs. “It is expected that the next two or three years will be record-breaking in terms of dividends for power engineers,” the expert said. Vladimir Sklyar from VTB Capital notes that after the completion of the CDA, the company's debt is at its peak, if it decreases, dividend payments can be expected “as early as next year”. He noted that "T Plus" has one of the largest needs for the modernization of CHP plants, and "tariff setting in heat is now difficult."
The chairman of the board of directors of the Renova group, Viktor Vekselberg, in a public speech mentioned the problems of the company belonging to the group. T plus", Against whose top managers a criminal case of bribery is being investigated. This happened at the ceremony of launching a combined cycle power plant in Yekaterinburg. He also promised that the company will provide "every possible support to our comrades" (quoted by Interfax). In "Renova" they hope that "the investigation will sort everything out."
“Taking this moment, I would like to say that T Plus has always been, is and will be a highly professional company, a company that aims to modernize and create a new quality of power generating facilities. As a company that bears the duty of social responsibility, we have a wide program for the implementation of various initiatives in all 16 regions. Therefore, no matter what momentary difficulties we might have to face, I want to express my confidence that we will firmly move towards our goals, "TASS quotes Vekselberg.
“Eight years of hard work and serious mobilization of the T Plus team. The Russian economy is going through a difficult situation, but our company did not allow itself to disrupt the schedule for the implementation of this program. We have fulfilled our obligations. More than 10% of capacities throughout the country have been commissioned by our own hands - we are proud of this, "- quotes the businessman" Interfax ".
Earlier it was reported that the cost of construction of the Academicheskaya CHPP, which T Plus solemnly launched on September 13, amounted to about 12 billion rubles.
On the same day, Andrey Wagner, the acting general director of T plus, commented on the situation with the criminal case to TASS. “We cooperate in the usual and on-duty mode, everything is defined and everything is clear,” he said. Its purpose and. O. He called the CEO “natural” and assured that the company was operating as usual.
The general director of T plus Boris Vainzikher and the chairman of the board of directors of this company and co-owner of Renova Yevgeny Olkhovik were arrested on charges of bribing the former administration of the Komi Republic. Also in the case is the former head of CJSC Integrated Energy Systems (IES) and until recently the general director of VimpelCom Mikhail Slobodin, who was put on the wanted list. According to the investigation, in 2007–2014. The suspects, acting in the interests of IES CJSC (reorganized into T plus PJSC in mid-2015) and affiliated organizations, transferred money and other property to the top officials of the Komi Republic, who are now being investigated in the so-called Gaizer case, for "The establishment of the most favorable tariffs for heat and electricity, as well as the provision of other benefits and the creation of comfortable conditions for the implementation of commercial activities in the territory of Komi."
A day earlier, the Renova group of companies, which includes T Plus, officially announced its readiness for constructive cooperation with the investigation. “The specialists of the group have prepared a detailed analytical material, covering in detail all aspects of the activities of the company" T plus "in 16 regions Russian Federation, and in particular in the Komi Republic, including its relationship with federal, republican and municipal authorities, "- said in a press release of the company. On September 13 Vekselberg confirmed this statement: “We have prepared quite extensive materials for sending to the government of the Russian Federation, to relevant ministries in order to familiarize the country's leadership in sufficient detail with the activities of our company in the Komi Republic” (quoted by Interfax).
The searches in the Renova office in the center of Moscow took place on September 5. At the same time, Renova pointed out that the investigative actions had nothing to do with the group of companies itself and concerned only the subsidiary T plus.
On September 13, Vladimir Putin's press secretary, Dmitry Peskov, said at a briefing that the president has all the necessary information on this case, "and from various sources" (quoted by RIA Novosti). He stressed that only a court can establish the guilt of the defendants in the case.
IES Holding will convert five generating companies to a single share. New company will be named T + Group
The generating assets of IES Holding will be consolidated on the basis of the Volzhskaya TGK, announced yesterday the general director of the energy holding Boris Vainzikher. Volzhskaya TGK will place an additional issue of 35.9% of the increased authorized capital to pay for stakes in TGK-5, TGK-6, TGK-9 and Orenburg TGK, 12 repair and service companies, KES CJSC, and trading divisions. Consolidation will be completed by the end of 2014. The new structure will change its name to T + Group and, in addition to generation, sales and repair of power facilities, will be engaged in a new direction for itself. Volzhskaya TGK will acquire from its main shareholder of the Renova structures, Viktor Vekselberg, 100% of the water supply organization Russian communal systems"For more than 20 billion rubles. and 50% of the gas supply organization Gazex for more than 5 billion rubles. The company plans to consider the issue of rebranding at a meeting in 2015," Weinsicher said.
Volzhskaya TGK has been selected as a base for consolidation due to its high financial and economic indicators. Shareholders of generating companies will consider consolidation issues at annual meetings on June 26-27, 2014. Buyback prices for shareholders of Volzhskaya TGK RUB 1,796, TGK-5 RUB 0.002, TGK-9 RUB 0.003, TGK-6 RUB 0.002. The appraisal for the consolidation was carried out by Deloitte.
Renova will be the controlling shareholder of the T + Group, Weinsicher said. Now the structures of "Renova" own from 32 to 65% of the shares of TGK. Last year, Vekselberg's longtime partner Leonard Blavatnik became the second most important shareholder in energy companies. Its structures bought out 27.7% of the shares of TGK-6 and 41.4% of the Volzhskaya TGK from Inter RAO for 22.8 billion rubles. The right to buy a minority stake in IES Holding also belongs to the structures of the chairman of the "open government" Mikhail Abyzov, secured by loans previously issued to him, says a source close to one of the TGK shareholders. Another source close to the shareholders of one of the TGKs says that it comes about 10%. Abyzov could not be reached for comment.
Not against consolidation and minority shareholders. Prosperity Capital Management (its structure owns 19.5% of TGK-6 shares) supports the consolidation "as such", co-director of the fund Roman Filkin told Reuters. It was not possible to obtain comments from a representative of another large minority shareholder of the EBRD (7.88% in TGK-9).
Weinsicher believes that "most of the minority shareholders will want to keep their shares and wait for the company's value to rise." The buyback price of Volzhskaya, TGK-5 and TGK-9 shares was at the level of Friday's closing prices, while TGK-6, whose shares rose strongly in the second half of last week, were 10% lower, says Sergey Pigarev, an analyst at Rye, Man & Gor Securities. “Taking into account the negative dynamics of shares in IES Holding companies in recent years, we consider the buyback prices unreasonably low,” the expert notes. Investors did not appreciate the offer: TGK-5 on the Moscow Exchange fell by 8.5%, TGK-6 by 10.3%. Only TGK-9 went up in price by 0.33%.
On the market now difficult situation: there is no demand for electricity, but the demand for heat is falling, says analyst at VTB Capital Mikhail Rasstrigin. The success of the new company will depend on the ability of its management to establish a business process and optimize costs, as well as government policy in regulating the industry, the analyst lists. Now it is difficult to assess the prospects of the combined company due to the high debt burden and uncertainty regarding the regulation of the industry, says Pigarev. Consolidated financial results IES Holding does not disclose. "We are considering various options for the strategic development of the combined company: from an IPO to attracting a strategist," said a Renova spokesman. Vekselberg unites energy
Vekselberg is being rounded up, the Kommersant newspaper wrote on Wednesday, August 24. Against "T Plus", energy asset Russian billionaire Viktor Vekselberg, a claim for 459 million rubles was filed for debts. from the "daughter" of the Italian concern Enel Russia. The lawsuit was brought a week after the Vorkuta division of T Plus was sharply criticized by President Vladimir Putin.
It turned out that the preparation of the Vorkuta energy system for the coming winter is under threat due to "Critical condition" equipment of the Vorkuta CHPP, which has not been modernized for several years, said the acting head of the Komi Republic at a meeting with Russian President Vladimir Putin Sergey Gaplikov.
but Komi is just the tip of the iceberg, which was revealed due to the fact that the leadership of the region, corrupted and controlled by Viktor Vekselberg, was arrested.
Actually criminal energy capture scheme with its subsequent deliberate destruction and inflation of tariffs for the population, is practiced by Vekselberg in twenty regions Russian Federation.
Being one of the active members of a group of people, trained by Western intelligence services in the 70s and 80s of the XX century, connected with the world financial backstage and carried out the collapse of the USSR, Vekselberg became one of the main purchasers of industry and energy plundered from the state.
In the future, this allowed Vekselberg to bribe and control the authorities of entire regions, which to this day continue to withdraw state assets to Vekselberg's piggy bank, giving him the opportunity to collect tribute from the population, as is now happening in Sverdlovsk region.
Governor of the Sverdlovsk Region Yevgeny Kuyvashev and Viktor Vekselberg at the Ural Pipe Plant owned by the oligarch
At the same time, the method of exploitation of the farm, which falls to Vekselberg, allows us to conclude that the business of the Western oligarch is of last interest. Rather, what Vekselberg's companies are doing can be called industrial sabotage and deliberate aggravation of the social situation among the ordinary population.
Activities of PJSC "T Plus"
As you know, the main beneficiary of the structures of PJSC "T Plus" (which were previously called "IES-Holding") is the oligarch Victor Vekselberg... This structure entwined with its tentacles nineteen regions of Russia... It is in these regions that a critical situation has developed in the field of housing and communal services, the amount of damage can be comparable to the budgets of these regions.
Subsidiaries of PJSC "T Plus" are usually referred to as "X heat supply company" ("Sverdlovsk heat supply company", "Udmurt heat supply company", etc.) and are present in the following regions of Russia:
Vladimirskaya,
Ivanovskaya,
Kirovskaya,
Nizhny Novgorod,
Orenburg,
Penza,
Perm,
Samara,
Saratov,
Sverdlovsk,
Ulyanovsk regions,
in the republics of Mari El,
Mordovia,
in the Udmurt and Chuvash republics,
as well as in the form of other societies in the republics
and in the Amur region.
As a result barbaric management of Vekselberg the communal infrastructure of entire cities was practically destroyed, the tariffs for the supplied heat were significantly overestimated.
At the same time, all funds through subsidiary (heating grid) companies are withdrawn only against payment for heat, to the detriment of even the most minimal repairs. These local organizations do not shun even frank fraud with meter readings and assignment Money through their clearinghouses.
This scheme leads to the fact that the more heat is lost through leaky pipes, the greater the revenue of "T Plus", and, thanks to the bribing of regional energy commissions, the more the tariff is higher next year.
The scheme of work is the same in all regions. In detail, with documents and photographs, I analyzed it using the example of several cities of the Sverdlovsk region: Yekaterinburg, Pervouralsk, Kamensk-Uralsky, Polevsky, most in detail in Nizhnyaya Tura, where the city was damaged more than 1 billion rubles!
The main essence of Vekselberg's machinations is as follows:
- heat energy production in these territories is carried out by the parent company - PJSC "T Plus", and its subsidiaries (LLC "STK", CJSC "CPC", etc.) provide services for the transfer of heat energy. At the same time, the property of distribution networks is mainly owned by municipalities and is used most often on a lease basis;
- all the money collected by the grid companies (STK, UTK, etc.) goes almost in full to pay for heat, and the greater the level of losses in the grids, the more the founder of the heat grid organization - PJSC "T Plus" gets, and so higher tariff next year;
- in the territories where there are heat sources of PJSC "T Plus" (CHP, GRES), the main task of the subsidiary grid organization is to pay 100% of the heat supplied from the source, while the more heat is supplied, the more tariff funds are spent on paying for it , to the detriment of the restoration of fixed assets belonging to municipalities;
- the main activity of these network organizations for the operation of facilities is reduced to emergency and current repairs with minimal costs, in violation of SNiP and regulatory guidelines. Local "patch" repairs are made, pipelines are laid without thermal insulation, major repairs are not carried out, thermal insulation of external highways is not performed, the hydraulic regime is not adjusted;
- this approach leads to an increase in losses during the transportation of heat energy and heat carrier, an increase in losses of the grid organization, an increase in the volume of heat purchases from a source (owned by the founder of this organization), and, as a consequence, an increase in the final tariff for the population;
- in the tariff, these organizations include the amount for the current and overhaul fixed assets no more than 2% of the annual revenue, and the Regional Energy Commissions accept this, although it is obvious that the accumulated depreciation is constantly increasing and equipment for ten years of such "operation" is completely unusable (there is negligence and corruption component in RECs: Vekselberg's people are sitting there too!);
- all this leads to a constant increase in tariffs due to fictitious losses of the grid organization. At the same time, constantly the revenue of the parent company is growing producing heat energy - PJSC "T Plus";
- when the physical resource of network facilities and distribution networks is developed, the network organization leaves the territory, documenting losses, but at the same time providing revenue to the parent company at the heat source (generation), leaving fixed assets to the owner (state, municipality) in disrepair, not only preventing their normal operation, but also causing a large number of interruptions in heat supply to the population (accidents);
- when supplying heat energy, PJSC "T Plus" is not guided by the readings of metering devices, but determines the scope of delivery arbitrarily on on their own, in fact, distributing all costs to consumers and getting excess profit at the expense of residents;
- in case of virtually complete non-fulfillment of the investment programs established regional government, the tariffs of the T Plus Group companies are constantly growing, and the growth of these tariffs always significantly outstrips the growth in similar organizations. Regulatory preferences are back!
In fact, not only local authorities, but also law enforcement cover the destruction of the system of housing and communal services of entire cities and regions of our country.
Let me emphasize: the result of the activities of Vekselberg's companies, in addition to making it unusable municipal property, there is an ever-increasing tariff burden on the population and enterprises of the Sverdlovsk region, which has increased due to the "losses" of the grid organization.
A striking example is the situation in the city of Nizhnyaya Tura, where Sverdlovsk Heat Supply Company LLC (hereinafter - STK LLC) in the period from 2004 to 2014 never set up the hydraulic regime of the networks, as a result of which there was an overestimated flow rate of the coolant to ensure quality parameters for consumers; did not carry out overhaul and pressure testing of intra-quarter networks in the proper volume, as a result, the number of breaks in the year amounted to more than 170 PCS.; the volume of heat energy losses during transportation amounted to more than 50% !!!
And all of the above led to the need significantly increase the volume of heat purchases at a source owned by PJSC T Plus, increasing its income, while the cost of restoring municipal property is more than 1 billion rubles.
Of course, first of all, the fruits of such "business" affect the common population, especially state employees and the elderly.
It should be noted separately that Vekselberg's company do not fulfill investment programs at all, approved by the Orders of the Government of the Sverdlovsk Region:
- in the period from 2004 to 2014, STK LLC operated heat supply facilities located on the territory of the Nizhneturinsky urban district, on the basis of property lease agreement No. 32 dated 01.06.2004, while the tariffs of STK LLC included the costs of implementing investment program measures , which increased the tariff burden on consumers, including the population;
- according to the Orders of the Government of the Sverdlovsk Region dated December 17, 2012 No. 2543-RP and dated August 13, 2012 No. 1209-RP, the investment programs of STK LLC for 2013, 2014-2015, respectively, were approved, from which it follows that STK LLC is obliged to carry out work on the reconstruction of the boiler house and dispatching heat sources and pumping stations 6.8 million rubles, and work on dispatching heat sources and pumping stations for 7 million rubles. Works of STK LLC not fulfilled at all.
- at the same time, most of the works of STK LLC during the operation period were of an emergency nature, however, they were presented to the Administration of the Nizhneturinsky urban district (the Lessor) as capital works with the provision of relevant acts of work performed.
Grid organizations (subsidiaries of PJSC "T Plus"), receiving funds from the population and other consumers, dispose of them at their own discretion - mainly directing them to purchase heat energy from their founder and increasing his revenue, to the detriment of other cost items established by REC Sverdlovskaya area.
And this is despite the fact that in every gigacalorie of heat energy released and every ruble received as payment for heat energy from consumers there is both an investment component and the cost of capital and current repairs.
For several recent years tariffs of PJSC "T Plus" and subsidiaries were growing 15% or more, and this growth was annually higher than that of similar grid organizations in the Sverdlovsk region and similar sources of the so-called combined heat generation and electrical energy respectively.
A detailed analysis of the decisions of the Regional Energy Commission of the Sverdlovsk Region for the period from 2013 to 2016 and decisions on tariffs for the coming 2017 is required
I am sure that for several years the Regional Energy Commission of the Sverdlovsk Region has provided Vekselberg's companies with unreasonable preferences in the form of inflated prices and tariffs for their services and goods.
There is someone to ask questions here, especially since the Moscow leadership of the REC was arrested in early August, which is good news.
Moreover, who to rob Vekselberg does not care, even if these are state-owned factories producing stuffing for "Yarsov".
So, it turned out that in September 2015, during the preparation for the 2015-2016 heating season and checking the set of metering devices from the new power unit of the Nizhneturinskaya GRES, the volumes of heat supply recorded by the commercial metering devices of NTGRES significantly differ from the supply volumes in invoices for the period from October 2014 to the present. Overall volume regular overstatement of invoices amounted to at least 95 million rubles in less than a year and a half.
These facts were revealed and recorded by the employees of the LLC "City Energy Service Company"(heat supply organization of the city of Nizhnyaya Tura on the basis of a concession agreement) together with an independent expert organization, during the commission reading of meter readings (archived values) in January 2016.
And Nizhneturinskaya GRES, privatized by Vekselberg, is also a supplier of thermal energy for the Closed Administrative Territory of the City of Lesnoy, and this energy is paid for military nuclear plant "Electrokhimpribor".
Considering that the volume of theft from LLC GSEKO (Nizhnyaya Tura) amounted to at least 95 million rubles, and the volume of consumption of ZATO Gorod Lesnoy is three times higher, the amount of damage (theft) caused in relation to FSUE Kombinat Electrokhimpribor "Is at least 285 million rubles!
Since the heads of PJSC "T Plus", OJSC "EnergosbyT Plus" and other subsidiaries (dependent) companies are the same persons with practical experience and knowledge in the field of energy, it is obvious: Vekselberg's dogs commit all these outrages deliberately!
I'm sure there are:
1) fraud by a group of persons on an especially large scale;
2) causing damage to state (municipal) property;
3) appropriation of funds intended for the implementation of investment programs, capital and current repairs of municipal property;
4) extraction of illegal profit from activities of PJSC"T Plus", JSC "EnergosbyT Plus" and other subsidiaries (dependent) companies on the territory of the Russian Federation.
I believe that the actions of the heads of PJSC "T Plus", OJSC "EnergosbyT Plus" and other subsidiaries (dependent) companies contain signs of corpus delicti, the responsibility for which is provided for by the Criminal Code of the Russian Federation.
Russia continues to live with the legacy of Yeltsinism in the Gaidar-Chubais-Kudrin model. The essence of these people is betrayal and deception, elitism and Russophobia. In the nineties they promised the country mountains of gold, but in fact they secretly shredded state property, corrupted the state and continue to "sit" on the budget.
It is necessary to uproot the Yeltsinists and oligarchs who stole our country from Russian authorities, the economy, from their comfortable life in freedom, and the loot in the nineties - return to the people, the state, the treasury.
I really hope that the news of the President's attention to Vekselberg means the long-awaited: Putin has decided to rid Russia of this cancer forever.
In Kirov, heat tariffs were raised by 40% in January
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The management of the IES energy company, later renamed T Plus, as well as its parent company Renova in 2003-2008. took the profits of companies offshore, and also used the funds of investment programs to pay off loans and buy shares of generating and sales companies, a source close to the investigation into the case of the former head of Komi Vyacheslav Gaizer told TASS.
The Gaizer case revealed corruption schemes in the housing and communal services of the region, where, according to the investigation, representatives local authorities received bribes from energy companies to provide preferences in doing business and to keep energy tariffs high. The investigation also accuses the former heads of the IES and T Plus energy holdings of giving bribes to the former leadership of Komi in the amount of more than 800 million rubles.
According to the source, the investigation into these cases also revealed schemes for withdrawing funds in other regions where T Plus is present.
"In the period from 2003 to 2008, the profit from the activities of CJSC IES and GK Renova was withdrawn by the management of the companies outside Russia to foreign accounts," the source said.
CJSC "Integrated Energy Systems" was created as a result of the reform of the electric power industry and the reorganization of RAO "UES of Russia". As a result, IES has become the largest Russian private energy company for the production and sale of heat and electricity for the population and enterprises.
Its successor "T Plus" provides power supply in 16 regions of Russia. The company's clients are more than 14 million citizens and more than 160 thousand enterprises. The company accounts for almost 5% of electricity production and about 8% of the district heating market.
Through various schemes
The persons involved in the corruption case in Komi are currently the former general manager"T Plus" Boris Vainzikher, ex-director of ZAO KES and co-owner of Renova Evgeny Olkhovik and another former head of ZAO KES and already former head telecommunication company "VimpelCom" Mikhail Slobodin.
Weinsikher and Olkhovik were detained after a complaint by the acting governor of the region Sergei Gaplikov to President Vladimir Putin in August 2016 about the unpreparedness of power engineers for the heating season. Slobodin is abroad.
According to the source, the IES management used the funds intended for the implementation of investment programs in accordance with the obligations under the capacity supply agreements (CDA), to repay loans and purchase shares of generating companies. Such contracts imply compensation for the construction costs of generating facilities through increased tariffs.
"The amount of funds in the power supply agreement, used inappropriately at IES CJSC, amounted to 33.9 billion rubles. These funds through offshore companies were aimed at servicing debts and acquiring new assets, "the source said.
According to him, in accordance with the order of the Ministry of Energy and the decree of the government, IES were also supposed to send 41.2 billion rubles, attracted during the issue of shares of subsidiary generating companies, for the construction of additional capacities.
"However, the management of IES CJSC illegally used these funds to repay loans and through various schemes were used to purchase the missing block of shares in order to exercise control over generating companies and operational management of them," the source said.
Fuel circuit
According to the source, as a result of the actions of the company's management, its total debt today it is about 170 billion rubles, of which about a third is the debt to Sberbank on loans for the purchase of shares in generating companies.
The source also said that T Plus is using a scheme related to advances for fuel supplies to withdraw funds in favor of the parent company Renova, which creates the risk of disruption of fuel supplies to the regions.
"In all constituent entities of the Russian Federation, where IES CJSC companies are present, a" fuel scheme "has been practiced since 2010 in order to withdraw funds from TGCs (generating companies - editor's note) in favor of Renova Group of Companies, a source said. . According to him, the proceeds and credit funds generating and sales companies that are part of T Plus were also used to pay off the debts of T Plus and Renova.
In addition, according to the source, IES inflated costs in generating and sales companies controlled by them to increase the amounts that were subsequently withdrawn from the country using offshore companies, in particular the so-called Israel Fund, which is managed by Renova and a number of service companies.
"To increase the amounts that were withdrawn through these schemes, artificially inflated costs were made in TGCs (generating companies - editor's note) and sales (sales companies - editor's note)," the source said.
According to him, through service companies IES transferred more than 99 billion rubles to Renova's offshore accounts.
https://www.industri-survey.com/single-post/2017/03/20/Team-kontor-Vekselberg-KES-Renova-T-Plus-withdrawal-profit-offshores
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