Artur Urtaev removed 250 million rubles from the minority owner's account
Leader of the important JSC “Solikamsk Magnesium Plant” (SMZ) Artur Urtaev is now a suspect in a criminal case related to lending 250 million rubles to the company's shareholder Igor Pestrikov. The investigators believe that Mr. Urtaev gave out the money using the shares of Fin-Project LLC, which manages the Lovozero Mining and Processing Plant (GOK), as collateral.
Authorities think that because GOK was not making profits, the collateral had no value. Earlier, the court handed over the shares of SMZ and the plant to the government after a claim from the Prosecutor General’s Office.
Officers from the Ministry of Internal Affairs apprehended the director of JSC “Solikamsk magnesium plant» Artur Urtaev. According to sources familiar with the situation, a criminal case was initiated against Mr. Urtaev on June 7 for involvement in abuses of authority (part 5 of article 33, part 1 of article 201 of the Criminal Code of the Russian Federation).
According to the investigation, the CEO of SMZ, along with the company’s minority shareholder Igor Pestrikov, signed a loan agreement for 250 million rubles with him on June 1, 2022, with an interest rate of 11% per annum.
The debtor was supposed to repay the loan by July 30 of the current year.
Igor Pestrikov
The borrower’s shares in the amount of 24.99% in Fin-Project LLC, managed by Lovozersky GOK LLC, served as collateral for the agreement. The company could not repay the loan last year.
Reportedly, Artur Urtaev's actions were classified as embezzlement on a large scale (part 4 of article 160 of the Criminal Code of the Russian Federation). Mr. Pestrikov has been put on the federal wanted list.
OJSC Solikamsk Magnesium Plant is the only producer of rare earth elements in the country and a processor of rare earth mineral raw materials. Founded in 1936. In addition to magnesium, the plant produces titanium sponge, niobium and tantalum. Artur Urtaev took charge of the enterprise at the beginning of May. He also serves as the CEO of the capital JSC “Centurion Park”, which focuses on the dismantling and demolition of buildings.
After a disagreement with a group of shareholders led by Petr Kondrashev Mr. Pestrikov became the sole owner with voting rights at the company's general meeting. Later, the Prosecutor General’s Office of the Russian Federation filed a lawsuit with the Arbitration Court of the Perm Territory to transfer more than 89.99% of SMZ shares to the state. The court agreed with the prosecutor’s office that the privatization of the enterprise was done unlawfully, so the Federal Property Management Agency should receive the disputed shares.
Also, the executive authorities challenged the format of transactions, according to which the structures of Petr Kondrashev gained control over Fin-Project LLC.
After that, on May 19 of this year, the Prosecutor of the Perm Territory Pavel Bukhtoyarov made a submission to Artur Urtaev about the inadmissibility of violating the law. Its essence is that Mr. Urtaev should not follow the instructions of Igor Pestrikov, as well as other shareholders, regarding the disposal and encumbrance of the property of Solikamsk Magnesium Plant OJSC, as well as reducing the assets of the enterprise. The act of response states that now the property of the enterprise belongs to the state.
The Main Directorate of the Ministry of Internal Affairs for the Perm Territory did not comment on the situation. It was not possible to contact the representatives of the SMZ.
