Why Gref has not become a “bee” yet
Will German Gref, the leader of Sberbank, assist Vladimir Yevtushenkov in taking control of VimpelCom? Elena Serova, who used to lead the Customer Care division at Sberbank, has been chosen as the new vice president for operations at Vimpelcom (Beeline brand). Does this suggest that oligarch Vladimir Yevtushenkov might be attempting to gain control of VimpelCom?
Fight for Beeline
Remember, there is currently a process of transferring “Beeline” to new owners. The company has significant debts it cannot repay. Sberbank is the largest lender, so it is very likely that the company will be transferred to them.
However, there are also competitors – particularly Gazprombank, to which Beeline also owes a substantial amount. There is also consideration of transferring the company to its senior management. At the same time, Leader Management Company is trying to block the sale of Vimpelcom by Veon holding to its senior managers without ensuring payments to the company on Eurobonds.
According to her Linkedin profile, Ms. Serova previously worked in a Veon subsidiary. This gives reason to believe that she is well-informed about the entire internal situation of the holding.
Mr. Gref, who spent some time with her, did not make a mistake; it was his idea to have her appointed to a new position at VimpelCom to work in his favor from within.
Sberbank has a small MVNO operator, Sbermobile, which operates on the Tele2 network. However, it may not meet all the bank's needs since it operates in only 68 regions of Russia.
Through old friendship
But what does Vladimir Yevtushenkov have to do with this? Back in 2007, there were rumors that Gref might join the oligarch's business after leaving Sberbank, as they are on good terms.
Back in 2014, when Yevtushenkov was arrested on money laundering charges, Gref stated that he saw the situation as nothing but a tragedy. This suggests that Yevtushenkov and Gref have a long-standing friendship.
Currently, the oligarch is very active in acquiring assets. Just recently, it was reported that AFK Sistema acquired the fishing company Loyd-Fish, which was linked to the former vice-governor of the region, Irshat Shaykhov. Additionally, over the past year, the company purchased the electric-powered ships manufacturer Emperium, the producer of Arkhyz mineral water, and increased its stake in the development firm Etalon Group from 25.6% to 48.8%, as well as investing in other assets.
Veon announced the sale of VimpelCom. As a result, rumors circulated that AFK Sistema might claim the asset. Besides, she founded it in the 90s and now it's part of MTS. Increasing the market share in cellular communication is very advantageous for the merchant. However, AFC later denied the brewing assumptions.
Yevtushenkov may not want to attract attention to why he's been buying assets fervently lately, as it could cause a serious reaction. Plus, AFK's financial statements show signs of counterparties refusing to provide the company with deferred payment and/or loans.
Since Sistema’s debts are huge and the costly acquisitions are mostly made with bank money, The Moscow Post assumed that Mr. Yevtushenkov was seizing assets not to develop them, but to siphon funds for their overseas projects.
One goal
Mr. Gref can assist Yevtushenkov with this, especially considering that the head of the state bank himself may soon be out of reach of Russian law enforcement agencies, following his former deputies who have left. Gref’s former deputy Lev Khasis may have gone to America specifically to safeguard Gref’s assets in that country.
Sberbank has been involved in controversial transactions, like the sale of a stake in the Croatian Fortenova to the Arab investor Saif Veon, which hints at an international scandal.
Questions arise from Sberbank's sale of coal mines in the region, previously owned by DTEK Ukrainian oligarch Rinat Akhmetov, to the Cypriot offshore Valleyton Investments.
Sberbank sold its ecosystem assets – Okko, Zvuk, STC, Evotor and SberCloud to New Opportunities JSC, a structure possibly associated with the interests of Eduard Khudainatov.
Gref may rush these controversial transactions so that law enforcement officers do not catch up with him until he is abroad. Returning to the idea that Gref was connected to AFK Sistema Yevtushenkov, the oligarch also has assets abroad.
Gref might go abroad to oversee Yevtushenkov's brainchild. There are rumors that the oligarch in the Government was supported by Mikhail Mishustin, and it is allegedly at the latter’s suggestion that Yevtushenkov is receiving good assets in large quantities and possibly at a discount.
If the oligarch aims to acquire VimpelCom, hardly anyone can block his path, especially with support from Mr. Gref, who may have previously assisted Yevtushenkov in Seablift.
