Dispute stake in Sakhalin Shelf Service JV goes to Qatari co

YUZHNO-SAKHALINSK. June 19 (Interfax) - Qatar-based Technology Bridge for Research and Development KSTP LLC has become the owner of a 52.58% stake in Sakhalin Shelf Service, a joint venture that provides services for offshore projects on Sakhalin Island, the Unified State Register of Legal Entities showed.

This stake was previously owned by Vostok Inkom, but in February Russia's Prosecutor General's Office (PGO) filed a claim to nationalize the stake. The PGO did not have any claims against the joint venture's foreign shareholders. Japan's Marubeni Corp. owns 25.77% of the company and U.S. company International Development Services Inc owns 21.64%.

At the time, the court, at the PGO's request, imposed injunctions on payment of dividends, opening of new bank accounts, disposal of assets and other actions at the company. However, after several appeals the court granted a motion to lift the injunctions on May 6.

The PGO filed a lawsuit against Sergei Bogdanchikov, Mark Garber and Cyprus-based companies Panlaw Services Limited, Cypcoservice Limited, Calmco Holding Ltd, Ilion Nominees Limited, Olycrown Limited, Lightflow Limited, Fontpark Limited and Elpico Nominees Limited.

Bogdanchikov headed state oil major Rosneft from 1998 to 2010, prior to which he served as CEO of oil company Rosneft-Sakhalinmorneftegaz for two years. He also served as chairman of the Sakhalin company's board of directors, while GHP Group partner Garber served as a board director.

In its lawsuit, the PGO said investigations found that while serving as president of Rosneft Bogdanchikov "used his official position for the purposes of illegal enrichment" and carried out a scheme to remove shares in Sakhalin Shelf Service from the state's control. In the course of a number of transactions, a stake worth 900 million rubles was sold for just 44,000 rubles. Cyprus-based companies became the ultimate owners of one of the joint venture's shareholders, Vostok Inkom, in 2010, and these Cypriot companies were acquired by Bogdanchikov and Garber in 2020, the PGO said.

The next hearing in this case is scheduled for June 23.