16 Mar 2022 13:00

TMK management gets control after exit of sanctions-hit Pumpyansky

MOSCOW. March 16 (Interfax) - The management of TMK has taken over control of the Russian pipe manufacturer, which was until recently owned by its founder Dmitry Pumpyansky.

TMK, which announced last week that Pumpyansky, who has been hit by European Union sanctions, is no longer a beneficiary of the company, did not disclose its new ownership structure. It was disclosed by the affiliated Sinara Bank.

Sinara's disclosure of material facts indicates that the shareholders of Cyprus-based TMK Steel Holding Ltd, which owned 90.6% of TMK, are now TMK CEO Igor Korytko, deputy CEO for economics and finance Tigran Petrosyan, first deputy CEO for special projects Vyacheslav Popkov, TMK vice president Andrei Kaplunov and Marina Kerch, the former head of the company's finance department.

After being hit by the EU sanctions, Pumpyansky also gave up his equity stakes in Sinara Group, Sinara Bank and STM, and left the boards of the companies.

The European Commission announced in early March that it was imposing sanctions against 14 businesspeople in key sectors of the economy who are substantial sources of funding for the Russian Federation, along with members of their families. The list includes Dmitry Pumpyansky, his wife Galina and son Alexander.