20 Apr 2022 09:42

Cos in PhosAgro ownership chain redomicile in Russia

MOSCOW. April 20 (Interfax) - Companies through which Andrei Guryev Sr. and members of his family own stakes in Russian fertilizer producer PhosAgro have moved to Russian jurisdiction.

The companies Chlodwig Enterprises and Adorabella became residents of the special administrative region (SAR) on Oktyabrsky Island in Kaliningrad Region this week, the SAR management company reported.

PhosAgro reported on its website that shares in Switzerland-based Chlodwig Enterprises AG and Adorabella AG have been transferred to trusts, the economic beneficiaries of which are Andrei Grigoryevich Guryev, his spouse and daughter. Chlodwig Enterprises and Adorabella together own 43.66% of PhosAgro, and Guryev's wife Yevgenia owns another 4.82% directly.

The Russian-domiciled Chlodwig Enterprises is owned by Cyprus-based Owl Nebula Enterprises Ltd and the company's CEO is Vladimir Motlokhov, who previously served as deputy governor of Murmansk Region and then headed PhosAgro's mining and chemical engineering division, the Unified State Register of Legal Entities showed. The Russia-based Adorabella is owned by Cyprus-based Dubhe Holdings Ltd, and its CEO is Sergei Ryzhikov, who was the co-owner of AgroGard, a partner of PhosAgro.

In March, amid a surge of interest in domiciling in Russia's SARs from Russian companies and businessmen affected by sanctions, which also hit the Guryev family, the government submitted changes to the law regulating redomiciliation to the State Duma. The new law, which was fast-tracked by lawmakers, allows personal funds and trusts to be registered in Russia's SARs, and significantly simplifies the reregistration of foreign companies in the SARs.