TMH decides to redomicile parent company from Cyprus

ST. PETERSBURG. Aug 25 (Interfax) - The decision to change the jurisdiction of Transmashholding's parent company from Cyprus has been made, and the list of countries for possible re-domiciliation is being studied, the company's CEO Kirill Lipa told reporters on the sidelines of the PRO//Dvizhenie.Expo international railway salon of equipment and technologies.

"What is important for us? First, it is obvious that Cyprus is on the list today: a. unfriendly, b. black offshore tax zone from the Russian Federation. Therefore, we are already stimulated by the law to make these decisions," he said.

"You have to understand that at the same time, our key shareholders are Russian residents. We remain Russian residents as we were, and nothing changes in this sense. Therefore, 80% of the key capital is now controlled by individuals from Russia, all with Russian passports; they all live in Russia, and work in Russia. As for our second part, this is Alstom. It has not gone away, it has remained," he explained.

"Therefore, the decision on the country as a specific location to which redomiciliation will be made will stem from the legislation of the Russian Federation, from the fact that we are Russians and we are not going to change our status, and based on the fact that we have a European partner," Lipa said.