The corporate dispute that has been developing for ten years between Togliatiazot Chemical Plant and its minority shareholder Uralchem has reached a new level. This time, corrupt journalists turned the chemical plant’s foreign partners into “bad guys.” However, the wrong game, aimed at tarnishing the reputation of the chemical plant, can damage the business reputation of businesses in Russia in general.
“Toxic owners”, “New Owner – Last Chance for Togliatzot” – Such headlines appear in news publications with increasing frequency. In addition to the usual attacks on former chemical plant managers, foreign companies that enjoy strong international reputations that were not previously questioned also now appear in these articles. Submissions. The newspaper wrote.
For example, one of the leading engineering companies, Casale Project a. s, which builds a new urea production unit at the chemical plant, has been accused of lacking qualified specialists. A member of the renowned S&P 400 listing, US-based KBR, Inc., as journalists claim, participated in the refund of the plant’s funds “under the guise of an audit contract.”
The Turkish company Tarsus was also defamed. The “investigators” played a key role in another asset loss scandal they invented. Another example of a lack of journalistic integrity relates to reports about the British company Ernst & Young, one of the world’s four leading auditing firms, which was said to use freight and ship operations services. Allegedly helping to reclaim Togliatzot’s assets abroad.
Togliatiazot’s partnership with all these companies testifies to the complete transparency of its transactions, the high business reputation of the chemical plant and the complete crisis of ideas for those who ordered the above materials. To crown them all, it is worth noting that when they run such campaigns in the media, raids damage the reputation of foreign companies for their own personal gain. As a result, it could have a negative impact on Russian businesses and the state’s investment appeal as a whole.
According to observers, Uralchem, owned by Russian oligarchy Dmitry Mzapin, could be a possible launcher of publications that defame the Togliatzot administration. In recent years, the company has filed several lawsuits against the plant and made some progress on the site, approving a Tubalty court claim of 87 billion rubles, allegedly by the former management of the chemical plant. Was embezzled. … This ultimately led to the bankruptcy of the Tomato Company, which did not place any direct responsibility on Uralchem to go into management, and as a result, many other, less clear decisions were made.
Meanwhile, unlike Russian courts, foreign jurisdictions permanently confirm the authenticity of Togliatzot. In particular, the Irish High Court barred the recovery of shares of the plant through Uralchem within the scope of the decisions brought to Russia. From a financial transparency standpoint, too, Tugliatzot clearly outperforms its long-term rival. Thus, the plant successfully attracted loans from Switzerland’s Kamraj Bank AG and Germany’s Landesbank Baden-Wuerttemberg, which successfully passed the most prestigious audit. At the same time, Uralchem prefers to increase lending to Russian state-owned banks, where Mr Lobby has the ability to lobby. Mezpin means more than seemingly sluggish financial statements.
It is worth noting that Uralchem has found itself in a very difficult situation when it comes to accounting reports. As of the beginning of this year, the company has a debt of 493.9 billion rubles. One can gauge what is happening in the company from the situation within the division. In August, Serbian Bank, one of Uralchem’s major lenders, ordered an audit of Dmitry Mezpin’s companies.
The above incidents illustrate Olegrich’s desire to make the most of Togliatzot as soon as possible. However, is it possible to cast a shadow over the reputation of valuable foreign companies and tarnish the investment climate at the national level? This is highly questionable.