Oligarch Dmitry Mazepin is behind ‘willful contempt’, High Court hears

An EU-sanctioned Russian oligarch and his companies, including a Dublin-registered company, have prolonged and willfully flouted the court to proceed with a plan to take full control of a rival company, the High Court heard.

Illionaire Dmitry Mazepin, an ally of Russian President Vladimir Putin, is at the center of a lawsuit in Dublin by the rival company’s owners for allegedly unlawfully taking over two billion euros of the company’s shares in Russia.

Mr. Mazepin is Managing Director of United Chemical Company Uralchem ​​(UCCU) and prior to the acquisition was a minority shareholder in the Russian company Togliattiazot (ToAZ), both of which produce ammonia for the manufacture of fertilizers.

Mr. Mazepin’s acquisition of ToAZ makes it one of the largest ammonia producers in Russia.

ToAZ’s owners – Caribbean-registered trust companies Trafalgar Developments, Instantania Holdings, Kamara and Bairiki Inc – have sued Mr Mazepin and others along with a number of related companies, including one called Eurotoaz, which is registered in Dublin.

Eurotoaz was allegedly at the heart of Mr Mazepin’s plan to take control of ToAZ through improper means and with the support of the other individuals and companies accused in the case.

Pending hearing the case in Dublin, the High Court is being asked by the Caribbean-registered ToAZ owners to find UCCU and Mr Mazepin guilty of contempt of court for breaching commitments made in 2019, not against a Russian ruling to enforce the plaintiffs or their representatives pending the decision in the Dublin case.

The UCCU defendants deny the claims and say a bankruptcy lawsuit they filed in Russia against Sergi Makhlai, ToAZ’s former chairman and shareholder, did not breach obligations.

As a result of the bankruptcy proceedings, ToAZ owners claim, ToAZ shares held in a Russian bank were auctioned off earlier this year at a deflated value to another Mazepin-controlled company called Kai.

ToAZ owners say the question of who owned the shares is a smokescreen because High Court obligations were breached in taking full steps to overturn a $1.2bn Russian court ruling.

Eoin McCullough SC, for the ToAZ owners, said that as a director of UCCU, Mr Mazepin was behind efforts to take control of ToAZ, which began when he used his minority stake in the firm to pursue improper civil and criminal cases against ToAZ initiate and its controlling shareholders in Russia.

The attack was intended to debase ToAZ and included pressure on the judicial authorities in that country to pursue prosecutions, which ultimately resulted in UCCU and Mr Mazepin seizing control of ToAZ, he said.

The case will continue in a hybrid trialview/physical hearing before Mr Justice Mark Sanfey.

https://www.independent.ie/business/oligarch-dmitry-mazepin-is-behind-deliberate-contempt-high-court-hears-42083412.html Oligarch Dmitry Mazepin is behind ‘willful contempt’, High Court hears

Fry Electronics Team

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