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London High Court (Photo: Stockfile)

Norebo Group faces possible change of shareholder by decision of the High Court of London

Click on the flag for more information about Russian Federation RUSSIAN FEDERATION
Wednesday, September 23, 2020, 16:00 (GMT + 9)

The following is an excerpt from an article published by versia.ru:

The Russian fishing industry is actively discussing a possible reform that threatens enterprises with a redistribution of quotas for 500 billion rubles and a large-scale redistribution of the market. Meanwhile, one of the largest players - the fishing holding Norebo - may soon change the shareholder Vitaly Orlov and face financial difficulties. This will happen if the High Court of England and Wales rules at the end of next year against the current owner of the company, Vitaly Orlov.

Ex-partners of the Norebo holding - Vitaly Orlov and Alexander Tugushev - have been in litigation for two years already. Together with a third partner, Magnus Roth , they started the business back in 1998 with a joint venture. Initially, each of Norebo's partners received a third of the company's shares, but then the partners went their separate ways. Now the only formal owner of the Norebo group is Vitali Orlov, and Alexander Tugushev in 2018 filed a lawsuit in the High Court of England and Wales, accusing former partners of fraudulently seizing his share in the business, which is now worth 1.5 billion dollars.

Fight of Vitaly Orlov for Norebo

According to Vitaly Orlov, Tugushev has not had the right to a share in the fishing holding since 2004 - it was then that he allegedly sold his part of the business to go to the civil service. The English court initially considered these two basic versions of the former partners. But at the end of last year, the third ex-owner of the Norebo group (Norebo) Magnus Roth provided his feedback on the lawsuit, which radically changed the situation.

Roth said that Tugushev is still the beneficiary of Norebo, as well as the foreign company Towns Capital Limited (TTC), to which part of the business of the fishing holding is registered. The alienation of Tugushev's shares in 2004, according to Roth's testimony, was purely nominal: Russian officials have no right to own a business, so the shares had to be re-registered. In reality, this did not affect Tugushev's shareholding in the Norebo group.

Moreover, industry media report that Magnus Roth has submitted documents to the High Court of England and Wales that confirm that Tugushev is also entitled to the block of shares currently owned by Vitali Orlov. The fact is that the liquidation of the old foreign joint-stock structure Norebo took place when Tugushev was serving a sentence in prison (in 2004 he was arrested, and in 2007 he was found guilty of fraud and sentenced to six years in prison). At that time, Tugushev could not provide his consent to change the owners of the holding. And this already contains clear signs of corpus delicti under the legislation of all countries where the vertically integrated holding Norebo conducted business.(continued...)

Author: Oleg Startsev / Versia "Our Version" | Read the rest of the story by clicking the link here (Russian)

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