{"id":252063,"date":"2023-03-03T14:51:07","date_gmt":"2023-03-03T12:51:07","guid":{"rendered":"https:\/\/investigator.org.ua\/?p=252063"},"modified":"2023-03-25T17:54:49","modified_gmt":"2023-03-25T15:54:49","slug":"%d0%be%d0%bb%d1%96%d0%b3%d0%b0%d1%80%d1%85-%d0%be%d0%bb%d1%96%d0%b3%d0%b0%d1%80%d1%85%d1%83-%d1%8f%d0%ba-%d1%80%d0%be%d1%82%d0%b5%d0%bd%d0%b1%d0%b5%d1%80%d0%b3%d0%b8-%d0%bf%d1%80%d0%b8","status":"publish","type":"post","link":"https:\/\/investigator.org.ua\/en\/investigations\/252063\/","title":{"rendered":"How Russian oligarchs Rotenberg acquired chemical industry of Ukrainian oligarch Firtash in Crimea"},"content":{"rendered":"

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Before the 2022 Russian invasion, titanium factory in Crimean Armiansk owned by Ukrainian oligarch Dmytro Firtash has been the largest manufacturer of titanium dioxide in Eastern Europe. Despite international sanctions and Russian occupation of Crimean peninsula, it has been sold to Russian company at the end of 2021. The Center for Journalist Investigations found out that the titanium factory is now owned by Russian entities closely connected with Russian oligarchs and Putin\u2019s friends \u2013 brothers Rotenberg.<\/strong><\/p>\n

This article explores the way the Crimean titanium factory was removed from the Ukrainian jurisdiction and identifies companies to be included into sanction lists and subjected to criminal investigations. <\/strong><\/p>\n

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Despite Russian occupation of Crimea and introduction of Western sector sanctions, Armiansk titanium factory kept using the Ukrainian raw materials. Ilmenite concentrate, mined at Zhytomyr ore deposits and enriched at state Irshansk Mining and Processing Plant, has been supplied to Armiansk factory by railways and then by sea. This \u00abIlmenite scheme<\/a>\u00bb of Firtash was uncovered by a number of journalist investigations but no reaction from Ukrainian authorities followed. As an outcome, titanium dioxide was illegally exported from Crimea to Russia, in order to satisfy needs of Russian enterprises (titanium dioxide is not manufactured in Russia).<\/p>\n

President Petro Poroshenko and his governments held protective \u00abumbrella\u00bb above Dmytro Firtash and his Crimean factories. In 2021, the National Security and Defense Council of Ukraine and President Zelensky imposed sanctions<\/a> on Firtash and his company \u00abValky-Ilmenite\u00bb which extracted ilmenite ore in Zhytomyr region. The State Geology and Natural Resources Service cancelled its special permit on large but not developed ore deposit \u00abStremygorodske\u00bb. However, extraction of the ore on other deposits continued.<\/p>\n

In December 2021, Group DF informed about the sale of Armiansk titanium factory to company \u00abRussian Titanium\u00bb.<\/a> The sale was conducted despite sanctions of the National Security and Defense Council of Ukraine which blocked assets of Firtash. Group DF did not apply<\/a> for the permit for concentration to the Antimonopoly Committee of Ukraine. It did not pay off the debts to the Pension Fund of Ukraine and credits (property of Crimean titanium factory was used as collateral).<\/p>\n

Armiansk factory was bought by the Russian limited liability company in Barnaul<\/a>, with statutory capital of 10 thousand Rubles and status of micro-enterprise. It has never been involved into titanium production. It has been registered in Soviet multi-story building. Businessman Igor Bulatov was indicated as its founder. It seemed that the company was shell company and transaction was fake.<\/p>\n

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Building in Barnaul where limited liability company <\/em>\u00ab<\/em>Russian Titanium<\/em>\u00bb<\/em> registered \u2013 the buyer of Firtash\u2019s titanium factory in Crimea. Photo: google.com.ua\/maps<\/em><\/p><\/div>\n

After our investigation, the Antimonopoly Committee of Ukraine informed about beginning of its own investigation<\/a> of the sale of Firtash\u2019s assets. The CJI and Antitrust League asked the Committee to investigate possible violations of the legislation protecting economic competition. The Committee never published results of its investigation.<\/p>\n

Let us explore how the ownership of Armiansk titanium factory changed: from Barnaul shell company \u00abRussian Titanium\u00bb to companies connected with Putin\u2019s friends \u2013 oligarchs Arkadii and Borys Rotenberg. They control the factory of Firtash today.<\/p>\n

Group DF informed about the sale of Crimean movable and immovable property of JSC \u00abUkrainian Chemical Products\u00bb on December 31, 2021.<\/p>\n

The ownership structure of Barnaul \u00abRussian Titanium\u00bb changed on February 11, 2022. Igor Bulatov lost its status of founder and owner. Russian limited liability companies \u00abTitanium Investments\u00bb and \u00abTitanium Technologies\u00bb (Titanovye tekhnologii) became new owners of Barnaul intermediary company. They are linked to Mr. Firtash. In their turn, they are founded by Cypriote companies Letan Investments Limited and Pegma Ventures Limited. They share two directors \u2013 Moscow resident Aleksei Obidin and Crimean resident Oleg Panasuk.<\/p>\n

Russian joint stock company \u00abBashkir Soda Company\u00bb promised to invest 20 billion Rubles into titanium production in Crimean Armiansk. It is among largest manufacturers of soda ash. After four months downtime, the titanium factory resumed its work.<\/p>\n

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Packing of titanium dioxide at the factory of JSC \u00abUkrainian Chemical Products\u00bb in Armiansk, occupied Crimea. Photo: Youtube \u041a\u0440\u044b\u043c\u0438\u043d\u0444\u043e\u0440\u043c<\/em><\/p><\/div>\n

In May 2022, JSC \u00abRussian Hydrogen\u00bb became managing company of LLC \u00abTitanium Investments\u00bb and in July 2022 \u2013 its founder. At the same time, 99% of statutory capital of the company is owned by LLC \u00abTitanaktiv\u00bb. Earlier \u00abTitanaktiv\u00bb was owned by Firtash\u2019s manager Aleksandr Emelin. Later \u00abTitanaktiv\u00bb became a daughter company of \u00abRussian Hydrogen\u00bb.<\/p>\n

JSC \u00abRussian Hydrogen\u00bb has been the holder of Crimean assets of \u00abUkrainian Chemical Products\u00bb as collateral before the sale of Armiansk factory. It confirms our version that titanium factory was not sold but transferred, in order to pay off the credit debts of 94 million USD. It seems that \u00abRussian Hydrogen\u00bb was created in February 2021 to service this deal.<\/p>\n

State owned \u00abBashkir Soda Company\u00bb and private \u00abRussian Hydrogen\u00bb share one general director – Eduard Davydov. \u00abRussian Hydrogen\u00bb declared ambitious plans. It is going to create chemical holding under its management. It is supposed that Russian 18 large chemical enterprises in seven regions will join the holding. It is understandable that mega-projects of such a kind are impossible in Russia without approval or order of Putin. It is remarkable that private \u00abBashkir Soda Company\u00bb has been nationalized after Putin accused its owners of tax avoidance. After nationalization, the company was headed by Davydov in July 2019.<\/p>\n

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\u00abRussian Hydrogen\u00bb has not yet succeeded in gathering almost twenty factories and companies into the giant holding. Eduard Davydov presented the concept of \u00abcluster development\u00bb of the Russian chemical industry at the business forum at the end of 2022. He said that \u00abRussian Hydrogen\u00bb already united seven factories. Two Crimean titanium and soda factories owned by Firtash were among them, as can be seen at Davydov\u2019s presentation slide.<\/p>\n

Referring to its own sources, Russian newspaper \u00abKommersant<\/a>\u00bb informed last year that \u00abRussian Hydrogen\u00bb was developed by Russian oligarchs Rotenberg. But their official representative did not confirm it. In Russia, it is not allowed to publish data about shareholders that is why there is no documentary evidence of this hypothesis. However, some facts and connections do support it.<\/p>\n

In September 2022, the founder of JSC \u00abRussian Hydrogen\u00bb changed. Physical person Stanislav Tikhonov was replaced by LLC \u00abManaging company \u00abFIN-partner\u00bb (Russian taxpayer\u2019s code is 7721802356). LLC \u00abCentre-M\u00bb has been its founder since 2020 (its taxpayer\u2019s code is 7702655025). In its turn, \u00abCentre-M\u00bb is owned by Vladimir Doinikov (almost all capital) and Maria Lukianova (0,05% share), in accordance with the Russian State Register of Legal Entities.<\/p>\n

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Managing company \u00abFIN-partner\u00bb manages thirty closed investment funds. In Russia, they are used to hide real owners of luxury estate. \u00abClosed investment fund combined \u00abTers\u00bb is among these investment funds managed by \u00abFIN-partner\u00bb. \u00abTers\u00bb has become famous during independent investigations of the sale of Crimean resort institutions occupied by Russia.<\/p>\n

In 2018, occupation government of Crimea sold the most famous sanatoriums of the Southern Coast of Crimea for next to nothing: \u00abDulber\u00bb, \u00abMishor\u00bb and \u00abAi-Petri\u00bb. Russian LLC \u00abManaging company of infrastructural projects\u00bb (\u00abUKIP\u00bb) won the this \u00abauction\u00bb (its participants were companies connected with each other). Colonel General Vladimir Zaritsky, ex-Commander of Russian Missile Forces and Artillery, has been the founder of \u00abUKIP\u00bb. Next year he was replaced by investment fund \u00abTers\u00bb.<\/p>\n

In 2021, the official representative of Arkadii Rotenberg told RBK that oligarch has been the owner of sanatoriums \u00abDulber\u00bb, \u00abMishor\u00bb and \u00abAi-Petri\u00bb as well as other two Crimean resort complexes \u00abPearl\u00bb and \u00abRakhmaninov\u2019s Dacha\u00bb. He planned to invest 15 billion Rubles into their development. This is how information about Rotenberg as the main holder of closed investment fund \u00abTers\u00bb leaked.<\/p>\n

Today \u00abManaging company \u00abVizant Group\u00bb manages stolen Ukrainian sanatoriums \u00abDulber\u00bb, \u00abMishor\u00bb and \u00abAi-Petri\u00bb. In August 2021, Arkadii Rotenberg became<\/a> its founder, replacing fund \u00abTers\u00bb.<\/p>\n

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Palace of sanatorium \u00abDulber\u00bb, Koreiz village, Great Yalta. Photo: crimee.com.ua<\/em><\/p><\/div>\n

Let us explore other parts of \u00abRussian Hydrogen\u00bb scheme. Company \u00abCentre-M\u00bb, the founder of managing company \u00abFIN-partner\u00bb, has close connections with Putin\u2019s friends, too. Before 2012, it was directly owned by Arkadii and Borys Rotenberg. Since 2012 it has been owned by Vladimir Doinikov, the trusted person of Rotenberg. Earlier he headed the unit of their \u00abSMP-Bank\u00bb.<\/p>\n

In accordance with the Russian State Register, 100% share of \u00abCentre-M\u00bb in LLC \u00abFIN-partner\u00bb has been collateral since 2015. The holder of collateral is \u00abMoscow oblast bank\u00bb. This bank is part of \u00abSMP-Bank\u00bb Group. 93% of bank shares are owned by Arkadii and Borys Rotenberg.<\/p>\n