Andrey Melnichenko intends to regain EuroChem and SUEK
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The family of Andrey Melnichenko, a Russian businessman and former beneficiary of the mineral fertilizer company Evrokhim and coal mining company SUEK, has approached the Firstline trust managers with a proposal to return him to beneficiaries. Mr. Melnichenko told about this Forbes.
Andrey Melnichenko was included to the EU sanctions list on March 9, 2022 in response to the entry of Russian troops into Ukraine. The day before, the businessman ceased to be the beneficiary of EuroChem and SUEK. The role of the beneficiary automatically passed to the wife of the businessman Alexandra Melnichenko. According to Forbes, Andrey Melnichenko owned 100% of the shares of EuroChem and 92.2% of SUEK through a trust.
Mr. Melnichenko noted that his withdrawal from the beneficiaries of the Firstline trust and the appointment of his wife to this role was a mistake. According to the businessman, this led to inconvenience for his family and did not solve any problems of the companies. “In this regard, our family has already turned to trust managers and regulators with a proposal to return to the state that was unchanged from the foundation of the trusts until the moment I left the beneficiaries,” he said.
Andrey Melnichenko explained his decision to withdraw from the beneficiaries of the trust by reducing the risk for companies. “I believed that this would ensure the smooth functioning of the companies I created, at least for as long as the economic war continues, and while there are legal restrictions on me personally,” he said.
The businessman also indicated that Aleksandra Melnichenko had nothing to do with his decision to leave the beneficiaries of the trust and “certainly nothing to do with the tragedy in Ukraine.” “Nevertheless, she became the first in the history of Europe a citizen of the European Union by birth who fell under the sanctions, while not having the citizenship of the country against which they are directed,” he added.
On May 17, 2022, Andrey Melnichenko challenged the sanctions imposed against him in the General Court of the European Union. In August last year, according to Forbes, his wife filed a similar lawsuit. April 4, 2023 Mr. Melnichenko for the first time became leader of the Russian Forbes list. His fortune is estimated at $25 billion.
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