Pulkovo was “landed” in its homeland – Kommersant FM
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Vladimir Putin took control of Pulkovo Airport from foreign companies. The President signed a decree on the creation of VVSS Holding LLC, to which the asset will now be transferred. According to the document, the organization will own 100% of the shares of the Cypriot company that has owned the airport since 2010. It is clarified that this decision was made “in connection with the threat to the national interests and economic security of Russia.” This danger, the document says, is caused by the violation of obligations by certain foreign legal entities.
In the company created by the president, the composition of shareholders will formally remain the same, but Russians will retain the right to dispose of their assets, while foreign ones will not. It is likely that foreign shareholders were deprived of their voice in order to simplify the management of Pulkovo, which was having financial problems, noted Sergei Novikov, partner of the GRM legal group:
“The company “Air Gates of the Northern Capital” (“VVSS”), which was and remains, was owned by the foreign Thalita Trading Limited. Its authorized capital was divided into four parts. The blocking stake – 25.01% – belonged to VTB structures, 25% – to the German company Fraport, 25% – to the Russian Direct Investment Fund and 24.99% – to the Qatari F3 Holding LLC.
“VVSS” attracted a loan for 14 billion rubles. from the VTB branch, which was registered in Germany. Almost all the property was pledged against it. This is the background. In September 2023, the head of VTB, Andrei Kostin, said that the situation with Pulkovo was at a managerial impasse. A number of decisions needed to be made, but this became impossible because individual shareholders, he claimed, did not vote.
It is quite possible that we were talking about some kind of restructuring of the debt on borrowed funds to the German branch of VTB, where real estate, equipment, and claims were collateralized.”
At the same time, such a decision should benefit the airport, says Roman Gusarov, editor-in-chief of the Aviaru portal: “Pulkovo has become a kind of experiment in attracting investors to the development of airport infrastructure in Russia on the basis of public-private partnership. They worked together to reconstruct the facility and then manage it. The airport received a new terminal, infrastructure development, and an increase in passenger traffic.
But now, under the conditions of sanctions, when Western investors have simply withdrawn from participation in management, their presence is actually nominal. There is no benefit in this; on the contrary, there is only harm.
That is, in essence, any corporate decisions are blocked by them simply because they cannot be made.”
After the outbreak of hostilities in Ukraine, the German Fraport repeatedly stated that it would like to sell its stake in the Pulkovo management company, which is valued at €111 million. But the concession agreement prohibited this until 2025.
Everything is clear with us – Telegram channel “Kommersant FM”.
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