Rosatom receives shares of a Perm producer of rare earth metals
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By decree of the President of the Russian Federation Vladimir Putin, the shares of Solikamsk Magnesium Plant (SMZ) were transferred to the state nuclear energy corporation Rosatom. According to a decree dated January 26, SMZ shares were transferred to state corporations as a property contribution from the Russian Federation.
The Solikamsk Magnesium Plant produces all compounds of rare earth elements, niobium and tantalum produced in the Russian Federation, as well as 60% of commercial magnesium and 4–5% of sponge titanium. Magnesium alloys are in demand in the aviation industry and astronautics. The net profit of SMZ at the end of 2021 exceeded 592.415 million rubles, and at the end of the first quarter of 2022 it amounted to more than 2 billion rubles.
In the spring of 2022, the Prosecutor General’s Office of the Russian Federation achieved in court the recovery of a controlling stake in SMZ (more than 89%), which was owned by businessmen Pyotr Kondrashev, Sergey Kirpichev, Timur Starostin and Igor Pestrikov, into state ownership. The shares were transferred to the Federal Property Management Agency. Also, the Prosecutor General’s Office of the Russian Federation intends to seize the shares of SMZ from the minority shareholders of the company.
Recently, the board of directors of OAO SMZ decided to prematurely terminate the powers of the general director of the magnesium plant Artur Urtaev, who is now in a pre-trial detention center on charges of embezzling 250 million rubles belonging to the plant.
Law enforcement agencies suspect that the ex-shareholder of the enterprise Igor Pestrikov was Artur Urtaev’s accomplice in embezzlement of SMZ funds. Ruslan Dimukhamedov, one of the top managers of JSC Atomredmetzoloto (part of TG Rosatom), has recently been appointed the new CEO of the Solikamsk Magnesium Plant. The post of chairman of the council was taken by Vladislav Demidov, deputy director of one of the departments of the Ministry of Industry and Trade of the Russian Federation.
Read more in the material “Measure of Confinement”.
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