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Russia's Diamond Giant Gets Control Over Oil Company

Russia's diamond giant, ALROSA, has finally established control over Yakutia's oil company Sakhaneftegaz

Russia?s diamond giant, ALROSA, has finally established control over Yakutia?s oil company Sakhaneftegaz, where it is the owner of 50.4 percent stocks for half a year already, Russian business daily Kommersant reports.

ALROSA won the two-third majority in the BOD of the company, which had been the asset of YUKOS until past fall.
Of 13 seats on Sakhaneftegaz Board of Directors, seven went to ALROSA at past week?s EGM. Independent directors got five seats and one was taken by Yakutia?s Property Relation Minister Galina Makarova, who stands for Yakutia in this body, said the meeting's secretary Zaur Gogayev.

Sakhaneftegaz was incorporated in 1994. YUKOS had controlled 50.38 percent in it via YUKOS-M (13.22 percent), Cyprus Kampione Holdings Ltd (19.89 percent) and Empusa Enterprises Ltd (17.27 percent). But Binbank firms bought out the stocks past fall and ALROSA acquired them in February. Apart from ALROSA, other big holders in Sakhaneftegaz are Sakhatransneftegaz (30 percent) and Alkor (10 percent).

For ALROSA, the owner of problem is Sakhatransneftegaz, where Yakutia?s government holds 100 percent. The EGM was the second attempt of the diamond giant to establish control of the oil company. The first meeting was slated for the mid.-June, but Sakhatransneftegaz went to law to invalidate the EGM and Yakutia?s Arbitration banned voting on all issues of the order of business. Sakhatransneftegaz again tried this scenario past week, but with no success. Spokesmen of ALROSA passed the resolution by absentee votes cast a few days before the EGM.