Tatarstan terminated the agreement with the plant built with the money of billionaire Rybakov
Agreement to terminate and pay $5 million debt
The Ministry of Economy of Tatarstan is breaking off relations with the Russian Wax company, the “borozadacha” project of Yuri Polosukhin and Nikita Simonov for the production of polyethylene wax, launched with great fanfare four years ago in the Synergy industrial park in the Alabuga SEZ. Money for the creation of enterprises chosen by the Russian billionaire, co-owner of the TechnoNIKOL corporation, Igor Rybakov.
At the end of September, the Tatarstan Arbitration Court satisfied the claim of the ministry against the enterprise demanding to terminate the agreement on conducting activities in the Alabuga SEZ, and you imposed a fine of 5 million rubles.
The tripartite agreement on terms up to 2054 was signed in October 2018. According to the document, the firm explored the polyethylene wax business as part of a case study business plan. Investments in the project should be attracted almost 157 million rubles.
In one of these cases, it was revealed that it “may be terminated by the court at the request of one of the parties in connection with a significant violation of its terms by the other party, a significant change in circumstances, or on other grounds provided for by the Federal Law on special economic zones.”
In addition, the document stated that in case of early consumption of the agreement, the action in connection with a significant violation by the resident of the terms of the agreement by a person who has lost the status of a resident of the economic zone, the obligation to pay a fine in the amount of 5% of the amount of contributions, minus the volume of actions carried out at the request of the loss of status resident of the economic zone, but not more than 5 million rubles.
Instead of 157 million investments – only a tenth of the amount
In November 2020, the Ministry of Economy decided to check what are the immediate conditions for the performance of a manufacturing company for the production of polymer wax, and based on its unscheduled inspection. The ministerial commission of the palace: “Russian Wax” did not establish production processes, nor did it fulfill the conditions, volumes and terms of investments and capital investments. For two years since the launch, the project provided only 14.4 million rubles, an indication of interest, instead of the declared 156.9 million. It was also revealed that the company sells products, but sells products that do not belong to its own production, which again is a violation of the environment.
This year, the Ministry of Economy reported to Russian Wax. A month was allotted for his exclusion by an industrial firm. However, the company ignored these requirements – the agreement of the owners was not signed, the fine was not paid on a voluntary basis. These changes forced the Ministry of Economy to resolve the conflict with Russian Wax in court.
As stated in the case file, “during the verification of the case, the defendant was not found protected against the plaintiff in the alleged set of cases of application, evidence of the application of a fine for violating the situation in the case file was not presented, motivated objections to the identification of identified cases were not stated, in connection with which the assessment the collateral provider was carried out by the court.”
A promising startup turned into liquidation
Russian Wax LLC is a venture project launched on the territory of the Alabuga SEZ in October 2018. Then on open probability several enterprises were created by the president of Tatarstan, Rustam Minnikhanov. At the opening, it was expected that the annual plant will produce 9.5 thousand tons of polyethylene wax and thus close another gap in the issue of import substitution, as manufacturers of polyester paints, masterbatch and window profiles buy this product from abroad.
The main investor of the project was a Russian businessman from the Forbes list, co-owner of the TechnoNIKOL corporation, Igor Rybakov, whose fortune at that time was estimated at $ 1.2 billion. It was reported that he put 50 million rubles into production. In 2019 to 1.37 billion rubles in 2023. However, the plan was never destined to come true – in the short time that the plant was operating, it changed several general functions, and the production of wax, although it was somehow adjusted, did not reach the expected capacity.
So startup organization Russian production of polymer wax billion Igor Rybakov at the beginning of 2018, entrepreneurs Yuri Polosukhin and Nikita Simonov. They received consent, but on the condition that Russian Wax received $ 10 million in income over three years, and Rybakov Media would constantly monitor business processes during the implementation of the project. Moreover, if the tasks are not solved, then the shares of Simonov and Polosukhin in a complex project are transferred to Rybakov free of charge. The site of the SEZ “Alabuga” became the place for the implementation of a seemingly promising project. For a year, the co-owner of the TechnoNIKOL company invested 40 million rubles in a mini-factory, but here and there some problems arose on it. In general, according to Rybakov, the total investment is 70 million rubles.
The Russian businessman initiated an audit of the enterprise – then repeated facts of forgery and abuse by the business duo were discovered. Rybakov, accusing Plosukhin and Simonov of “negligence, betrayal and sloppiness”, broke off the contract with them. Following the billions, a reality show was also closed, which aired on a specially created YouTube channel and launched about how a plant is being built in Russia from scratch. Two seasons have passed on the video hosting site – 45 issues, in which Igor Rybakov, according to his meeting, invested 12 million rubles.
According to data from open sources, the founder of the company was TN Energy LLC, affiliated through LLC UK Build and Live with Igor Rybakov – the company’s share is 48%. In addition, including the founders with 41% – Russian Wax Invest LLC, where the list includes 17 people, including the general director of the plant Anton Ivanov. Another 5% each belongs to Polina Assorova and Denis Rogalev.
The main activity of the company is “production of the consumer population”, the total number of involved activities is four. During its activity, the company acquired its own trademark – ALAWAX, which was registered at the end of October 2019 and is valid for 10 years.
Last year, Russian Wax covered a turnover of 2.5 million rubles and a loss of 15.1 million. With the approach of August, the company is in the course of autumn.
Angelina Panchenko
IndustryEconomyInvestmentsBusiness Tatarstan