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Thursday, 16 August 2018, 4:52 AM GMT
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Interview with former shareholder of the JSC RTM Andrey Muravyev

 

A. Muravyev told Kommersant about his latest projects and future plans. At the end of the interview the ex-investor of RTM called his investment in RTM the most “unsuccessful business” so far. He also confirmed that even back in 2008 RTM’s debts have significantly exceeded the value of its assets, and with the company being heavily in debt, when the world crisis began the evaluations made by foreign analysts were lowered by 3 or more times. Collectively these factors caused the bankruptcy of the Company. As a reminder: in spring of 2008 Georgy Trefilov sold his shares in RTM to Eduard Vyrypaev, due to an urgent need to pay off numerous debt obligations.

In particular he said: “Sadly, our development business ended up being rather unsuccessful. By buying the company shares of RTM shortly before the crisis, we lost money. Turned out, we were buying something completely different from what was shown to us.

To the question from the journalist of newspaper “Kommersant”: “Were you deceived?” – Andrey Muravyev answered:

— It was 2008. The negotiations about the buying of shares started before the crisis, in May. We received an offer from the bankers of ING about the purchase of RTM’s shares from Eduard Vyrypaev. It turned out that he bought those shares beforehand from Georgy Trefilov (former owner of the Marta Holding – “Kommersant”) using credit, but could not pay back the banks afterwards. As for Trefilov, he is a well-known odious figure, who is currently somewhere abroad. The evaluations made by foreign auditors showed that the company was decent, but that quickly changed after we finally concluded the deal. In August, together with my partner Andrey Kirikov, we bought 36, 9% of the shares right before the crisis, which then subsequently fell by as much as three times their initial value. We thought that we were making a good deal by buying a profitable asset, but the crisis has made its own corrections. All of the foreign analysts harshly re-evaluated their reports. It happened to be that all of the assets belonging to this company were indebted with credit obligations to banks, which now were greatly re-evaluated. These obligations were much greater than the sum of the net assets according to the evaluation made for September – November of 2008. In late 2008 I joined the board of directors and became the chairman of RTM. It was evident that something needed to be done: either the shareholders would contribute additional funding or force the company to pay off at least a part of the obligations, losing some of the assets in the process. Unfortunately, I was not able to convince the RTM shareholders to support the company, and so I decided to resign from the board of directors, and then in 2009-2010 I sold my shares at a loss.

 

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