Russian-based holding company AFK Sistema JSC offered former chemical tycoon Yakov Goldovsky to becmome a consultant in the process of forming a new major chemical holding in Russia, Kommersant reports. However, it is unlikely he will get an executive position.
AFK System, the company that controls Bashneft oil producer, is considering forming its own chemical holding. The company may acquire Togliatti-Azot, the largest producer of ammonia, Rossosh-based Minudobrenya and Sibur-Minudobrenya, both fertilizers producers.
AFK System confirmed that it considers the candidature of Yakov Goldovsky, but “the decision has not been made”. Yesterday Goldovsky did not answer the telephone, although there is the information that he will accept the offer in case the company invites him.
Yakov Goldovsky is an experienced entrepreneur in chemical industry, the Russian Mafia (rumafia.com) reports. By the end of the 1990s he consolidated more than 20 enterprises into Sibur holding, having invested roughly $500m in the company, that became the largest chemical producer in Russia. The company was owned by Gazprom. Goldovsky’s plan to issue additional shares in order to seize control over the holding proved to be a catastrophe. According to his plan, Gazprom had to pay for a new shares by providing Sibur with funds, whereas minority shareholders got the shares in exchange to securities of the companies, transferred out of Sibur’s books. As a result, Yakov Goldovsky (the minority shareholder) would get a controlling stake, leaving Gazprom only with blocking holding.
Early in 2002 Yakov Goldovsky was arrested on charges of embezzlement, abuse of power, laundering of the money received through criminal activities and scam with forged documents. He resigned as the director general of Sibur and after serving a short sentence, left Russia. Gazprom’s stake in Sibur increased from 50.7% to 75.7%.
Goldovsky has not retired from business. He controls Nizhny Novgorod-based Korund chemical plant and Dzerzhinskoye orgsteklo perspex producer (the companies use the same production basis). The plant is now building another cyanid production facility with capasity of 40,000 tons per year which can be doubled within 3 years. The investment in the production of cyanide, used in gold-mining, is estimated RuR 4.2b ($150m).