This article was last updated on April 16, 2022
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Cyprian company Overin Limited announced its intention to acquire a 99.8% stake in Private Joint Stock Company HeidelbergCement Ukraine with a nominal value of UAH 396.18 million. The transaction is handled by Concorde Capital’s Igor Mazepa.
It's All About Cement
HeidelbergCement AG, a subsidiary of the world's largest cement manufacturer, has been operating in Ukraine since 2001 and owns three cement plants – Doncement, Kryvyi Rih-Cement, and Dniprocement.
According to an expert in the field of energy and co-chairman of the Fund for Energy Strategies Dmitry Marunich, Overin Limited is directly related to the oligarch Igor Kolomoisky, who plans to create an artificial cement deficit in the country with the purchase of PJSC HeidelbergCement Ukraine.
Expert opinion is based on the election promise of Vladimir Zelensky to build a network of concrete roads in Ukraine. To accomplish this task, it will need a lot of cement. And since concrete roads are much more expensive than asphalt concrete, their large-scale construction will provoke a sharp jump in prices for cement and its shortage.
Marunich also suggested that the bulk of the orders will be received by the PBS road company owned by Alexander Shevchenko, a member of the Ukrop party, and of course, he will buy cement at Kolomoisky’s plants.
Since Igor Mazepa undertook the purchase of JSC “HeidelbergCement Ukraine”, there is practically no doubt about the intentions of the oligarch.
A Friend in Hand Is Worth Two in the Bush
This is not the first case of cooperation between Igor and Igor. Privatbank was one of the first customers of Igor Mazepa. And with the deputy chairman of the board of PrivatBank, Timur Novikov, Mazepa has been familiar since his early years. Kolomoisky himself spoke of the founder of Concorde Capital, as "a very decent person who can be trusted without written promises."
It is noteworthy that Igor Mazepa was a partner of Igor Kolomoisky and Gennady Bogolyubov in the Latvian branch of Privatbank. Through Concorde Bermuda, he owned a bank stake of 8.5%.
In 2013, the Virginia-based company Trejoli Business LTD, owned by Sergey Kurchenko, transferred over $ 400 million to the Austrian accounts of another offshore company Integrity International Holdings from the Latvian Privat account under the purchase and sale transaction of Ukrainian Media Holding (UMH) of Boris Lozhkin.
The scrupulous Austrian law enforcers became interested in such large transactions and suspected that the money was of illegal origin. In March of this year, the Prosecutor General’s Office of Ukraine completed the investigation into the case of Kurchenko, in the framework of which the legality of the sale of UMH was checked.
According to the Prosecutor General Yury Lutsenko, more than 95 people are suspected in this case. It is not known whether Igor Mazepa is among them, however, it is quite possible, since Concorde Capital acted as an advisor to the deal.
It is known that the amount of the sale of the asset was overestimated several times, and Sergey Kurchenko took a part of the money in the amount of $ 130 million in a loan from the state-owned Ukreximbank. By a strange coincidence, in 2014, Igor Mazepa became the chairman of the supervisory board of Ukreximbank, probably in order to cover traces that could lead to him and his partner Boris Lozhkin.
Own People in the Ruling Elite
Igor Mazepa, by the way, never hid the fact of partnership with Lozhkin. After the appointment of Boris Evgenievich as the head of the presidential administration, he openly called himself "one of Boris Lozhkin’s 18 advisers."
Later, the media have repeatedly pointed out that Mazepa influenced some personnel appointments initiated by the Administration. For example, the former head of Ukrspirt, Roman Ivanyuk, and chief tax officer, Roman Nasirov, came to work for the civil service from Concorde Capital.
Igor Mazepa himself, apparently, is ready to serve anyone who has the power. In the light of the results of the last presidential election, many predict Igor Kolomoisky’s triumphant return to Ukraine as soon as Vladimir Zelensky takes the oath.
With the help of the deal on PJSC “HeidelbergCement Ukraine”, Igor Mazepa literally cements the soil for his “old friend”.
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