Hard times for Galchev

The owner of the holding "Eurocement Group" Filaret Galchev has serious problems. Despite the fact that "Eurocement Group" controls more than 60% of the regional cement market, Galchev capital start rapidly "melting".

At the beginning of February 2016 it was announced that within two months of the state of Filaret Galchev decreased from $ 1 billion to $ 155 million.. Analysts have linked it with Sberbank announced margin call on the loan "Eurocement" secured stake price of $ 1.5 billion LafargeHolcim.

Recall that in July 2015 Filaret Galchev became the third largest shareholder of the company LafargeHolcim package that was created by the merger of the two leading manufacturers of building materials - Lafarge and Holcim. Earlier in LafargeHolcim Galchev owned 6.39%.

When there is no money ...

It is worth noting that Galchev could not spend shareholder LafargeHolcim long period. Anyway, February 8, 2016 the media reported that Filaret Galchev was forced to sell its stake in the Swiss LafargeHolcim because of the need to increase security for the loan provided by his company Eurocement by Bank of America Merrill Lynch.

The fact that Galchev not have enough money to pay its creditors, in the expert community spoke after the end of January 2016 Filaret Galchev laid 6,12% LafargeHolcim worth $ 1.6 billion in the Savings Bank. This step Galchev went because holding "Eurocement Group" is very needed finance.

No financial indicators "Eurocement Group" does not open, but the finance company Galchev is clearly not enough, since the summer of 2015 "Eurocement" literally "begging" for money from Sberbank transfer all production to the "dry" method of cement production. Then they talked about the Savings Bank loan of 30 billion rubles., While the total value of the relevant investment estimated at 100 billion rubles.

The ruin is inevitable

Investments in LafargeHolcim Galchev also be called questionable. Still, against the background of instability in global financial markets LafargeHolcim share price has fallen by more than 40% over the past six months. However, at the moment Galchev has got rid of its stake in LafargeHolcim.

It seems that "Eurocement Group" Holding the problem will end not soon. An estimated investment advisory company SMPRO, in 2015 cement consumption in Russia fell by 11% (production - 9%). Demand will continue to decline, and in 2016 - about 15%.

Filaret Galchev, the owner of the holding "Eurocement Group"

In view of the fall in demand for cement and revenues hit "Eurocement" and experts have already said about the destruction of Galchev.

Galchev inflates prices

But what about the owner "Eurocement" is trying to get out of the difficult economic situation? He simply drives up prices for their products consumers.

In mid-February 2016 Filaret Galchev said counterparts of raising the price of 1 ton of cement by 8%, that is 300 rubles. It is the sharp rise in prices in the cement market in the past 5 years. The main consumers of cement - concrete producers - will also have to raise prices, which for many of them in a competitive environment can be fatal.

Due to the action Galchev "cube" of concrete increases of 100-150 rubles. It is worth noting that from January to February 2016 on the concrete demand from developers has fallen by 40%. After Galchev inflated prices for their products, construction companies have also been forced to raise their prices.

Forgery by 50%

All these overcharges occur against the background of an unprecedented scandal involving the publication of data on the amount of fake cement on Russian construction sites. Since March 3, 2016 at a meeting in SIC "Construction" deputy head of the Ministry of Construction of Russia Elena Sierra has publicly stated that more than 50% of cement is supplied to the construction of the Russian Federation, it is a forgery.

"Who is counterfeit, as different sources report more than 50% of that goes to the construction site," - said Elena Sierra.

Elena Sierra, deputy head of the Ministry of Construction of the Russian Federation

According to experts, if Filaret Galchev not lifted up so high prices for their products, the developers would not use counterfeit products on such a scale. Moreover, because of the position of "Eurocement Group" prices for its products began to inflate, and other manufacturers.

Riots workers

Reducing the demand for cement and the lack of finance to ensure the normal operation of its holding company have already led to serious problems in the production of "industrial empire" Filaret Galchev.

For example, in July 2015 due to salary reductions and penalties imposed on ordinary workers, workers staged a strike "Mordovcement". Local media reported that members of the staff were willing to "raise a rebellion."

Since the summer of 2015 the situation in the factories Filaret Galchev only worsened. Moreover, in December 2015 it became known that plants holding "Eurocement Group" plan to cut 1000 people. For example, the chairman of the trade union committee "Mordovcement" Alexander Sergeyev said that the massive reduction of more than 600 people remain without work. "According to available information, rather than 1660 workers in the factory will be in 1026," - said Sergeyev.

But "Ulyanovskcement" of the Ulyanovsk region from November 2015 to late January 2016 due to lower demand dismissed by agreement of the parties 236 employees. In fact, over the past three months it has been laid off 31.5% of the staff. Besides, as it turned out, in 2015, "Ulyanovskcement" reduced production by 20.6% to 1.35 million tons of cement.

Note that in the old days Galchev hundreds of "throwing out" of workers into the street. For example, at one time the company "Eurocement Group" announced the dismissal of 60% of employees at the factory "Pikalevo cement" Boksitogorsky Leningrad region. It is about 700 people.

This often operating companies Galchev forcibly 'thrown out into the street. " Earlier Belgorod regional prosecutor's office received a complaint of employees of JSC "Oskolcement" included in "Eurocement Group", forcing them on to the dismissal of their own volition.

The situation in Pikalevo

In some cases, the problem of workers holding Filaret Galchev have such a strong response that they pay attention to the federal leadership. As it turned out, Filaret Galchev was involved in the incident that caused massive protests in the town of Pikalevo, Leningrad Region. As a result, in June 2009, at the time, Prime Minister Vladimir Putin arrived in Pikalevo and personally solve the problem of the industrial complex.

Before you venture in Pikalevo, stopped, and workers staged a massive protest, the plant "Pikalevo cement" (included in "Eurocement Group"), two-thirds of providing the needs of the developers of St. Petersburg and Leningrad region, reduced the release of cement three times (up to 800 thous. tonnes).

After that, "Pikalevo cement" was faced with the prospect of complete closure, and the workers of this factory have publicly expressed their dissatisfaction.

Veteran corporate wars

But he Galchev protests against the background of the staff fought with the owner of the holding "Basic Element" Oleg Deripaska. As it turned out, Filaret Galchev through structures "Eurocement Group" tried to stop "BaselCement", controlled by Oleg Deripaska, to close at modernizing Pikalevo Alumina Plant (EGS).

Also remember the corporate war holding "Eurocement Group" with the minority shareholders of the subsidiary JSC "Eurocement", which ended only after Filaret Galchev bought 44% shares from Millhouse Capital.

George Krasnyansky, former partner Galchev

Recall that Russia Partners Fund submitted to the arbitration court of first instance on behalf of the Kolden Holdings Ltd. controlled companies and Serpell Holdings Ltd., which owns 44% shares of "Eurocement". The essence of the claim was that in 2004 "Eurocement Group" led from the three cement plants, the share of which belongs to the fund, according to the raw material quarries.

According to Russia Partners, the group began to sell plants at a higher cost raw materials and finished products already nearly market price guide "Eurocement" for sale to final consumers.

As a result, in 2004 the income of "Eurocement" decreased by 68% compared with 2003. The claim amount (about 3.35 billion rubles.) accounted for over 75% of all profits earned by "Eurocement Group" in 2004. It seems that Galchev led cheated with their business partners.

It is clear that at all times (at the beginning and at the end of the 2000s and the first half of the 2010s) Filaret Galchev "mahiniroval" with the prices for the products produced by its factories. The net total of these "machinations" to a certain extent can be considered a "market failure" that resulted in the impoverishment of Galchev. The horse ends, everything is interconnected in this world.

Kadyrov put Galchev "in place"

One of the most memorable corporate conflicts, which was the owner of "Eurocement Group", is a confrontation Filaret Galchev with his former partner George Krasnyansky. The conflict broke out because of the money that was supposed to Krasnyansky Galchev.

As written by journalists in November 2009, the company GLK Investment Ltd George Krasnyanskaya filed a lawsuit against "Eurocement AG" (headache "Eurocement Group" holding structure) in the amount of $ 200 million. Krasnyansky sold to partner its 23.8% holding for $ 1 billion. But money for their shares was not immediately.

Ramzan Kadyrov, head of Chechnya

As a result, the company GLK Investments Limited Mr. Krasnyansky Mr. Galchev sold the debt (the total amount of US $ 600 million), a businessman Pavel Krotov structures, which is the financial advisor to the head of Chechnya, Ramzan Kadyrov.

It is believed that after the Chechen leader of the "pressed" on Galchev, he finally paid off with their debts. All this shows that Galchev just do not know how to deal with their partners, forcing them to go to "extreme measures."

Delimkhanov take "Eurocement"?

It is worth noting that Paul Krotov in a dispute with other Galchev represented Ramzan Kadyrov - State Duma deputy Adam Delimkhanov, who is familiar with Krasnyansky since 2007. Even then Delimkhanov offered to buy out Krasnyansky 23.8% of shares of "Eurocement Group".

Adam Delimkhanov, the State Duma deputy

Experts do not exclude that if Galchev bring its holding to utter ruin, then Delimkhanov through its "proxy" may try to deprive the owner "Eurocement Group" of its plants.

Mr. Delimkhanov, who, owls Kadyrov "is fighting in the mountains" (even as a deputy of the State Duma), can be extremely convincing in negotiations. By the way, he even goes to the State Duma with the Golden Gun. This fact was discovered when, in December 2013, Adam Delimkhanov right in Parliament has fought with United Russia deputy Alexei Zhuravlev.

By the way, before Adam Delimkhanov regiment headed management of private security at the Interior Ministry of Chechnya on the protection of oil and gas facilities (so-called "oil regiment"). But most importantly, according to several media accounts Delimkhanov Kadyrov's cousin. It is likely that if Delimkhanov want to "crush" under him "Eurocement Group", he can do it.


In addition to the scandals in the "cement sphere" Galchev previously "lit up" in power "disassembly". For example, when the current owner "Eurocement Group" has been Chairman of the Board of JSC "Rosuglesbyt", he threatened to "Krasnoyarskenergo" move to 100 percent advance payment for delivered coal that would jeopardize energy supply Krasnoyarsk.

Also recall the times when Galchev structures conflict with RAO "UES of Russia". This conflict has led to the fact that no energy left Krasnoyarsk GRES-2 and Berezovskaya GRES and "Altai Energo" and "Khakasenergo".


There is one very unpleasant for Galchev episode involving "Rosuglesbyt". This is a contract killing of Deputy General Director of JSC "Rosuglesbyt" Ivan Kartasheva, which in Moscow was shot killers.

Investigators Odintsovo prosecutor's office opened a criminal case, linked to the struggle for the murder of Krasnoyarsk coal mines.

By coincidence, on the same day at about the same time, killed another businessman associated with "Rosuglesbyt". Houses suicide Victor Ostrovlyanchik, advisor to the president of concern "Stern-cement". According to the site «rumafia.com», Filaret Galchev, former head of "Rosuglesbyt" was dissatisfied with the old management and in particular Ostrovlyanchik.

Usually, when people one way or another connected with the big businessman, die a violent death, the investigators are trying to work out the version of possible involvement in the death of the merchant. Devise whether security forces version of the involvement in the murder of Kartasheva Galchev and a "questionable death" Ostrovlyanchik, unknown to the general public. Corruption also Galchev is suspected of corruption ties with a number of Russian governors. For example, after the "Eurocement Group" has received from the Government of the Ulyanovsk region a priority investor status and benefits to 350 million. Rubles, there were rumors that Filaret Galchev supposedly could "grease" Ulyanovsk Governor Sergei Morozov.

A similar scandal occurred in Mordovia, where "Eurocement Group" bought "Mordovcement", most of the shares that previously belonged to Sergey and Alexander Merkushin - relatives of the governor of the Samara region Nikolai Merkoushkin (former head of Mordovia, handed over power to his successor in the region Vladimir Volkov). It turns out that money from Galchev for a stake in "Mordovcement" went directly to "the governor's clan" Merkoushkin.

Nikolai Merkushkin, the governor of the Samara region

Besides Galchev suspected of having "serious lobby" in the supreme state power bodies of the Republic of Tatarstan. In this regard, wrote about how the government of the republic and "Eurocement Group" signed an agreement whereby the group was to get all large orders to ensure the construction of the Universiade venues, and social mortgage petrocomplex "TANECO" and increase the volume of supply to the Republic 20-25 %.

Other businessmen believed that the country is not necessary "to establish a monopoly on the supply of strategically important raw materials" and competitors "Eurocement" would apply to the FAS. It seems that Galchev was able to find a common language with officials from Tatarstan.

On the basis of the alleged close ties with the leaders of Filaret Galchev Kaluga and Samara regions, as well as Mordovia and Tatarstan can be concluded about the "corrupt relationship" "Eurocement Group" owner with a number of Russian governors.

Pressure on the media

In February 2016 Filaret Galchev proved defendant loud media scandal. It happened after a popular professional portal «beton.ru» under pressure from representatives of the "Eurocement Group" has been removed exposing reprint article The Moscow Post, which tells about the problems of holding Filaret Galchev and his corrupt relations with the Russian officials.

Comment site administrator «Beton.ru» taken here. Archival copy available to comment on the link. (Commentary screenshot in high resolution)

When this "Rutsentr" allegedly even was ready to block «beton.ru» (see. Screenshot comments editor of the website). Galchev fact decided to make a real Russian media censorship, although according to the Constitution of the Russian Federation Russians are guaranteed freedom of speech and censorship is prohibited.

Luxury life of Russian oligarch

Of course, the owner "Eurocement group" does not want the Russians to know about it the real truth. For example, that at a time when it was necessary to begin to save his "cement empire" from the onset of the financial collapse, Filaret Galchev was preparing to fly to the International Space Station (ISS) instead of the singer Sarah Brightman.

Besides, as it turned out, so far from the plants Galchev fired hundreds of workers, he quietly washes the rest on its elegant 73-meter yacht Sapphire produced in 2011 or in their fashionable villa in Koroni (Greece).

Now it is holding "Eurocement Group", according to experts, inevitably moving towards bankruptcy and Filaret Galchev continues to "idle life." It seems he does not care and their factories and their workers.

However, each tale sooner or later come to an end. Apparently, the financial collapse of the "Eurocement Group" will come in the near future, and to Galchev due to "suspicious relationships" with Russian governors may have claims in the security forces.

Of course, Filaret Galchev can always leave for permanent residence in Greece, moving from Russia all their capital. But with such a rapid pace of poverty, it seems that the master output "Eurocement" will soon have nothing.