Mukhtar Ablyazov’s: searching the web with the spider gone

This week, BTA and its London- and Moscow-based law office Hogan Lovells sent a list of worldwide mailbox companies’ names into the public domain – close to 800 in all. For long-time readers of these columns a number of the names should sound familiar, while numerous others appear to have popped up out of the blue. Therefore, the information sent down could be perceived at first sight as a Pandora’s box – while in reality it rather represents the factual dimensions of an Augias’ stable that time and again looks a lot bugger and also a lot dirtier than previously assumed. It has yet to be determined which of the companies included in BTA’s blacklist still exist, and as to those that disappeared which other companies have taken their place. Moreover, discrepancies in judicial approaches between jurisdictions where funds and assets diverted by Ablyazov and former associates are registered and/or located only add one more burden on BTA and its lawyers – since the burden of proof remains with them. Just  a few sample cases amply illustrate the hugeness of the task ahead for them while time is pressing.

by Charles van der Leeuw, writer, news analyst

Mukhtar Ablyazov’s: searching the web with the spider goneThe date of 18 December 2006 was to become a day to remember. That day, two schemes took off the hunt for the assets of which is now on. The first case concerns a transfer of 118.704 million US dollar made by a company called Starwood Contracts Limited, based in Victoria on the isle of Mahe, Seychelles. The beneficiary was a firm named Somerset Projects IHC, based in Tortola on the British Virgin Islands, which had its account at the Latvian bank Trasta Komercbanka. Somerset was controlled by a certain Stephen John Kelly. Shortly afterwards, Starwood received 100 per cent of all the shares in a firm called Archeston Solutions Inc. The latter was based on the British Virgin Islands, under a director by the name of T. N. Parskevich, and in turn it controlled 99 per cent of yet one more enterprise called Business Engineering, based in Moscow, which consequently owned 100 per cent in a firm called Central Engineering Company, equally Moscow-based, the director-general and “signatory” of which was named A. V. Fatayeva.

Looking back, Somerset Projects seems to have been created especially for the purpose, since its registration date was August 6, 2006. On December 19 2006, meaning one day after the stock-for-cash swap between Starwood and Somerset, a credit line of $25,411,740 was opened in favour of yet another company called Jollawood Trading and Investment Ltd., based in Nicosia, Cyprus, and nominally controlled by a certain Kypros Tsioparis. The credit line went through another Latvian bank, Kommercbanka Balticums, and was valid until December 19 2013 with an annual interest rate of 14 per cent. Through the same bank, the very same day Jollawood issued a credit of $25,410,989 to Moscow’s Central Engineering Company. On April 20, 2008, Starwood transferred all its debt to a Luxemburg-based company called Baldock Holding Sarl, with its bank account at the Luxemburg branch of ING of The Netherlands. Baldock’s director was a certain Marian Olde. The firm bore the registration date of July 29, 2008.

The second case is centered around a company Winterra, now also on BTA’s blacklist, though there are connections with the first case through Somerset. On December 18, 2008, the company, based in Victoria, Mahe, Seychelles, under the management of a certain Anabel-Jean Louyu, transferred a share package valued at 104.9 million US dollar to Somerset Projects. On April 29 that year, Winterra’s entire debt (an undisclosed amount) had been taken over by Bangor Holding, based in Diekirch, Luxemburg. Like its counterpart Baldock, Bangor was only to be registered in the Grand-Duchy as of July 29, 2008. Somerset subsequently allocated a credit line of $25, 411,740 to a firm in Nicosia called Roadnext Holding Ltd., under the direction of Panagiotis Demetriades. The terms were the same as the one described above: 14 per cent interest per anum over a period of seven years. Somerset then transferred a share package to Winterra Holdings Ltd. As of 12 December 2006, Winterra was also registered in Tortola on the British Virgin Islands. Its manager then became the same (presumably) Russian national Paraskevich whom we have met at the helm of Starwood Contracts. Winterra thereby obtained a 100 per cent interest in Francis Alliance, which in turn controlled 99 per cent of Gorus, based in Moscow which in turn was the 100 per cent owner of Stroy Elit, also based in Moscow, the director of which bore the name of Denis Vorotyntsev – a name that would lead straight home to Mukhtar Ablyazov. Arrested in March 2011 downtown Moscow, after which he had tried to get himself bailed out in vain, he was considered by Russian prosecutors to be one of the three core figureheads in the Eurasia Holding/Eurasia Logistics scandal, which alone stood for well over $4 billion dollar in embezzlements, in part through mortgage write-offs, while the other part took place through schemes the likes of which are being described here.

The twin-case is included in the main court cases due to take off in the UK over the summer this year which should not just recognise BTA’s claims through the built-up freezing order but honour it in the form of frozen assets’ property rights as well – which is still a very long way to go. Yet another complicating factor in the process is that in the Russian Federation justice is taking it course slowly but steadily and independently alongside. The crucial stumbling block is that whereas UK courts are appearing to be working on a case-to-case basis, which tends to extend procedures and proceedings endlessly, the Russian system tends to collect evidence for final rulings until it deems the overall scheme’s complexity’s proof hard enough to deal with the entire network of schemes and assets as a whole. This discrepancy prohibits synergies in procedures on both sides of the former Iron Curtain, and blocks attempts in terms of timing to get mutual recognition of evidence – let along of guilt and eventual property rights as far as the claimant is concerned.

One ongoing case illustrating the judicial pitfall is that of the Kolpino Logistics Park, a transportation, storage and trade complex of 580,000 square metre under construction near St. Petersburg, under control of Eurasia Logistics, a subsidiary of Eurasia Holding, around which Ablyazov largest package of fund asset diversion among them all is centered. At the time, credits coming from BTA proper in Kazakhstan have been “adopted” by the bank’s Moscow branch which later slipped from its control to the benefit of Ablyazov – who also controls Eurasia Holding – changing its name into AMT. “The [AMT] bank is seeking to recover 65.7 million euros and 1.648 billion rubles ($55.6 million),” Russia’s judicial newsreel RAPSI reported on April 10. “The defendant’s representatives failed to attend the hearing. In its statement regarding the 65.7 million euro claim the bank said that Kolpino was granted a 40 million euro loan in October 2008. The loan was to be repaid on April 12, 2009. The company partially repaid the principal debt but failed to meet its obligations in full. The bank consequently sued the defendant for 34 million euro for the principal and interest on the loan. Concerning the other claim, the plaintiff said they were seeking to recover 823 million rubles ($27.7 million) in principal debt and interest under another loan which was not repaid on time.” At present, AMT is in the process of bankruptcy. “The Moscow Commercial Court upheld the Central Bank’s petition for ATM Bank’s bankruptcy in October 2011,” RAPSI’s report reminds. “The Deposit Insurance Agency (DIA) was appointed to act as the receiver of the failed bank. The Central Bank revoked AMT’s license in July for forging account data. The bank’s deposit portfolio amounted to 15 billion rubles ($499.41 million). According to the DIA, it will pay a record 13 billion rubles ($432.82 million) to AMT’s depositors. According to information on the bank’s website, Ablyazov directly holds 19.7 percent of the credit institution.”

The affair leads to the crucial question in how far BTA can count on the outlook that the fact that its claims have been recognised as legitimate so far ensures the claimant that its claims are set to be honoured as well. Nothing seems less certain, though. What is currently happening in Russia concerning BTA gives reason for concern indeed what could happen to assets frozen on UK territory until a lengthy final series of court cases, in the case of Britain on a case-to-case basis, could eventually allocate property rights over the frozen assets to the bank. Ongoing Russian court procedures tend to suggest that there as well as elsewhere there is still a long way to go before BTA could finally cash in on its claims. In attempts to get grip on assets frozen by the Russian authorities rather than letting them remain in limbo, BTA recently tried to get a court ruling that would allow two of the 41 plots of property, some of which vacant while others have either half- or entirely constructed property on them, to be allocated to them with the aim to recuperate part of the lost cash on the loans that were meant to cover them by putting them on sale. The first attempt, involving two unspecified plots of land, has failed so far.

“The Moscow City Court has declared lawful the seizure of two land parcels in the criminal case against former BTA bank Chairman Mukhtar Ablyazov,” RAPSI wrote in an earlier report published on March 21. “Although the land belongs to Eurasia Realty, the prosecutor said the plots were owned by a company controlled by Ablyazov when the Tverskoye District Court in Moscow decided to seize them. Eurasia Realty said the land has nothing to do with the individuals indicated in the case materials and alleged that the court failed to produce reasons and evidence supporting their seizure. BTA representative Oleg Nikiforov agreed. Nikiforov said 41 land plots have been seized in the case, but asked to release these two. According to the Investigative Committee, in 2006-2008, Ablyazov used Eurasia and Eurasia Logistics, which were under his control, to raise BTA loans for other companies amounting to over 776.4 million rubles ($26 million), 19 million euro and more than $1.4 billion, although he never planned to repay them. Investigators believe BTA sustained unprecedented losses entailing such grave consequences as the bank’s restructuring under Kazakh bankruptcy law. […] A Moscow district court issued an arrest warrant for Ablyazov in absentia on charges of large-scale fraud in October 2010. Kazakhstan’s Prosecutor General’s Office applied for his extradition in January 2011.” It all comes down to a lot of homework to be done. As far as information that reached the public domain so far is concerned, there is no way to get a picture of Ablyazov’s schemes that even come close to a coherent and comprehensive impression of its dimensions. In all: lots of work to be done – and to be reported on for the next months – if not years.

LIST OF TANGIBLE ASSETS UNDER ULTIMATE CONTROL OF MUKHTAR ABLYAZOV

1. An interest in BTA Bank Ukraine

2. An interest in BTA Bank Georgia

3. An interest in BTA Bank Armenia

4. An interest in Temirbank

5. A real estate development known as the Oceanarium, Bratiev Fonchenko St, Moscow

6. A real estate development known as Business Centre “1812”, Kutuzovsky Prospect, Moscow

7. A partially built underground shopping and entertainment centre at Paveletskaya Square, Moscow

8. Land at Kaluzkhoye Highway, near Vnukova Airport, Moscow

9. An interest in the Vitino Port, White Sea, Russia

10. An interest in the Saryjaz mineral mine, Kyrgystan

11. An interest in Caspian Zhuldyz oil reserves, Kazakhstan.

12. An interest in the Cosmos Hotel, 150 Prospect Mira, Moscow.

13. An interest in OOO Novaya Tabachnaya Kompaniya.

14. Office premises at 62 Prospect Mira, Moscow.

15. An interest in “Elescentre” LLC, a Russian property owning company.

16. An interest in the companies comprising the business known as “Eurasia Logistics” including the following:

(a) Russian Logoparks:

– Northern Domodedovo (Severnoe)

– Tolmachevo/Tolmatchevo

– Mezhdureche/Mezhdurechye

– Batayskiy

– Biek Tau

– Pyshma

– Kolpino

(b) Ukrainian Logoparks:

– Vasilivskiy

– Limanskiy

– Khadzhibey/Hadzhibey

– Boryspil

source: Hogan Lovells/BTA

LIST OF NOMINAL HOLDERS UNDER ULTIMATE CONTROL OF MUKHTAR ABLYAZOV

1.Abdul Group Limited

2.Abremin Holdings Limited

3.Absolut Investment TOO

4.Acalan Holdings Limited

5.Adamaris Investments Limited

6.Adarma Holdings Limited

7.Addes International Limited

8.Adventex Trading Limited

9.Aeg Systems Inc.

10.Afina Trade TOO

11.Afrelta Holdings Limited

12.African Sky Trading Limited

13.Agrippa Trading Limited

14.Agroinvest TOO

15.AHA Management Inc

16.Aharon Incorporated

17.Airwood Corporation Limited

18.AIST LLC

19.Alara International Inc.

20.Aldan Global Limited

21.Aldridge Ventures Limited

22.Aledar Holdings Limited

23.Alexar Trading Limited

24.Alfa Consultancy Limited

25.Algoway Investments Limited

26.Alphasea Investments Limited

27.Alterson Limited

28.Amador Investments Limited.

29.Amberway Limited

30.Amelca Investments Limited

31.Amerito Limited

32.Amirar Limited

33.AMK Invest PSK OOO

34.Amoreux Limited

35.AMT Services Limited

36.Ancilla Beiteilgungs GmbH

37.Angeland Investments Limited

38.Anibell Trading Limited

39.Anital LLC

40.Antlia Corp

41.Anzion Holdings Limited

42.Apa Services Limited

43.Aracela Holdings Limited

44.Arana Constructions Limited

45.Archeston Solutions Inc

46.Ardrock Holdings Limited

47.Arfikona Limited

48.Argonex Invest Corp

49.Arkridge Telecom Limited

50.Armotage Trading Limited

51.Artounoa Holdings Limited

52.Artvision Limited

53.Aruma Holdings Limited

54.Asa Trading Limited

55.Asenet Services Limited

56.Asino Holdings Limited

57.Asmelta Investments Limited

58.Aspelica Investments Limited

59.Asset Group Holdings Limited

60.AST Holdings Limited

61.Asterato Management Limited

62.Aston Color Limited

63.Astrogold Corp.

64.Aurland Production Inc

65.Austin Universal Inc.

66.Avalle Consulting Limited

67.Avasia Holdings Limited

68.Avgousta Holdings Limited (Formerly Molyneux Limited.)

69.Avgur Group Limited

70.Avomar Limited

71.Avonhill Ventures Limited.

72.Avredinar Holdings Limited

73.Azure Way Limited

74.Bainsder Investments Limited

75.Baldock Holding S.a.r.l.

76.Balgaven Invest Inc.

77.Balladfield Holdings Limited

78.Balladplace Enterprises Limited

79.Balladream Holdings Limited

80.Balladroad Enterprises Limited

81.Balmeran Limited

82.Baltinvest LLC

83.Baltyk Idea Limited

84.Banavie Holding S.a.r.l.

85.Bangor Holding S.a.r.l

86.Bardane Limited

87.Bardon Holding S.a.r.l.

88.Barlaston Holding S.a.r.l.

89.Barming Holding S.a.r.l.

90.Barnhill Holding S.a.r.l.

91.Baruch & Co Limited

92.Bathgate Holding S.a.r.l.

93.Batitrav Resources Limited

94.Baymak Services Limited

95.Bayshore Marketing Inc

96.Beenap Limited

97.Belgrave Logistics Limited

98.Belinia Holdings Limited

99.Bellgrove Holding S.a.r.l

100.Belomorskaya Neftebaza ZAO

101.Beltas Development Corp

102.Beltor Limited

103.Bemet Investments Limited

104.Bempton Holding S.a.r.l.

105.Benfleet Holding Sarl

106.Bensbourogh Trading Inc

107.Berger International Limited

108.Berit Limited

109.Berment Ventures Limited.

110.Berniling Investments Limited

111.Berwich Holding S.a.r.l.

112.Bestcatch Trading Limited

113.Bestshot Services Limited

114.Beststage International Limited

115.Bexley Holding S.a.r.l.

116.Biancini United S.A.

117.Billbrook Holding S.a.r.l.

118.Billingham Holding S.a.r.l.

119.Billion Trader Limited

120.Biofusion Limited

121.Bion Services Limited

122.Blackburn Holding S.a.r.l.

123.Blackdesert Holdings Limited

124.Blacksteel Experts Corp

125.Blerace Limited

126.Bluecenter Holdings Limited

127.Bluestate Investments Limited

128.Bogara Tech Limited

129.Bolot Worldwide Limited

130.Bondhouse Holdings Limited

131.Bondiza Consulting Limited

132.Bondmore Holdings Limited

133.Bondrain Holdings Limited

134.Bondyear Enterprises Limited

135.Bonvest Advisors Limited

136.Boscobel International Corp

137.Bramilt Enterprises Limited

138.Branden & Associates Limited

139.Branhall Holding S.a.r.l.

140.Brighton Corp.

141.Britar Holdings Limited

142.Broadlife Trading Limited

143.Brockley Holding S.a.r.l.

144.Brundall Holding S.a.r.l.

145.BTA Bank Armenia

146.BTA Bank Georgia

147.BTA Bank Kazan

148.BTA Bank Ukraine

149.BTA International Group Limited

150.BTA Silk Road Bank

151.Bubreca Limited

152.Buckley Holding S.a.r.l.

153.Bular Trading Limited

154.Bulwell Holding S.a.r.l.

155.Business Code Limited

156.Business Engineering LLC

157.Business Expert LLC

158.Bylovo PO OOO

159.Cabcharge Limited

160.Calernen Finance Inc.

161.Calesha Limited

162.Caprio LLC

163.Cargomax Merchants Limited

164.Carlower Enterprises Limited

165.Carsonway Limited

166.Casalake Trading Limited

167.Caspian Tristar TOO

168.Caspian Zhuldyz NOO MK

169.Caspineft Holding B.V.

170.Celina Holdings Investments Limited (Formerly Bubris Investments Limited)

171.Center-Invest

172.Centile Resources Inc

173.Cerebos Limited

174.CF & Morgan Russia Equity Fund, LP

175.Chapelhill Enterprises Limited

176.Chapelroad Enterprises Limited

177.Chefa Limited

178.Chesterland Invest Corp

179.Chrysopa Holding B.V.

180.City Ventures limited

181.Clerante Holdings Limited

182.Colberg Division Limited

183.Colex Trading Limited

184.Colligate Investments Limited

185.Comet Merchants Limited.

186.Company Support Limited

187.Comwork Limited

188.Cona Trading Limited

189.Concardo Limited

190.Constance Services Limited

191.Corbiere Universal Limited

192.Core Network Limited

193.Cornerways Services Limited

194.Corporaterra Holdings Limited

195.Cosmos Hotel Complex OJSC

196.Creshia Holdings Limited

197.Cronberry Overseas Limited

198.Crondale Finance Limited

199.Crosbie Tech Limited

200.Crossaction Enterprises Limited

201.Cryosphere Limited

202.Cyten Trading Inc

203.Dana Trade Corp.

204.Daniels Tradecorp inc

205.Danionics Enterprises Limited

206.Darfield Limited

207.Dayen Environmental Limited

208.Delaware Capital Inc

209.Delchelva Holdings Limited

210.Delo Lizinigrvaya Compagnie (Delo Leasing Company)

211.Delta Torg OOO

212.Deltona Services Limited

213.Denacom Limited

214.Denmar Assets Management Inc

215.Derbent Services Limited

216.Derneco Limited

217.Develcan Ventures Limited

218.Devesta Limited

219.Devonton Investments Limited

220.Dik Nedvizhimost ZAO

221.Dinamic Tide Trading

222.Dinfield Inc

223.Direct Logistic Solutions Limited

224.Direct Logistics Limited

225.Ditron Solutions Limited

226.Donlant Ventures Inc

227.Dorbea Investments Limited

228.Doren Trading Limited

229.Dowring & Associates Inc

230.DP Jupiter Trade

231.DP MP Invest

232.Dreamlife Holdings Limited

233.Dregon Land Limited

234.Drey Associates Limited

235.Drobo Trade Investment TOO

236.Drobo Trade Limited

237.Drofal Holding Limited

238.Drystarzhodod

239.Easy Concept Processing Limited

240.Edmisonon Holdings Limited

241.Eklarius Limited

242.Elanesca Investments Limited

243.Eldoro Holdings Limited

244.Elgin Assets & Ventures Limited

245.Elias Import/Export Limited

246.Elisha Holdings Limited

247.Elista Trading International Limited

248.Elsinore Consultants Limited

249.Emesin Trading Limited

250.Eminota Limited

251.Emsort Holdings Limited

252.Engelor Trading Limited

253.Enverolt Marketing Limited

254.EPJ Eurasia

255.Equipe Holdings Limited

256.Erawanco Limited

257.Ergen Trading Limited

258.Ergo Transit Corp.

259.Ernalco Investments Limited

260.Escantre Holdings Limited

261.Estar Developments Limited

262.Estrea Management Limited

263.Eurasia Investment Industrial Group

264.Eurasia Logistics Limited

265.Eurasia-Ukraine

266.Eurobusiness Group Inc

267.Euroguard Assets Limited

268.Europtronic Limited

269.Extracord Company Limited

270.Facebook Trading Limited

271.Famelink Investments Limited

272.Famesca Investments Limited

273.Famille Solutions Limited

274.Fanal Holdings Limited

275.Farcape Services Limited

276.Farpost Holdings Limited

277.Fastservice Consultants Limited

278.Fedelm Corp

279.Fenella Service Limited

280.Fernwood Resources Limited

281.Fers Limited

282.Feston Limited

283.Fexon International Limited

284.Fexon Limited

285.Fieldport Networks Corp

286.Financial Centre Limited

287.Financial Centre MVB CJSC

288.Financial Centre Micex CJSC

289.Fitcherly Holdings Limited

290.Flairis Technologies Limited

291.Fletcher Investors C

292.Flightplan Services Limited

293.Flyajet Investments Limited

294.FM Company Limited

295.Fora Corporation

296.Forestcrystal Holdings Limited

297.Foresthouse Holdings Limited

298.Forlani Investments Limited

299.Formiga Limited

300.Fortis Trade Corp SA

301.Fountain Hills Trading Limited

302.Francis Alliance Limited

303.Francont Trading Limited

304.Freshway Financial Consulting Limited

305.Frolovo Holdings Limited

306.Frontline Technology Limited

307.FT-MVB ZAO

308.Fugishia Trading Limited

309.G.R.V. Greco Ventures Limited

310.Galanz Productions Limited

311.Gambac Limited

312.Gamematch Payment Limited

313.Gasten Group Limited

314.Gatova Holdings Limited

315.GEM Equity Management Holding AG

316.Gemestra Limited

317.Gemini Limited

318.Gemnet Services Limited

319.Gemwave Systems Limited

320.Genemedix Enterprises Limited

321.Gestel Marketing Inc

322.Giftrock Trading Limited

323.Giobionic Limited

324.Global King Enterprises Limited

325.Global Team Company

326.Globetrade Management Limited

327.Gold Arris Limited

328.Goldboat Investments Limited

329.Goldenstage Trading Limited

330.Goldfine Import Investment TOO

331.Goldfine Import Limited

332.Gorazar Limited

333.Gostinichniy Kompleks Cosmos OAO

334.Govery Trading Limited

335.Graceway Commerce Limited

336.Grebore Limited

337.Greenbridge Services Limited

338.Grepas Services Limited

339.Grosburg Limited

340.Grundberg Inc.

341.Gurtall Management Limited

342.Hallmer Limited

343.Handcart Investments Limited

344.Haphaestion Holdings Limited

345.Harmony Technology Limited

346.Harnfield Resources Limited

347.HC Cosmos JSC

348.Heavenview Investments Limited

349.Heklon Management Limited

350.Helia Investments Limited

351.Heritam Management Limited

352.Highbond Associates Limited

353.Highview Limited

354.Hilberton Trading Limited.

355.Hillrose Developments Limited

356.Hillspar Holding Limited

357.Hilton Consulting Limited

358.Holder Dom LLC

359.Honeynet Trading Limited

360.Hudsona Limited

361.Humaninvest International Limited

362.I.R.E.Land Limited

363.Iamgold Corporation Limited

364.Idrial Limited

365.Imex Management Inc

366.Impulse Capital Corp

367.Impulse Capital Investment TOO

368.Inkaville Holdings Limited

369.Innovalues Precision Limited

370.Instem Holdings Limited

371.Intellectual Creative Solutions Limited

372.Intercon Limited

373.Interfunding Facilities Limited

374.Invest Development LLC

375.Invest Kapital LLP

376.Investclub Investments Limited

377.Investment and Industrial Group LLC

378.IPG Eurasia Limited

379.IPG Evrazia OOO

380.Irwood Commercial Limited

381.IvoryTower Consultants Limited

382.Jacks International Limited

383.Jacrobi Limited

384.Jadason Enterprises Limited

385.Jet Fame Industries Limited

386.Jifkor Holdings Limited

387.Johnson Intertrans Inc.

388.Jojoland Ventures Limited

389.Jollafield Holdings Limited

390.Jollastreet Enterprises Limited

391.Jollatower Enterprises Limited

392.Jollawood Trading & Investments Limited

393.Joytas Holdings Limited

394.Kailani Limited

395.Kalliyan Investments Limited

396.Kaprio LLC

397.Kapsy Limited

398.Karola Holdings Limited

399.KazCapitalInvest

400.Kells Services Limited

401.Kentavir Limited

402.Keppel Land Limited

403.Keywave International Limited

404.Kholder Dom OOO

405.Kimoce Limited

406.Kinmate Trading Limited

407.Kinslev Productions Limited

408.Klostrade Financial Group Limited.

409.Koasiatrata Investments Limited

410.Konami Corporation Limited

411.KSC International Limited

412.KT Asia Investment Group BV

413.Kutuzov Worldwide Enterprises Limited

414.Lafe Technology Limited

415.Lake Resources Limited

416.Lakeland Commercial Limited

417.Lakeland Investments TOO

418.Lallarte Limited

419.Lallarte Properties Limited

420.Langit Consulting Limited

421.Lankom Limited

422.Laplous Group Limited.

423.Laquian Limited

424.Latrecia Investments Limited

425.Lavec Estates Limited

426.Learna Holdings Limited

427.Lebrica Holdings Limited

428.Legendcatch Services Limited

429.Lemur Holdings Limited

430.Lemur International Holdings Limited

431.Lende Trading Corp

432.Leonca Holdings Limited

433.Lercina Holdings Limited

434.Lernice Investments Limited

435.Levelbest Trading Limited

436.Lexman Inc

437.Lifetone Services Limtied

438.Liftmann Limited

439.Lightland Consultants Limited

440.Lingard Industry Limited

441.Linkwood Limited

442.Linuxo Properties Limited

443.Lion Asiapac Limited

444.Lionhead Trading Limited

445.Lissanex Limited

446.Livehouse International Limited

447.Lizinigrvaya Compangnie Delo

448.Loginet Services Limited

449.Logopark Kolpino CJSC

450.Logopark Mezhdureche CJSC

451.Logopark Pyshma LLC

452.Lomtel Limited

453.Loremain Limited

454.Lotaro Trading Limited

455.Lucky Kingdom Investments Limited

456.Lux Investing Limited

457.Lyriten Production Inc

458.M.T.H. Maritime Holdings Limited

459.Mabco Inc.

460.Maden Holding Inc

461.Maintop Trading Limited

462.Maktaraal

463.Malabar Investments Group Limited

464.Malakiy Resources Limited

465.Marcenica Investments Limited

466.Marciana Investments Limited

467.Marine Gardens OOO

468.Marinor Limited

469.Masour Holdings Limited

470.Matheca Holdings Limited

471.Maximus Resources Limited

472.MCG International Holding Limited

473.Medwell Holdings Limited

474.Mega Property Limited

475.Melchia Trading Limited

476.Melindra Holdings Limited

477.Mer Investments Limited

478.Mercielo Limited

479.Merenko Limited

480.Mergilot Trading Limited

481.Microview Trading Limited

482.Migina Limited

483.Mignola Services S.A.

484.Millennium Support Group Limited

485.Minik Limited

486.Minlin Estates Limited

487.Mintex Trading Limited.

488.Misatone Limited

489.Mishia Investments Limited

490.Mitchell Technologies Inc

491.MK Caspian Zhuldyz NOO

492.Moldina Investments Limited

493.Moranta Invest (Cyprus) Limited

494.Morskoy Spetsialzirovanny Port OOO

495.Mortecia Investments Limited

496.Mosdel Finance Limited

497.Moskovskiy Torgovy Dom (MTD)

498.Motzo Holdings Limited

499.Mount Properties Limited

500.Multiserve Limited

501.Mymana Investment Holdings Limited (Formerly Kyma Investment Holdings Limited)

502.Nafazko Investments Limited

503.Nalden Industries Inc

504.Narabak Holdings Limited

505.Neshani Investments Limited

506.Netgold Services Limited

507.Newform Company Limited

508.Newhomeland Investments Limited

509.Nextrata Investments Limited

510.Nicedeal Investments Limited

511.Nipremena Holdings Limited

512.Nitnelav Holdings Limited

513.Nord Shipping Inc

514.Normen (Overseas) Limited

515.Northern Operations N.V.

516.Nostras Limited

517.Notula Trading Limited

518.Novaya Tabachnaya Kompaniya OOO

519.N-Terminal LLC

520.Nuerto Limited

521.Nupto Limited

522.Oldroad International Limited

523.Olofu Investment Holdings Limited

524.Omada Trading Limited

525.Omsk Bank

526.OOO Atlant-T

527.OOO Investproekt

528.OOO Stroi-Resource

529.Opis Investments Limited

530.Oranta

531.Orkan Invest

532.Orken-Kapital LLP

533.Orwell Import/Export Limited

534.Ostel Holdings Limited

535.Padoge Limited

536.Pahra Fields OOO

537.Paller Products Limited

538.Palmgate Enterprises Limited

539.Palmridge Holdings Limited

540.Pancontinental Inc

541.Parakmi Logistics Limited

542.Parasat Group NV

543.Pasu Investments Limited

544.Paveletskaya ZAO

545.Pekan Trading Limited

546.Peperera Investments Limited

547.Perfeta Limited

548.Perspective Communications Inc

549.Philadelphia Tradecorp Inc

550.Pilotlight Holdings Limited

551.PKM Invest Limited

552.Placefield Holdings Limited

553.Placehouse Enterprises Limited

554.Planetzone Investments Limited

555.Plarum Limited

556.Platform Trustees Limited

557.Pointview services Limited

558.Porfitto Trading Limited

559.Potbel Holdings Limited

560.Potiza Holdings Limited

561.Power Factor Trading Limited

562.Powerboat Investments Limited

563.Powermatic Data Limited

564.Prestona Holdings Limited

565.Previa Limited

566.Primesupport Holdings Limited

567.Primi Limited

568.Prockshere Limited

569.Progen Limited

570.ProjectLand Investments Limited

571.Proliferone Limited

572.Promwell Holdings Limited

573.Prosperous Century Inc

574.Quasont Limited

575.Quickselect Investments Limited

576.Quinn Services Limited

577.Randers Company Inc

578.Ratin Investment Limited

579.Rayfield Productions Corp

580.Real Estate Commerce Company

581.Reblanca Holdings Limited

582.Reclif Developments Limited

583.Refgen Technologies Inc

584.Regal View Trading Limited

585.Region-Invest LLC

586.Reigen Technologies Limited

587.Reklod Limited

588.Reme Investments Limited

589.Retrica Holdings Limited

590.Reuel Limited

591.Revil Securities SA

592.Rihanca Holdings Limited

593.Rikas Finance OOO

594.Rimos Limited

595.Ringbell Investments Limited

596.Ringfors Enterprises Limited

597.Riverstreet Investments Limited

598.Roadnext Holdings Limited

599.Rochester Invest Corporation

600.Rockgarden Enterprises Limited

601.Rocklane Properties Limited

602.Romelo Holdings Limited

603.Roskon Limited

604.Rospanico Investments Limited

605.Rospozant Limited

606.Rovert Import/Export Limited

606.Rovert Import/Export Limited

607.Royford Inc

608.Rubyway Limited

609.Rushotel LLC

610.Rusotels Limited

611.Russian GS Limited

612.S.L. Schooldesk Licensing Limited

613.Salvepar Resources Limited

614.Salvino Services Limited

615.Salwick Holding S.a.r.l.

616.Samal Properties LLP

617.Samera Holdings Limited

618.Samuel Finance S.a.r.l.

619.Sanbreta Investments Limited

620.Sandown Holding S.a.r.l.

621.Sante Trading Group Limited

622.Sante Trading Limited

623.Sarova Holdings Limited

624.Saryjaz Mineral Mining Company OOO

625.Sea Specialized Port Vitino LLC

626.Seaham Holding S.a.r.l.

627.Seaworld Processing Limited

628.Secretcorner Trading Limited

629.Seeria Alliance Limited.

630.SellBrook Company Corp

631.Sentono Limited

632.Shalford Holding S.a.r.l.

633.Shoreline Investment Holdings Limited

(Formerly Granta Investment Holdings Limited)

634.SIG Assets Management Limited

635.Silverall Holdings Limited

636.Silverghost Trading Limited

637.Silworld Holdings Limited

638.Simonie Holdings Limited

639.Simplecity Holdings Limited

640.Skywatch Services Limited

641.Smarthead Investments Limited

642.Smartinvest Services Limited

643.Smartwhere Limited

644.Smileworld Investments Limited

645.SMKK LLP

646.Solent Management Limited

647.Solmar Technologies Corp.

648.Somerset Projects Inc.

649.Sovstar 1 (Cyprus) Limited

650.Spacenet Services Limited

651.Specialrace Trading Limited

652.Spiritbase Services Limited

653.Sprenwood Holdings Limited

654.Squarecut Trading Limited

655.Stantis Limited

656.Stanton Universal Limited

657.Star-Atlantic Holding Inc

658.Starport Trustees Company Limited

659.Starwood Contracts Limited

660.Statedown Enterprises Limited

661.Statetower Enterprises Limited

662.Steffler Global Inc

663.Steiman Corp

664.STL Company LLC

665.Stockstair Holdings Limited

666.Storin Limited

667.Straseca Holdings Limited

668.Strident Energy Limited

669.Striks Investments Limited

670.StroyInvest Kazan LLC

671.Stylewest Holdings Limited

672.Subona Trading Limited

673.Subtower Trading Limited

674.Sundycoast Processing Limited

675.Sunstone Ventures Limited.

676.Sunwell Distributors Inc

677.Superleague Services Limited

678.Suprisimo Investments Limited

679.Surmaka Services Limited

680.Svanlake Holding Limited

681.Svelgate Alliance Corp.

682.Swainriver Holdings Limited

683.Sylvan Assets Inc

684.Tableros Holdings Limited

685.Tactica Enterprises Limited.

686.Tahoka Limited

687.Talego Holding BV

688.Tanna Holding S.a.r.l.

689.Taranski Limited

690.Tariono Limited

691.Techlink Consulting Limited

692.Tedcom Finance Limited

693.Tekhinvest ZAO

694.TekhstroyAlliance ZAO

695.Telford Financiers Corp.

696.Temirbank

697.Terrazone Investments Limited

698.Ticker Services And Consulting Limited

699.Tollo Holdings Sarl

700.Top Quality Consulting Limited

701.Topgeo Holdings Limited

702.Topwide Trading limited

703.Topworld Services Limited

704.Torland Production

705.Toros Limited

706.Tortuga Limited

707.Tossima Limited

708.Trademarket International Limited

709.Tradestock Inc.

710.Trainor Alley Corporation

711.Tramlanes Investments Limited (Formerly Bergtrans Contracts Corp)

712.Trasemino Investments Limited

713.Trasnational Assets Limited

714.Trasnational Capital And Investments Limited

715.Trefor Limited

716.Trionfale Limited

717.Trombest Holdings Limited

718.Tsentr-Invest LLC

719.Tunnelsink Holdings Limited

720.TuranalemCapital OOO

721.Ungromado Limited

722.Unico Limited

723.Uniflex Global Limited

724.Unishare Trading Limited

725.United Clearing & Processing Company Limited.

726.Urbas Industrial Limited

727.Urie Services Limited

728.Urovo PK OOO

729.Usarel Investments Limited

730.Vaida Trading Limited

731.Valaxis Asset Management

732.Valeford Consortium Corp.

733.Vanbas Limited

734.Vanesca Holdings Limited

735.Vanesca Investments Limited

736.Varkiza Investments Limited

737.Varna Limited

738.Vartexo Limited

739.Vartexo Trading Limited

740.Velocita Holding B.V.

741.Venezzia Trading Limited

742.Venizon Holdings Limited

743.Venta LLC

744.Vern Trading Corporation

745.Vernex Inc

746.Vetabet Holdings Limited

747.Vetro Limited

748.Vetta (UK) LLP

749.Vianden Limited

750.Viascal Holdings Limited

751.Victan Limited

752.Victoryland Investments Limited

753.Vikkers Finance

754.Vimatex Limited

755.Vinsaw Investments Limited

756.Voreda Investments Limited

757.Vulier Investments Limited

758.Warren Worldwide LLC

759.Webcare Marketing Limited

760.Wenus Products Limited

761.Westrade Limited.

762.Whipland Investments Limited

763.White Avenue Limited

764.White Sea Complex BV

765.Whitestorm Holdings Limited

766.Widley Worldwide Inc.

767.Winterra Holdings Limited

768.Wintop Services Limited

769.Woodbridge Group Limited.

770.Worldwide City Investments Limited

771.Xtrainvest Investments limited

772.Yarla Investments Limited

773.Yassy Invest

774.York Resources Capital Corp.

775.Yorkline Corp

776.Yuma Holdings Limited

777.Zafferant Partners Inc.

778.Zaforim Investments Limited

779.Zaidies Limited

780.Zalou Investments Limited

781.Zangyla Holdings Limited

782.Zardoya Holding Limited

783.Zathen Holdings Limited (Formerly Carsonway Limited)

784.Zed Candy Limited

785.Zephyranth Limited

786.Zlatano Limited

787.Zociac Enterprises Limited

788.ZRL Beteiligungs AG

source: Hogan Lovells/BTA

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