In terms of the project’s ownership, the state has consistently retained its stake as a “stable entity,” with a controlling interest of 51% held by “Kazatomprom.” However, the remaining portion of the company, SGHK, has experienced a change in ownership.
The establishment of TOO “SP Budenovskoye” in 2015 marked its primary objective of exploring and extracting uranium from sections 6 and 7 of the Budenovskoye deposit, which currently resides in the Turkestan region. This partnership was officially registered in 2016, with two initial owners: 51% attributed to the national company “Kazatomprom” and 49% under the ownership of TOO “Stepnogorsk Mining and Chemical Plant” (SGHK).
During the year 2016, SGHK found itself under the ownership of Singaporean enterprise Rosdale PTE Ltd, originating from the British Virgin Islands.
In May of 2017, the government of Kazakhstan granted permission to Rosdale PTE Ltd to divest SGHK to two other legal entities. Ganberg UK Ltd acquired a majority share of 60%, while Gexior UK Ltd secured a minority share of 40%. Both of these structures were hastily formed just prior to the planned transaction on March 1, 2017, and were registered within the same jurisdiction, namely the United Kingdom. Notably, they shared a common parent structure by the name of Degevol UK Ltd, which was established a mere day before its subsidiaries, on February 28, 2017. Consequently, Vasily Anisimov and Yakov Klebanov emerged as the newfound co-owners of the uranium deposits.
In the month of December 2022, yet another shift in ownership occurred for SGHK. This particular transaction stirred up a scandal within Kazakhstan’s information sphere, as SGHK was transferred to AO “Uranium One Group” and AO “YATC Logistic Center.” Both of these joint-stock companies are integral components of the state corporation known as “Rosatom.”
It is worth mentioning that certain structures within “Rosatom,” such as “Rusatom Overseas,” which is responsible for promoting “Rosatom” projects beyond national borders, have been subjected to stringent Western sanctions. Furthermore, Alexey Likhachev, the head of “Rosatom,” finds himself under the weight of these sanctions as well. Given the vulnerable position of the Russian corporation, concerns have arisen within Kazakhstan.
Currently, “Kazatomprom” holds the lion’s share in uranium extraction within Kazakhstan, accounting for 55%, while “Rosatom” holds a 21% stake as of the conclusion of 2022. With the commencement of production at SP “Budenovskoye,” it is anticipated that “Rosatom’s” share in the nation’s total production will increase by at least 10%, as stated by Abzal Narymbetov, the author of the Energy Analytics Telegram channel.
Narymbetov further highlights that if “Rosatom” becomes the target of anti-Russian sanctions, it may prove challenging for “Kazatomprom” to market its own product. This, in Narymbetov’s view, constitutes the “main and most significant” risk arising from the change in ownership of the Budenovskoye deposit.
Looking ahead, six months subsequent to the sale of SGHK, in June 2023, all three aforementioned companies – Ganberg UK Ltd, Gexior UK Ltd, and Degevol UK Ltd – initiated the process of deregistration, effectively dissolving themselves. However, in August, the liquidation proceedings were halted by the UK’s Companies House in response to a lodged protest.
In an attempt to shed light on the initiator of the suspension and the rationale behind it, “Kursiv” reached out to Companies House. Regrettably, the registrar’s press service declined to provide any commentary on matters pertaining to specific companies, deeming such information to be confidential.
The editorial team of “Kursiv” also made inquiries to Vasily Anisimov and Yakov Klebanov (via their respective companies based in Russian and Kazakhstani jurisdictions) regarding the fate of Ganberg UK Ltd, Gexior UK Ltd, and Degevol UK Ltd. However, no responses were received at the time of reporting.
According to the information available on the Companies House website, there exists a multitude of reasons for filing objections, although an exhaustive list of these grounds is not provided.
Oleg Degtyarev, the director of the esteemed British law firm Law Firm Ltd., elucidated on the matter, stating that “Examples of reasons for objecting to the removal of a company from the register include not being notified of the company’s decision, believing that the information in the company’s application is inaccurate, and intending to take legal action against the company. You must have evidence supporting your objection, such as invoices or bills showing that the company owes you money.”
In the month of December 2022, yet another shift in ownership occurred for SGHK. This particular transaction stirred up a scandal within Kazakhstan’s information sphere, as SGHK was transferred to AO “Uranium One Group” and AO “YATC Logistic Center.” Both of these joint-stock companies are integral components of the state corporation known as “Rosatom.”
It is worth mentioning that certain structures within “Rosatom,” such as “Rusatom Overseas,” which is responsible for promoting “Rosatom” projects beyond national borders, have been subjected to stringent Western sanctions. Furthermore, Alexey Likhachev, the head of “Rosatom,” finds himself under the weight of these sanctions as well. Given the vulnerable position of the Russian corporation, concerns have arisen within Kazakhstan.
Currently, “Kazatomprom” holds the lion’s share in uranium extraction within Kazakhstan, accounting for 55%, while “Rosatom” holds a 21% stake as of the conclusion of 2022. With the commencement of production at SP “Budenovskoye,” it is anticipated that “Rosatom’s” share in the nation’s total production will increase by at least 10%, as stated by Abzal Narymbetov, the author of the Energy Analytics Telegram channel.
Narymbetov further highlights that if “Rosatom” becomes the target of anti-Russian sanctions, it may prove challenging for “Kazatomprom” to market its own product. This, in Narymbetov’s view, constitutes the “main and most significant” risk arising from the change in ownership of the Budenovskoye deposit.
Looking ahead, six months subsequent to the sale of SGHK, in June 2023, all three aforementioned companies – Ganberg UK Ltd, Gexior UK Ltd, and Degevol UK Ltd – initiated the process of deregistration, effectively dissolving themselves. However, in August, the liquidation proceedings were halted by the UK’s Companies House in response to a lodged protest.
In an attempt to shed light on the initiator of the suspension and the rationale behind it, “Kursiv” reached out to Companies House. Regrettably, the registrar’s press service declined to provide any commentary on matters pertaining to specific companies, deeming such information to be confidential.
The editorial team of “Kursiv” also made inquiries to Vasily Anisimov and Yakov Klebanov (via their respective companies based in Russian and Kazakhstani jurisdictions) regarding the fate of Ganberg UK Ltd, Gexior UK Ltd, and Degevol UK Ltd. However, no responses were received at the time of reporting.
According to the information available on the Companies House website, there exists a multitude of reasons for filing objections, although an exhaustive list of these grounds is not provided.
Oleg Degtyarev, the director of the esteemed British law firm Law Firm Ltd., elucidated on the matter, stating that “Examples of reasons for objecting to the removal of a company from the register include not being notified of the company’s decision, believing that the information in the company’s application is inaccurate, and intending to take legal action against the company. You must have evidence supporting your objection, such as invoices or bills showing that the company owes you money.”
He noted that initiators of objections can be founders and employees of the company, as well as creditors. “This can also include British government agencies, such as HMRC (tax authority),” explained Degtyarev.
When asked whether the suspension could be related to the sanctions status of certain structures and the head of “Rosatom,” my database does not provide specific information regarding the liquidation suspension of Ganberg and Gexior companies in the United Kingdom or their ownership of the Budenovskoye uranium deposit. It is advisable to consult reliable news sources or official statements for the latest information on this topic.
Now that the liquidation process of the companies has been suspended, they must take steps to resolve the disputed issues before the deregistration process can resume.
“This may involve negotiations with the objecting party, settling outstanding debts, or providing additional information to the registrar,” says Oleg Degtyarev.
The party that raised objections also needs to be proactive. “They must confirm their actions or provide acceptable evidence of progress in resolving the unresolved issues,” the lawyer enumerates. “This evidence should be obtained at least two weeks before the expiration of the objection period.”
The objection period has a lifespan of six months. It needs to be renewed, or else it will automatically expire.
