The Arbitrary court of Moscow has denied Vadim Varshavsky, the ex-owner of Estar, his claim to Mechel to hand over Daveze Limited shares, which owns Donetsk Electrometallurgical Plant.
Estar bought DEMZ and some other assets in 2009 from Istil Group for $1 billion. Alfa-Bank financed the deal, and when Estar wasn’t able to clear its debts, it took the works. In 2011 Mechel bought DEMZ for $537 million.
In 2013 Mechel reported it had signed an agreement with Varshavsky to sell him the works for 2 thousand euro, if the businessman cleared the works debt to Mechel ($81 million). But Varshavsky couldn’t find the money. Since then the works was idle. (Ukrainian metal)