Domestic construction giant Strabag is increasingly seeking to break away from Russian oligarch Oleg Deripaska. After the termination of the so-called syndicate agreement, the right to participate in the group is now being reduced – its share in the company must fall below 25 percent.
Although sanctioned Russian entrepreneur Oleg Deripaska’s participation in Austrian construction group Strabag has been frozen anyway, it must now be reduced from the current 27.8 percent to below the blocking minority of 25 percent.
Strabag’s board of directors will make a corresponding proposal to the annual general meeting on June 16, the company announced on Thursday.
No profit distribution to Russia
Strabag boss Klemens Haselsteiner had already announced at the end of April that there would be no dividend payment before 2022 for MKAO Rasperia, which is controlled by Deripaska and holds the stake in Strabag, as Deripaska is on the EU sanctions list due to the Russian attack on Ukraine.
By reducing MKAO Rasperia Trading Limited’s stake in Strabag to less than 25 percent, “the risks and disadvantages to the company’s business resulting from the sanctions imposed on Oleg Deripaska (USA, Canada, Australia, EU) will be reduced,” the Strabag message reads.
Source: Krone
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