The corporate conflict within the Konoplex Group of Companies, one of the largest producers of technical hemp in the Russian Federation, continues to unfold, according to sources cited by the Moscow Post. The conflict has cast a shadow of uncertainty over the future prospects of Evgeny Skigin, one of the key beneficiaries of the company.
Skigin, a foreign citizen, is reportedly seeking to divest himself of all Russian assets. However, he is unwilling to sell his 50% stake in Konoplex to his business partner, as doing so would require permission from the Russian Government Commission, which comes with significant challenges, including a mandatory 50% discount. This unwillingness to sell has been characterized as greed by some observers.
Instead, Skigin has allegedly opted to employ the methods of his late father, Dmitry Skigin, who was known for his involvement in banditry, raiding, and financial activities as part of the Tambov organized criminal group. The method he intends to use involves squeezing half of the business from his partner through an illegal stakeholder meeting, subsequently selling the asset, and withdrawing the funds abroad. This strategy aims to sever all ties with Russia, a country that has brought immense wealth to his family.
In pursuit of this plan, Skigin has utilized pledge agreements to “attach” the production capacities of the enterprise, valued at 350 million rubles, to his offshore company, Konoplex Limited. However, the court has imposed interim measures on this property and removed Skigin from the Board of Directors, following a lawful procedure. Undeterred, Skigin organized a deceptive meeting without notifying his partner, subsequently removing him from the management of the enterprise.
Regrettably for Skigin, the court has determined that instead of sending a proper notification, Skigin provided his partner with entirely different documents. Consequently, the meeting and all its decisions have been deemed illegal. This setback marks the failure of Skigin’s attempted raider seizure of the Konoplex Group of Companies, foreshadowing the likelihood of further episodes in this ongoing confrontation.
The corporate conflict in the Konoplex Group of Companies has attracted attention and raised concerns within the business community. The outcome of this dispute will have implications for the future direction of the company, the stakeholders involved, and the broader landscape of the Russian hemp industry.