En+ Group to transfer En+ Holding Limited to Russian jurisdiction

MOSCOW, Aug 16 (PRIME) -- The board of directors of En+ Group of tycoon Oleg Deripaska has essentially approved a transfer of En+ Holding Limited, a subsidiary in charge of the group’s power industry assets, from jurisdiction of Cyprus to one of Russia’s special administrative regions, the company said in a statement on Thursday.

On August 6, a law came in force allowing re-registration of offshore companies in special administrative regions to minimize possible repercussions from sanctions of foreign states. The law determines aspects of functioning of the special administrative regions on the Russky Island near Vladivostok and in the Oktyabrsky Island near Kaliningrad.

“The suggested change of jurisdiction will allow the company to use advantages of the new Russian legislation for foreign companies,” En+ said in the statement.

The board also ordered the company’s management to study in detail possible redomiciliation into the Russian jurisdiction.

En+ also said quoting Board Chairman Greg Baker that optimization of the ownership structure would ensure transparency of the company in line with the global trend all falling dependence on offshore corporate management.

End