ECONOMY

Cyprus courts freezes assets of Zyuzin-owned entities

A Cyprus court has frozen the assets of three offshore entities through which Mechel’s main shareholder and chairman Igor Zyuzin owns a 67.4 percent stake in the indebted steelmaker and coalminer, Interfax news agency reported on Monday.

Zyuzin is a controlling shareholder in Mechel, which has been hit by weak prices for its products, forcing it to sell loss-making assets and to negotiate delayed debt repayment with creditors.

The order was issued by a court in Cyprus on behalf of Saven Enterprises, a British Virgin Islands-incorporated minority shareholder in one of Mechel’s subsidiaries, Interfax said, citing a copy of the order.

[Reuters]