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Trump is lifting sanctions from Putin's oligarchs, consistent w/ the alleged quid pro quo.
And the GOP Senate is enabling it.
This @nytimes story shows how much Deripaska & Putin benefit...
& it still grossly understates this scandal. 1/
nytimes.com/2019/01/21/us/…
Trump is lifting sanctions from Putin's oligarchs, consistent w/ the alleged quid pro quo.
And the GOP Senate is enabling it.
This @nytimes story shows how much Deripaska & Putin benefit...
& it still grossly understates this scandal. 1/
nytimes.com/2019/01/21/us/…
2/ "A binding confidential document suggests that the agreement the administration negotiated with the companies controlled by Deripaska may have been less punitive than advertised.
It frees him from $100s of millions in debt while leaving him & his allies w/ majority ownership."
It frees him from $100s of millions in debt while leaving him & his allies w/ majority ownership."
3/ "Deripaska [can] wipe out $100s of millions in debt by transferring some of his shares to VTB, a Russian govt-owned bank under limited US sanctions that had lent him large sums."
It lowers his shares to 45%, but practically, Deripaska's allies will give him majority control.
It lowers his shares to 45%, but practically, Deripaska's allies will give him majority control.
4/ The secret details show a shell game shifting shares to his corrupt allies VTB (the Putin-aligned bank implicated in Trump Tower Moscow financing) and Glencore (co-buyer of Rosneft w/ Qatar).
(See my thread from Dec.)
But the details are now worse...
(See my thread from Dec.)
But the details are now worse...
5/ The Treasury Dept's public letter says shares will go to a "charitable foundation." Guess whose foundation?
Deripaska's. Bringing him close to 50%.
You cannot make this up:
"The [secret] document identifies the foundation as Volnoe Delo, founded and funded by Mr. Deripaska."
Deripaska's. Bringing him close to 50%.
You cannot make this up:
"The [secret] document identifies the foundation as Volnoe Delo, founded and funded by Mr. Deripaska."
6/ Treasury's public letter to Congress "stressed that independent trustees with 'no ties' to Deripaska will control the EN+ board."
But in the secret deal, "[T]aken together, Deripaska, his found'n, his ex-wife, her father & Orandy Capital [a family-linked firm] would own 57%"
But in the secret deal, "[T]aken together, Deripaska, his found'n, his ex-wife, her father & Orandy Capital [a family-linked firm] would own 57%"
7/ Treasury's public letter said the deal "required Deripaska to hand over voting authority for 10% of his shares to 'a voting trust obligated to vote in the same manner as the majority held by shareholders other than Deripaska.'"
Now this provision is exposed as a joke...
Now this provision is exposed as a joke...
8/ So 10% of Deripaska's shares = 4% of EN+ total shares.
So even if somehow VTB and Glencore wanted to vote against him (don't bet on that), basic math still gives Deripaska and family over 50%.
57% - 4% = 53%.
Mnuchin thinks we are fools.
He's right about the Senate GOP.
So even if somehow VTB and Glencore wanted to vote against him (don't bet on that), basic math still gives Deripaska and family over 50%.
57% - 4% = 53%.
Mnuchin thinks we are fools.
He's right about the Senate GOP.
9/ The market knows that this was great news for EN+ and Deripaska. US sanctions had hammered its value. But "after Treasury announced it, Rusal and EN+ rose sharply, providing a boost to Deripaska, his family and VTB."
And to Putin, big time.
cc: @McFaul
And to Putin, big time.
cc: @McFaul
10/ VTB would hold 24% and Glencore would hold 11% of EN+.
VTB will vote Putin's interests. Glencore is notorious, implicated in money laundering and in Rosneft purchase (the Steele Dossier alleged quid pro quo). Glencore is complicit and compromised.
VTB will vote Putin's interests. Glencore is notorious, implicated in money laundering and in Rosneft purchase (the Steele Dossier alleged quid pro quo). Glencore is complicit and compromised.
11/ And here is more on VTB's role in the Trump Tower Moscow negotiations:
