Transaction with GC "ESTAR" has been cancelled

After the acquisition of GC “ESTAR” assets in April, 2009 and a number of measures directed to rehabilitation of companies within the Group, Abukar Bekov has chosen an option to cancel the deal, which was previously agreed by the parties. His decision was caused by existing difficult situation in the metallurgical market of the country accompanied with an increase of social tension at several enterprises.

On June 25, 2009 parties came to an agreement that the team of GC “ESTAR” founder, Vadim Varshavsky, would return the ownership of the company’s assets. Management experience and professionalism of Mr. Varshavsky will help metallurgical companies to overcome the crisis.

B&N Bank will continue being a financial consultant on the issues related to refinancing of the companies’ indebtedness.

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