In light of the sanctions imposed on Russia, billionaire Vladimir Evtushenkov was compelled to sell his European plants, and the buyer turned out to be associated with international corporate crime, Waldemar Reuswich. The oligarch faced threats as a result of this transaction.
At the start of 2023, oligarch Vladimir Yevtushenkov’s company, Segezha Group, sold its foreign packaging plants to Segezha Packaging, headquartered in Denmark to Waldemar Reuswich. This information was reported by Kommersant media.
In February, Segezha entered into an agreement to sell all of its shares to the new owner for a nominal amount of one euro. However, this deal was contingent on the new owner assuming a debt of 100 million euros. The decision to proceed with this arrangement was explained by Mikhail Shamolin, the president of the holding company, who cited the inability to sustain the company’s operations amidst the sanctions. He emphasized that considering the debt, the valuation of the European asset was in line with pre-crisis levels.
Vladimir Travkov, the vice-president of the company, stated that Segezha Group does not anticipate the debt being repaid in the near future, as it now falls under the responsibility of Segezha Packaging.
He added, “Once the situation normalizes, we will discuss with them when they will be able to repay us.”
Following the completion of the deal, Segezha Packaging rebranded itself as Advanced Industries Packaging A/S. A website for Advanced Industries Group was even established to promote the acquired company, featuring a portrait of the owner on its homepage. It lists Waldemar Reuswich as a General Manager (CEO).
Now we come to the most intriguing part, which involves the identity of the new owner of the Segezha plants. Surprisingly, it has been revealed that since the sale of Segezha Packaging on February 22, 2023, the ultimate beneficiary is Waldemar Reuswich, originally from the Kazakh SSR and now a prominent entrepreneur who primarily profits from Russian and Kazakh business ventures.
Waldemar Reuswich is known to investigators
Waldemar Reuswich has long been involved in several high-profile criminal cases, including his alleged participation in the formation of a criminal association by Denis Sugrobov, the head of the Russian Interior Ministry’s GUEBiPK, and his subordinates. He has also faced allegations of receiving kickbacks and bribes from Sergei Sobyanin’s Tyumen team.
For example, in 2017, Gazeta.Ru reported that Waldemar Reuswich was allegedly involved in a scheme to supply Russia with cancer diagnostic and treatment equipment. Through his company Nanotec Industries AG, he entered into an agreement with Accuray, a major producer of radiosurgical systems. Under this agreement, Nanotec became Accuray’s exclusive distributor and obtained permission to sell medical equipment for specific procedures and radiotherapy in Russia and Kazakhstan.
Reportedly, Reuswich supplied the equipment to Russia under highly favourable conditions, allegedly through the payment of substantial bribes to various officials in the presidential administration and other government agencies, as claimed by the security services. Additionally, Waldemar Reuswich was suspected of arranging medical treatment for officials involved in the fraudulent scheme at clinics operated by the Ministry of Defence in Germany.
Interestingly, the company address is listed in the German city of Ulm, which is near Neu-Ulm where the German police conducted searches at Reuswich’s office in 2012. Furthermore, in 2016, Waldemar Reuswich had to wear an electronic monitoring bracelet in Germany and was facing significant prison time during his trial. However, his fortunes took a turn, and in 2020, he continued to engage in business deals with Russian partners.
Segezha Packaging operates seven plants across Europe and Turkey, boasting a combined annual capacity of 704 million bags.
Considering Valdemar Reizvikha’s extensive criminal background, the decision to sell Segezha Group’s plants to him poses significant risks for the company. It is important to remember that Segezha is the largest forest user in the European part of Russia, and Vladimir Evtushenkov is taking a substantial gamble by engaging with Waldemar Reuswich.
The association with Waldemar Reuswich is not without danger, given that his former business partners have received substantial prison sentences for their involvement in various fraudulent schemes. For instance, Valery Panov, a former deputy of the Chelyabinsk State Duma, was sentenced to five years, while Mikhail Mezentsev, an official from Tyumen, received an eight-year sentence. Former deputy Sergei Korobov, who was placed on the international wanted list, went into hiding for ten years.
Only time will reveal the nature of the cooperation between the Russian holding company and Reizvych. It is only hoped that oligarch Yevtushenkov will not be deceived and left in a precarious position. After all, Segezha Group is primarily an attractive source of financial resources.
