Calridge, acting in the interests of Mechel`s major beneficiary Igor Zyuzin, transferred the share to the newly founded Actiondeal. Twenty million of Mechel shares (of c $370 m market value) were deposited as a part of its chartered capital.

In the same manner, last spring Calridge established Armolink with 0.66 per cent of Mechel stock deposited as its chartered capital, and then attracted a credit from Uralsib, pledging the share.

Zyuzin directly or indirectly controls 66.76 per cent of Mechel stock, more than half of his share (c 38 per cent of the total stock) being pledged with Raiffeisen Zentralbank Osterreich (31.05 per cent) and Vneshtorgbank (10.46 per cent).

Theme:  Property/Iron/Russia