Austrian UBO registry names Oleg Deripaska as ultimate beneficial owner of STRABAG SE – STRABAG challenges this decision
7 December 2022
- STRABAG SE removed Oleg Deripaska from the ultimate beneficial owner (UBO) registry in April as a result of the EU sanctions and the subsequent suspension of all shareholder rights.
- The latest FAQs from the European Commission confirm that the sanctions not only freeze all property rights, including the right of disposal and the right to obtain dividends, but also prohibit any voting rights from being exercised.
- Austria’s UBO registry authority considers the removal of Oleg Deripaska from the registry to be inadmissible and has reinstated his entry solely on the basis of the continued existence of formal ownership rights.
- STRABAG SE does not recognise Oleg Deripaska as an ultimate beneficial owner and has initiated proceedings to clarify the situation.
On 8 April 2022, the European Union placed Oleg Deripaska on its sanctions list. The sanctions also apply to MKAO Rasperia Trading Ltd., which is controlled by Oleg Deripaska and which holds 27.8 % of STRABAG SE shares. The sanctions therefore freeze the STRABAG SE shares held by Rasperia and prevent shareholder rights from being exercised or influence from being exerted on STRABAG SE. The latest FAQs of the European Commission confirm that the sanctions not only freeze all property rights, including the right of disposal and the right to obtain dividends, but also prohibit any voting rights from being exercised. In STRABAG SE’s point of view, formal ownership of company shares alone is not sufficient to be considered an ultimate beneficial owner. STRABAG SE therefore removed Oleg Deripaska from the UBO registry.
Austria’s UBO registry authority disagreed with this legal interpretation and requested that STRABAG re-register Oleg Deripaska as ultimate beneficial owner of the company, citing the fact that formal ownership rights have not been revoked. STRABAG refused to comply with this request, based on the legal opinion that Oleg Deripaska is no longer an ultimate beneficial owner. The UBO registry authority has now entered Oleg Deripaska’s name in the registry itself. The Management Board of STRABAG SE is contesting this action by the registry authority with all legal options and has filed an application with the Federal Ministry of Finance for a formal ruling on the matter.
