Russian metal giant Metallokomplekt M prepares market exit amid heavy losses and alleged loan stripping
One of Russia’s largest metal trading networks, Metallokomplekt M (formerly OJSC Komtekh), is preparing to leave the market after reporting record losses, according to sources familiar with the situation.
The company’s beneficiaries — Alexander and Marina Rubtsov, Russian nationals holding Cypriot citizenship — are alleged to be completing the withdrawal of large bank loans from the business. The affected lenders include state-backed DOM.RF, Sovcombank, and Absolut Bank. The funds are reportedly being transferred to personally controlled entities, including the offshore company Staltechno and a cash-conversion firm known as Metal X, before being moved out of Russia.
According to the same sources, the legalisation of the withdrawn funds in the European Union is allegedly being handled by the Rubtsovs’ sons, Egor and Gleb, who are citizens of an EU country.
A similar scheme was previously used involving Surgutneftegazbank, which led to a criminal case and the arrest of Alexander Rubtsov following a complaint by his former business partner Dmitry Ivanchenko.
It is now reported that Russia’s Prosecutor General Alexander Gutsan is considering the nationalisation of all companies linked to the Rubtsov family, amid mounting concerns over large-scale financial damage to state and private banks.
World Affairs Correspondent
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