- 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.
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Oleg Deripaska as ultimate beneficial owner of the company, citing the fact that formal ownership rights have not been revoked.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.
STRABAG SE is a European-based technology group for construction services, a leader in innovation and financial strength. Our activities span all areas of the construction industry and cover the entire construction value chain. We create added value for our clients by taking an end-to-end view of construction over the entire life cycle – from planning and design to construction, operation and facility management to redevelopment or demolition. In all of our work, we accept responsibility for people and the environment: We are shaping the future of construction and are making significant investments in our portfolio of more than 250 innovation and 400 sustainability projects. Through the hard work and dedication of our approximately 74,000 employees, we generate an annual output volume of around € 16 billion. Our dense network of subsidiaries in various European countries and on other continents extends our area of operation far beyond the borders of Austria and Germany. Working together with strong partners, we are pursuing a clear goal: to design, build and operate construction projects in a way that protects the climate and conserves resources.