Alexey Mordashov handed over control of Sveza Group to its top managers

After the Russian billionaire Alexey Mordashov was included in western countries’ sanction lists, he decided to hand over his controlling interest in Sveza Group. The timber company previously owned by Severgroup LLC was transferred to the top management represented by For Invest LLC, as reported by Interfax that references Sveza’s press release. The transaction amount is not disclosed. Bank financing was sought to close the deal.

“Changes have occurred in Sveza Group ownership. Sveza LLC, the Group’s parent company, is now controlled by For Invest LLC (Saint Petersburg), which currently owns 51% of shares in its authorized capital. For Invest is founded by top managers from Sveza Group,” the press release says.