“Total freedom of action”: why Alexander Mamut canceled the authorization of the microfinance company Denum

• The Denum brand brings together several fintech companies and services that specialize in working in niche markets in the underbanked category, where classic financial institutions are not always represented. The Denum holding company runs MigCredit, TezFinance lending service for migrant workers, IT aggregator Denum Tech and installment payment service Denum Pay in Installments.

• Alexander Mamut is ranked 113th in the Forbes ranking of Russian billionaires for 2024 with a fortune of $1.2 billion. According to the publication, Mamut lives in Israel.

“All the restrictions imposed on us have been lifted because the parent company was managed from abroad. This decision, in addition to purely legal aspects, is also important on a practical level. The group companies and, above all, our flagship company, MigCredit, have complete freedom of action and can develop business without taking into account “hostile” countries, Denum explained.

The company noted that they now do not need to coordinate their decisions on raising capital with foreign shareholders, opportunities for mergers and acquisitions are open, and barriers to obtaining residency in special zones such as Sirius have been removed.

“Collaborative relationships will take on a clear shape; They will not be dominated by geopolitical risks due to the status of the company’s owners. All this creates the foundation for active business development in 2025 and all subsequent years. Which we will undoubtedly take advantage of,” the group said in a statement.

Head of the International Tax Planning Group at Amond & Smith Sofya Gurova He explained that such changes in the composition of the founders facilitate control of the company.

“Of course, the presence of a Cypriot participant made it possible to optimize the tax base, however, in the current geopolitical situation, having an owner from a “hospitable” country will probably hinder rather than facilitate the life of companies in certain countries. aspects: there are great difficulties in withdrawing dividends, there are practically no options for opening accounts. The reorganization will make it possible to attract new Russian investors, thus strengthening its position in the market,” Gurova said.

Andrey Gusev, managing partner of the Nordic Star law firm named the main reasons why Russian companies are increasingly choosing disavowal:

• Reduce risks due to the international situation;
• Strengthen control and simplify the structure;
• Compliance with new Russian standards;
• Reputational benefits;
• Preparation of transactions or raising capital, including on the stock exchange;
• Inheritance planning or transfer of assets.

Gusev mentioned Alexander Mamut’s possible benefits of disavowal: transferring control directly into the hands of an entrepreneur can give him greater flexibility in asset management, increase profitability by saving on the maintenance of complex structures, and simplify tax administration.

On December 27, the shareholders of the Ozon group approved the redomiciliation from Cyprus to the Kaliningrad region.