Refreshing bit of news out of Sweden this morning: Fredrik Bjorkman reports that Sweden's Security Service (SAPO) has finally taken an interest on the whole 'reorganisation' farce involving Nynas Bitumen. This is great stuff. It is this site's opinion that any half subjective probe conducted by people without a direct economic interest on Nynas' affairs can only produce one result, and that is that the whole 'reorganisation' process is illegal.
Originally, two parties (PDVSA & Neste) should’ve been involved. However that wasn't the case, for Nynas used to get all of its feedstock from Venezuela, specifically from Petrozamora, a JV formed between Corporacion Venezolana de Petróleo (CVP, a fully owned PDVSA subsidiary) and Gazprombank Latin America Ventures B.V., a Dutch shell owned by Boris Ivanov (read Gazprom) and Francisco Convit and Alejandro Betancourt (the main thugs from Derwick Associates).
Petrozamora's interests in Nynas, i.e. receivables, were represented throughout 'reorganisation' by GPB Energy Services B.V. (yet another Dutch shell controlled by Ivanov), which managed not only to appoint counsel (Setterwalls' Johan Strömbäck), but somehow also assumed representation of PDVSA's interests. Inexplicable, unless corruption is taken into account, how Nynas' largest shareholder (PDVSA) allowed to be represented in proceedings by GPB Energy Services B.V.'s counsel.
Ivanov isn't the only dodgy Russian involved. As this site exposed in late 2019, Vladimir Anisimov, a former Deputy Head of Russia's FSB and protégée of Nikolay Patrushev is also, directly, involved in Petrozamora affairs.
Most surprisingly, SAPO and other Swedish authorities ignored all of this, and allowed Nynas to carry on with a 'reorganisation' that reeked of corruption involving Russia's FSB operatives, Treasury-sanctioned Russian entities and DoJ-wanted criminals from Venezuela. Worse still, U.S. Treasury -which had imposed sanctions on PDVSA (ergo on Nynas) and on Russia-related entities such as GPB Energy Services B.V.- also turned a blind eye on the whole thing.
After 'reorganisation' was completed, Neste announced it had sold its Nynas stake (49.9%) to Bitumina Industried Ltd. PDVSA's majority stake got divided: 35% to some foundation controlled by Nynas old / new management, and 15% was kept in PDVSA's hands.
Bitumina would then file for bankruptcy in London. Enter Davidson Kempner with a €5 million offer as per Björkman's article. While total consideration owed by Bitumina to Neste is said to have been €12 million (€24 million valuation for entire Nynas?), Björkman reports that Bitumina only ever paid €100,000 to Neste for its 49.9% of Nynas. Björkman cites British court documents as source. Prior to involvement with Bitumina, Neste had previously written off its stake in Nynas.
Sweden's SAPO must focus on PDVSA's side of the deal, i.e. on GPB Energy Services B.V., Setterwalls' Johan Strömbäck, Ivanov, Vladimir Shvarts, Anna Grygorian, Convit, Betancourt, Alvarado, Anisimov, Nynas' old / new management, as well as other Swedish parties involved in 'reorganisation' (Lars Eric Gustafsson and Mikael Kubu, ultimately the ones that allowed for the whole scam to take place). SAPO is looking into the national security angle, as reported by Björkman. Having FSB operatives and their criminal Venezuelan counterparts controlling / running majority stake of a major refiner in Sweden is, most definitely, a risk.