The Australasian Centre for Corporate Responsibility​ (ACCR) is calling on Australian companies to immediately review their relationships with companies linked to the oligarchs aligned with Russian President Vladimir Putin.

  • Origin Energy (ASX:ORG) (77.5%) is in a joint venture with Falcon Oil & Gas Ltd (22.5%) in the Beetaloo Basin.

    • Russian oligarch Viktor Vekselberg owns approximately 16% of Falcon Oil & Gas Ltd through subsidiary company Lamesa Group Holding SA.
    • Vekselberg representative Maxim Mayorets sits on the board of Falcon Oil & Gas.
    • The Beetaloo Basin has been prioritised in the Federal government’s “gas-fired recovery”, including federal grants for exploration.

  • Queensland Alumina Ltd is a joint venture between Rio Tinto (ASX:RIO) (80%) and Rusal International PJSC (20%).

    • Russian oligarch Oleg Deripaska owns approximately 44.5% of En+ Group International PJSC which in turn owns 56.9% of Rusal International PJSC.
    • Russian oligarch Viktor Vekselberg owns approximately 32.3% of Rusal International PJSC through subsidiary companies SUAL Partners Ltd (21.6%) and Zonoville Investments Ltd (10.7%).

Dan Gocher, Director of Climate & Environment at the Australasian Centre for Corporate Responsibility (ACCR) said:

“Following Russia’s invasion of Ukraine, Australian companies, including Origin Energy and Rio Tinto, must immediately review their relationships with companies owned or part owned by oligarchs aligned with Russian President Vladimir Putin.

“The world has spoken, and the strategy now is to isolate Russia completely. UK-listed petroleum giant BP has announced the sale of its stake in Russian oil company Rosneft, for example. Australian companies must fall in line with this strategy.

“Origin and Rio Tinto’s ongoing cooperation with oligarch-owned companies legitimises Putin’s  regime.

“Furthermore, some of the profits from Australian alumina and oil and gas projects will end up in the hands of the people responsible for propping up Putin’s murderous regime.

“The federal government must also ensure that the Origin-Falcon joint venture has not or will not receive any government grants. Grants relating to the ‘gas-fired recovery’ are of particular concern.”

Background

Top five shareholders in Falcon Oil & Gas Ltd as at 25 February 2022:

HolderCommon Stock Equivalent Held (actual)Percent of Common Shares Outstanding (%)Market Value (AU$M)
Lamesa Group Holding SA157,083,63416.0028.2
Nicolas Mathys40,000,0004.077.2
Lupus Alpha Asset Management GmbH4,882,5000.500.9
Philip O’Quigley CEO & Executive Director3,513,6960.360.6
Capital Bank - GRAWE Gruppe AG1,300,0000.130.2

Top five shareholders in Rusal International PJSC as at 25 February 2022:

HolderCommon Stock Equivalent Held (actual)Percent of Common Shares Outstanding (%)Market Value (AU$M)
En+ Group International public joint-stock company8,641,786,85456.8810,034.2
SUAL Partners Ltd.3,283,210,51221.613,812.2
Zonoville Investments Ltd1,625,652,59110.701,887.6
Vanguard Group Inc.99,249,3190.65115.2
BlackRock Inc.66,901,1770.4477.7

Catalysing change
for a secure future.

© Australasian Centre for Corporate Responsibility