Much of the assets acquired by Galchev are now effectively owned by quasi-state-owned Russian investment banks, and these somewhat shadowy figures, may now, with some political encouragement, take Eurocement in a new direction, especially after a possible injection of funds by Roman Abramovich, who remains on good terms with Russia’s leadership and President Putin in particular.
Whether Filaret Galchev, the CEO of the Eurocement Group, might then leave Eurocement, personally enriched by a sizeable cash windfall, to pursue other interests, is also conjectural. He still believes the Eurocement Group still has a long way to go in investing to upgrade and modernise its range of assets and earlier he recommitted himself to such projects. However this is not a one-man operation, and with other sizeable shareholders in the background, not least Yuri Shirmankin and a Mr Krasmyamsky who can trace roots back to Eurocement’s own beginnings – Stern Cement – Galchev may now be under pressure to restructure the whole group in a manner best suited to the behind-the-scenes political controllers.
As a strategic industry the Russian government could well, in the present political climate, be unwilling to let Eurocement break free and find partnerships with other foreign groups. Hence it will be in everyone’s interest for the US Russia Fund to come to some kind of deal with a sympathetic local group and thus the possible Abramovich connection, a multi-billionaire, who might be keen to further develop a strategic portfolio back in Russia. Watching Chelsea week in, week out, can hardly provide the requisite intellectual and financial stimulus for a man of his capabilities.
