HS2 contractor cuts ties with stakeholding Russian oligarch

Aaron Morby 2 years ago

HS2 London tunnels contractor Strabag has moved to distance itself from its stakeholding owned by sanctioned Russian oligarch Oleg Deripaska.

Strabag family shareholder is breaking ties with Oleg Deripaska-owned major stakeholder
Strabag family shareholder is breaking ties with Oleg Deripaska-owned major stakeholder

The Austrian tunnelling specialist is 28% owned by Rasperia Trading, which itself is controlled by the Russian oligarch.

Deripaska’s connection to Strabag has raised questions about the contractor’s three-way joint venture with Costain and Skanska, presently carrying out nearly £2bn of work on the HS2 project.

Sarah Green, MP for Chesham and Amersham, this week called on Transport Secretary Grant Shapps to cut HS2’s ties with the firm.

She also wrote to HS2 chief executive Mark Thurston urging that it suspend works undertaken by Strabag and terminated all contracts with the firm.

HS2 refused to comment on the connection after the UK Government last week announced it was freezing assets of seven Russian oligarchs seen as being pro-Kremlin including Deripaska.

Today Strabag Group’s main board revealed its main family shareholder was cutting ties with the Rasperia trading company owned by Deripaska.

Strabag said in a statement that its main shareholder, the Haselsteiner Family Private Foundation, had ended a syndicate agreement with Rasperia, UNIQA and Raiffeisen after efforts to acquire the stake that the Russian company holds in Strabag failed.

The four groups shared ownership of Strabag through the agreement set up in 2007.

“We are prepared to take all legally possible measures to avert any harm to the company. In view of the sanctions currently imposed by the UK and Canada, this refers in particular to the payment of dividends,” said Thomas Birtel, CEO of Strabag.

“As far as Strabag’s Russian business is concerned – currently of subordinate importance with 0.3 % of the group’s output volume – the management board has decided to wind up the activities in that country.”


Latest news

Blenheim House Construction applies for administration

Surrey contractor employs around 80 staff generating £87m turnover
11 hours ago

GMI chief jumps to Henry Boot Construction

Lee Powell will replace Tony Shaw as MD when he leaves at the end of 2024
12 hours ago

Avant Homes makes £109m loss

House builder reveals huge loss just days after entering Crest Nicholson bid race
1 day ago

Greggs unveils plans for giant distribution centre

Bakery giant to build 311,551 sq ft logistics centre in Kettering
12 hours ago

£330m south east London 1,250 homes scheme approved

Outline planning for New Belvedere development near the Thames
12 hours ago

Green light for Birmingham 1,200-bed student scheme

Cambrian Wharf project will rise to 14 and 35 storeys
12 hours ago

Welsh fit-out specialist files administration notice

£30m turnover employee-owned Paramount D&B lodges court notice
1 day ago

Skanska signs £105m London Millbank office rebuild

Original 1915 building facade will be dismantled and rebuilt
1 day ago

Historic facade contractor goes into administration

Administrator seeking buyer for Charles Henshaw & Sons
4 days ago

Three-year HS2 station box excavation completed

Enough clay to fill 300 Olympic sized swimming pools removed from Old Oak Common site
2 days ago

BAM starts £88m Fife passivhaus school job

1,800-pupil school will be built near Rosyth Docks
1 day ago

Torsion appoints new Chief Operating Officer

David Worsley promoted as leadership team shuffled at Leeds based firm
1 day ago

Tilbury Douglas site manager saves schoolboy’s life

Site manager carries collapsed schoolboy to resuscitation unit he helped build
4 days ago

Extra HS2 payment sees SCS contract jump to £4.24bn

Skanska Costain Strabag JV additional payments rise to £650m after third handout
2 days ago

Plans lodged for 3,300-home Salford tower cluster

£1bn Regent Park scheme includes UK's third tallest building at 70 storeys
5 days ago

Domis founder Lee McCarren steps down

Fellow director Kingsley Thornton takes helm as co-founder retires
5 days ago

Spencer lands civils package on £300m energy plant

Subcontract worth £23m on pioneering Manchester green energy storage scheme
4 days ago

Van Elle and M&J Evans team-up for housing works

Piling and groundworks specialist start new collaboration deal
4 days ago

Muse JV closes Wolverhampton City Centre West quarter deal

English Cities Fund completes council partner deal for 1,000-home plan
5 days ago

Ofwat approves £88bn AMP8 water spending spree

Spending on infrastructure ringfenced, unspent funds returned to customers
5 days ago

‘Bellingham Bridge’ takes shape on HS2 in Birmingham

Watch work on four huge piers for bridge named after England superstar
5 days ago

Construction swings from weakest to strongest sector

Construction output rebounds by 1.9% in May after three months of decline
5 days ago

Costain appoints new commercial director

Paul Morris takes over from David Taylor
5 days ago

Galliford Try upbeat as profits set to beat expectations

Contractor reports profits and revenue up in year-end trading statement
5 days ago

Council agrees extra £16m to complete Botley bypass

Milestone Infrastructure will start work next Spring on £47m scheme
5 days ago

Care home specialist Kori Construction hits 10.5% margin

Corby contractor targets multi-room and retirement living after strong year of growth
5 days ago

Hill Group names new special projects chief

Cain Peters to head growing £300m multi-storey complex project arm
6 days ago

Listing bid by one person could scupper 37-storey student tower

Construction faces delay after lone call to list the Hotspur Press in Manchester
6 days ago

A57 Mottram Bypass start date now set for early 2025

National Highways confirms compound work on A57 Link Road scheme can now start
5 days ago

Crest Nicholson set to accept revised Bellway bid

Rival comes-in with a third offer
6 days ago

Contractor services