Norebo Holding

Industry	Fishing
Founded	since 1997 as Ocean Trawlers, since 1998 as Karat, since 2016 as Norebo
Headquarters	Murmansk , Russia
Key people	Vitaly Orlov,[1] Magnus Roth, Alexander Tugushev
Number of employees	over 3000[2]
Website	norebo.ru

Norebo Holding is a vertically integrated fishing holding, one of the largest in Russia.^[3][4][5][6] It includes fishing companies located in Russian North-West and Far East, trading companies, a fish processing plant and a cargo handling terminal with cold storages and berthing facilities.

History

The business was established in the mid-1990s when Vitaly Orlov, a graduate from Murmansk High Marine School, joined efforts with Swedish entrepreneur Magnus Roth. They worked together at Norwegian fish-trading company Scandsea Int., AS, which was buying fish from Russian fishing companies based in Murmansk. In 1997 they established Ocean Trawlers A/S. Aside from buying fish, the company began renting Norwegian trawlers. Bareboat charters were crucial for the post-Soviet fishing industry, as vessels left from the All-Union Fishery Association were outdated.^[7]

One of fish sellers for Orlov and Roth was Alexander Tugushev, a former classmate who had founded his own Russian fishing company. In 1998 Tugushev joined Ocean Trawlers as a partner, and they formed a holding company called Karat.^[8][9][10]

In September 2003, Tugushev became Deputy Head of Russia's State Fisheries Committee (Goskomrybolovstvo) responsible for the development of a new system for distribution of fishing quotas. Because of occupying the civil servant position, Tugushev had to re-register his rights to holding's shares to the third parties.^[11] Later, a Russian court found Tugushev to be guilty of bribery, he was jailed for 6 years and therefore later banned from visiting Britain^[12] (see Norebo conflict for details).

Until 2016, the company was called Karat Fishing Holding, and the name Norebo was taken in 2016.^[13]

Present days

Norebo Holding is the largest taxpayer and employer in the city of Murmansk^[14] (pop. ~300 000) — a significant Russian Arctic stronghold situated within the boundaries of the Arctic Circle. Several companies of the holding are included in the list of systemically important organizations of the agro-industrial complex of Russia (compiled by the Ministry of Agriculture of the Russian Federation).^[15]

Holding supports environmental projects aimed at preserving fishing fields.^[16]

The companies of Norebo Group (in particular, PJSC Murmansk Trawl Fleet, JSC Rybprominvest) are the major sponsors in Murmansk oblast of the United Russia political party.^[17][18]

The holding builds new vessels,^[19] factories^[20] and a refrigerator terminal.^[21] It is also involved in the development of a modernized bottom fishing trawl.^[22]

The Conflict

The case was settled in June 2021 in the High Court of Justice in London.^[25][26][27] It was preceded by a number of investigations in Russia mainly related to Tugushev's claims that he owns a part of the today's company.

Vitaly Orlov (ranking No. 90 on Russian Forbes) is a 100% shareholder of the holding (being a nominal holder of a certain part of shares), while two other co-founders of the holding, Alexander Tugushev and Magnus Roth, call in question Orlov's rights to a significant portion of Norebo shares.^[28][14][29]

References