Beneficiary

An individual directly or indirectly (through third parties) has a majority interest (more than 25 percent) in the capital of the client or owns more than 25 percent of the total number of voting shares of the client. An individual has the right (opportunity), including on the basis of an agreement with a client, to exert direct or indirect (through third parties) significant influence on decisions made by the client, to use his powers in order to influence the amount of the client's income. An individual has the opportunity to influence the decisions made by the client on the implementation of transactions (including those bearing credit risk (on issuing loans, guarantees, etc.)), as well as financial transactions. The sole executive body of the client is recognized as the beneficial owner due to the impossibility of identifying the beneficial owner by the Bank or in the absence of an individual who, ultimately, directly or indirectly (through third parties) owns the client - a legal entity or has the ability to control the actions of the client.