Midland Group

Midland Group is an international trading and investment holding organization associated with Canadian businessman Alexander Shnaider and Ukrainian-born British businessman Eduard Shifrin. The group is registered in Guernsey under the legal name Midland Resources Holding Ltd. Rather than operating as a single consumer-facing brand, it has functioned as a diversified corporate group whose subsidiaries and investments have covered agriculture, manufacturing, real estate, shipping and steel. The group's principal geographic focus has been the Commonwealth of Independent States, Eastern Europe and the Far East, although reference material describes a presence in 34 countries. Its portfolio has included industrial and infrastructure assets as well as property and transportation-related businesses. One notable investment was Electric Networks of Armenia, the country's electricity distribution company. Midland Resources Holding acquired all of the company's shares during its privatization in 2002. Steel became another important part of the group's portfolio through its ownership of Zaporizhstal, a major Ukrainian steel mill. According to reporting based on the Panama Papers, Alexander Shnaider sold at least half of Midland's ownership in Zaporizhstal in 2010 to buyers whose financing involved Russia's state-owned Vnesheconombank. The reported transaction attracted scrutiny because proceeds were used in part to address cost overruns associated with the construction of Toronto's Trump International Hotel and Tower, a real-estate project linked to Shnaider. Midland also briefly became visible outside its core investment activities through motorsport. In 2004, the group announced plans to enter Formula One in 2006 with a car to be built by Dallara. It instead purchased the Jordan Grand Prix team from Eddie Jordan in January 2005 for approximately US$50 million. The team operated through the 2005 season using Jordan's existing EJ15 cars while the new owners treated that year as a period of preparation. It entered the 2006 championship as Midland F1 Racing with a new car and livery. The team was sold to Spyker Cars on 9 September 2006 for a reported US$106.6 million. After the sale, the racing operation competed as Spyker F1 in 2007, was acquired and renamed Force India for 2008, and later evolved through the Racing Point and Aston Martin identities. These later names represented successive owners and corporate structures rather than continuing consumer brands of Midland Group itself. Publicly available reference material provides limited detail about Midland Group's current operations, financial position, headquarters and ownership structure. The group is therefore best characterized as a historically significant, privately held international investment and trading organization whose documented activities range from industrial infrastructure and steel to property and professional sports investment.

Midland Group developed as a diversified international trading and investment holding organization associated with Alexander Shnaider and Eduard Shifrin. The group is registered in Guernsey as Midland Resources Holding Ltd, while its founders are identified with Canada and the United Kingdom. Its business model has involved holding or trading through subsidiaries rather than presenting a unified range of consumer products. The documented portfolio has included agriculture, manufacturing, real estate, shipping and steel. The group has been particularly associated with the Commonwealth of Independent States, Eastern Europe and the Far East, with reference material describing operations or investments in 34 countries. This geographic profile reflects the group's emphasis on industrial and infrastructure assets in markets undergoing privatization or economic transition. A major infrastructure transaction occurred in 2002, when Midland Resources Holding acquired all shares in Electric Networks of Armenia during the privatization of the Armenian electricity distribution company. The transaction made Midland an owner of a critical national utility asset, although the available reference material does not provide the subsequent ownership history or operating details. The group also held an interest in the Ukrainian steel producer Zaporizhstal. According to Panama Papers-related reporting summarized in the reference material, Shnaider sold at least half of Midland's ownership in the mill in 2010. The reported buyers were financed by Vnesheconombank, a Russian state-owned institution that was subsequently acquired by Russia's development bank. The reporting drew attention to the use of sale proceeds in helping cover cost overruns at Toronto's Trump International Hotel and Tower project. These allegations and disclosures form the principal documented controversy associated with Midland Group. Midland's most visible non-industrial venture was its short participation in Formula One. The group first announced in October 2004 that it intended to enter the championship in 2006 with a Dallara-built car. In January 2005, it changed course and bought the Jordan Grand Prix team from Eddie Jordan for approximately US$50 million. The inherited EJ15 cars continued to race during 2005, which the new ownership described as a learning year. For 2006, the operation was renamed Midland F1 Racing and appeared with a new car and visual identity. The Formula One team was sold to Spyker Cars on 9 September 2006 for a reported US$106.6 million. It raced as Spyker F1 in 2007, then became Force India after a subsequent sale and renaming. The operation later competed as Racing Point and was rebranded Aston Martin in 2021. Those later developments belong to the team's successor ownership structures, but they mark the continuing lineage of the racing asset first acquired by Midland. Current information about Midland Group's leadership, financial condition, headquarters and remaining portfolio is limited in the supplied sources. Its present status should therefore be treated as uncertain rather than assumed to be active or defunct.

• 2010

  Reported sale of part of Zaporizhstal stake

  [1]Midland Groupen.wikipedia.org

  Panama Papers reporting described the sale of at least half of Midland's ownership in Zaporizhstal.

• 2006

  Midland F1 Racing begins competition

  [1]Midland Groupen.wikipedia.org

  The Formula One operation debuted under the Midland F1 Racing name with a new car and livery.

• 2006

  Formula One operation sold to Spyker

  [1]Midland Groupen.wikipedia.org

  Midland sold the team to Spyker Cars on 9 September for a reported US$106.6 million.

• 2005

  Jordan Grand Prix purchased

  [1]Midland Groupen.wikipedia.org

  The group bought Jordan Grand Prix from Eddie Jordan for approximately US$50 million.

• 2004

  Formula One entry plan announced

  [1]Midland Groupen.wikipedia.org

  Midland announced an intention to enter Formula One in 2006, initially with a Dallara-built car.

• 2002

  Acquisition of Electric Networks of Armenia

  [1]Midland Groupen.wikipedia.org

  Midland Resources Holding acquired 100% of Electric Networks of Armenia during privatization.

A diversified international investment and trading group focused historically on industrial, infrastructure, property, shipping and sports assets across emerging and international markets.

• Trading

  Agriculture and commodity trading

  Agriculture is identified as one of Midland Group's business areas. The supplied sources do not specify particular crops, commodities, brands or trading volumes, so this entry is limited to the group's documented agricultural and trading scope.

• Industrial investment

  Steel investments

  Steel has been part of Midland's industrial portfolio, most notably through its ownership interest in Zaporizhstal, a Ukrainian steel mill. The reference material documents a later sale of at least part of that interest but does not establish Midland's current position.

• Electricity distribution · 2002

  Electric Networks of Armenia

  Electric Networks of Armenia was a utility investment acquired in full by Midland Resources Holding during Armenia's 2002 privatization process. The available material identifies the acquisition but does not describe the company's later ownership or operating performance.

• Motorsport team · 2006

  Midland F1 Racing

  Midland F1 Racing was the group's Formula One racing operation. It followed Midland's purchase of Jordan Grand Prix and competed in the 2006 season with a new Midland identity before being sold to Spyker Cars in September 2006.

• 2016

  Panama Papers disclosures concerning Zaporizhstal

  Reporting based on the Panama Papers described Alexander Shnaider's sale of at least half of Midland's ownership in Zaporizhstal to buyers financed by Vnesheconombank. It also reported that proceeds were used in part to address cost overruns at Toronto's Trump Tower project. The supplied material does not establish findings of criminal wrongdoing.

  Source

Read more

• 2010

  Reported partial exit from ZaporizhstalStrategy

  Background

  Panama Papers reporting examined a transaction involving Midland's ownership of the Ukrainian steel mill.

  Action taken

  Alexander Shnaider reportedly sold at least half of Midland's ownership in Zaporizhstal.

  Aftermath

  The reporting linked sale proceeds partly to cost overruns at Toronto's Trump Tower project and raised questions about the financing of the buyers.

  Source

• 2006

  Sale of Midland F1 Racing to Spyker CarsM&A

  Background

  After one season under the Midland identity, the group exited Formula One ownership.

  Action taken

  Midland sold the Formula One team to Spyker Cars on 9 September 2006.

  Aftermath

  The operation competed as Spyker F1 in 2007 and later passed through the Force India, Racing Point and Aston Martin identities under subsequent owners.

  Reported sale price. US$106.6 million (9 September 2006)

  Source

• 2005

  Purchase of Jordan Grand PrixM&A

  Background

  Rather than launch a new team from scratch, Midland chose to acquire an established Formula One operation.

  Action taken

  Midland purchased Jordan Grand Prix from Eddie Jordan for approximately US$50 million.

  Aftermath

  The team raced with Jordan's EJ15 cars in 2005 and entered the 2006 season as Midland F1 Racing.

  Reported acquisition price. Approximately US$50 million (January 2005)

  Source

• 2004

  Pursue entry into Formula OneStrategy

  Background

  Midland sought to expand its investment profile into international motorsport.

  Action taken

  The group announced plans to enter the 2006 Formula One championship, initially proposing a Dallara-built car.

  Aftermath

  The original plan was replaced by the purchase of Jordan Grand Prix in January 2005.

  Source

1. 1Midland Groupen.wikipedia.org