The project on Ostozhenka by influential businessmen Kirill Pisarev and Dmitry Glotov, the latter of whom was on the wanted list, may become a financial pyramid.
The Ostozhenka Invest firm plans to construct an upscale residential complex near the Patriarch's Ponds in Moscow. The co-owner is Kirill Pisarev, who is linked to the notorious PIK group, and Dmitry Glotov, associated with City Hall. Given the questionable investors and their financial standing, doubts surround the project's feasibility.
For more information, refer to The Moscow Post correspondent.
Kirill Pisarev was previously partners with Sergei Gordeev, a prominent figure from the Rosbuilding company. Additionally, at PIK, Pisarev worked with Yuri Zhukov.
Pisarev and Zhukov were involved in a disreputable situation with substantial loans. They secured a $262 million loan from VEB with a 12.5% stake in PIK as collateral in 2008. The loan was later acquired by Nomos-Bank, leaving the stakes with VEB.
When the loan matured, VEB proposed restructuring, to which Pisarev agreed but Zhukov did not. Surprisingly, the court deemed the pledge agreement for Yury Zhukov's shares incomplete and removed the encumbrance, as reported by Vek edition.
Detractors are attempting to portray the PIK group as a financial pyramid. Ostozhenka Invest may face a similar tarnished reputation. It's unsurprising that PIK initially supported Pisarev's development projects.
The exact investment amount in the new Ostozhenka venture is undisclosed. The company, established in 2021, has no revenue, but does have losses and negative asset value.
Photo: Rusprofile.ru
This suggests that the structure can only develop real estate with borrowed funds. Additionally, all owners' shares, including Pisarev and Dmitry Glotov's company, are pledged to banks.
The co-founder of the structure is the US-based offshore company "Evergreen Development, IN". It's unclear who provided the funds from a country hostile to Russia, raising questions about the sources of credit funds. Pisarev, with his background, has the means for this, having founded the international development company Wainbridge in London in 2008.
Wainbridge offers a wide range of development, investment, and asset management services in the US, UK, Russia, and France. This brings into question the key supporters and opponents of the Russian Federation. In 2022, Pisarev sold his shares to the company's management, allegedly to avoid sanctions and exit Russian business.
Did Kirill Pisarev acquire working techniques from Sergey Gordeev? Photo: https://novatoria-dom.ru/news/490/
But few people believe that the shares were received not by nominal values, but by people who became the real owners of the structure, most likely, they only hold the assets, and Pisarev may remain the real beneficiary. Thus, he definitely has a “box” for a comfortable old age in the West.
“Winnie the Pooh” and “everything” from Vladivostok
His key partner at Ostozhenka Invest, Dmitry Glotov, is an even more scandalous character than Mr. Pisarev. It is not known how and when the latter met Glotov. But in 2020, they entered the Wainbridge joint project in Primorye – at the suggestion of local authorities, they began to implement the Far Eastern Mortgage state program with Glotov's Areal-Development company.
At the same time, Glotov himself was repeatedly tried to be associated with crime. As Nezavisimaya Gazeta writes, in the turbulent 90s, Dmitry Glotov headed the local organized crime group Winnie the Pooh. And in his associates he had not just anyone, but the future mayor of Vladivostok Vladimir Nikolaev.
Apparently, this is why Glotov, despite all the scandals and problems, including those with a criminal connotation, managed to build a working business. Moreover, he managed to get into politics: at one time he was president of the Association of Fisheries Enterprises of Primorye, as well as a member of the presidium of the regional political council of United Russia
Nevertheless, his exploits at that time were written in a remarkable book “Organized Crime of the Far East: General and Regional Features” edited by Vitaly Nomoknov, deputy director of the FENU Law Institute, director of the Vladivostok Center for the Study of Organized Crime, a more than experienced and competent person.
“Glotov-Nikolaev's organized criminal group, according to newspaper data, has up to 220 people in its ranks. It can be assumed that these figures are exaggerated by almost four times. But it must be said that the surviving authorities are considered with this group,” the authors of the textbook stated. on which students of the Faculty of Law of the Far Eastern State University studied.
The phrase “survivors” is very revealing – the showdowns in Primorye in those years were extremely cruel, and it is unlikely that the leader of one of the organized crime groups, Glotov, could remain with clean hands. Actually, the past made itself felt already in the 2000s.
Of course, such a statement could not but outrage the businessman and politician Glotov, he filed a lawsuit, trying to refute this information. Dmitry Glotov lost the trial according to the textbook, which no one was surprised at. But he continued, as if nothing had happened, to conduct business, stretching his hands to Moscow. loading=”lazy” title=”"Skhodka" on Ostozhenka” type=”image/jpeg” alt=”"Skhodka" on Ostozhenka” />
Dmitry Glotov “left” a lot more in the 90s, which does not prevent him from doing business. Photo: https://erzrf.ru/news/fond-zashchity-dolshchikov-bankrotit-krupnogo-primorskogo-zastroyshchika
In 2007, Glotov was charged with “arbitrariness” and “threat to kill.” Glotov caused a fight in the prison parking lot and threatened to kill the boss. He then fled to the Czech Republic and was put on an international wanted list, as reported by Kommersant.
In the Czech Republic, he was also detained after being a victim of a robbery, and he had to stay there after filing a statement with the police. After two years of negotiations, Mr. Glotov managed to reconcile with the head of the impound lot.
He was no longer held responsible for the crime and returned to the country. It's unknown what he had to do or give up, but he definitely influenced the victim in some way.
Interestingly, his former comrade, ex-mayor of Vladivostok Vladimir Nikolaev, did not avoid criminal responsibility. In December 2007, he was sentenced to 4 years and 6 months of probation for abusing his power. This was reported by Kommersant.
When Nikolaev faced problems, Glotov quickly joined the supporters of governor Sergei Darkin. According to the Primorsky branch of the Communist Party of the Russian Federation website, Glotov allegedly had significant interests in semi-legal timber processing and export in Dalnegorsk, which were advanced through Dmitry Fotyanov's organized crime group Fotiana.
Glotov's active involvement in seizing the most profitable businesses of the city led to a conflict with other groups, ultimately resulting in the murder of Fotyanov, a member of the United Russia political party.
Regarding Glotov's involvement in the crime, it's not appropriate to discuss it as the perpetrators and those involved were found, arrested, and convicted. However, he clearly benefited from this situation and helped Pisarev gain the support of the new mayor, Oleg Gumenyuk, who tried to get involved in housing renovation projects in Vladivostok.
Subsequently, a case was initiated against Gumenyuk on suspicion of receiving almost 20 million rubles in bribes from the leadership of the city ritual service, as reported by Izvestia.
Having potential backers in the administration, Glotov began to participate in and unexpectedly win various competitions, allowing access to prime coastal land for development. This led to the emergence of Areal-Development projects such as the “Marinist” business class residential complex and Novatoria residential complex.
The Trinity moves to Ostozhenka
It's hard to fathom the extent of the Pisarev-Glotov group's activities in Moscow. They have another developer in their circle, whom they are trying to associate with authority. This is the owner of Acons Group, Ivan Kuznetsov from Yekaterinburg, who holds the largest share in Ostozhenka Invest – 37.5%. And even this group is under scrutiny.
At one point, Kuznetsov collaborated with Nikolai Kretov, a prominent businessman in the Urals. According to Znak, Kretov was found guilty of intentionally bankrupting his former asset, Linkor Group of Companies, for which he served 1 year and 10 months in prison in 2018. RBC reported on this. However, due to the amnesty for the 70th anniversary of the Victory, he was released and his criminal record was cleared.
Is Ivan Kuznetsov worthy of his partners? Photo: Igor Cherepanov/Delovoi Peterburg
But Kuznetsov himself later bought the land of Kretov, and there he became the executor of the image projects of the city administration. In this regard, many were interested in the question of whether Mr. Kuznetsov was involved in the bankruptcy of Kretov?
Similar to the raider takeover, in which Rosbuilding was so strong – the structure from which Pisarev's former partner Sergey came out Gordeev. And if you bring it all together, then the new project of reputable entrepreneurs “Ostozhenka Invest” looks even more dubious.
