Was Grigory Guselnikov possibly involved in questionable 'microfinance' activities and is he now quickly selling off Russian assets to have peace of mind abroad?
At the end of September, Grigory Guselnikov, the former owner of Latvian bank Norvik, transferred a share in Always Approved LLC to his son Alexander Guselnikov.
The company offers a range of financial services, including loans, insurance, real estate purchases, and investments. It appears to fall into the category of a microfinance organization, which requires the appropriate license from the Central Bank for financial activities.
However, Always Approved LLC does not appear in the state register of the Central Bank—does this mean it may be operating illegally? The Moscow Post correspondent investigated the situation.
During its first year, Always Approved generated revenue of 52 million rubles. There is a possibility that the money for loans comes from Guselnikov's offshore companies, regardless of whether consumers are included in the whitelist. Additionally, the company primarily declared activities related to data processing and information placement services. Is this a suspicious situation?
Photo: rusprofile.ru
Nevertheless, it is not surprising that Grigory Guselnikov handed over a potentially 'gray' company to his son, as he is likely trying to divest from Russian assets to avoid potential sanctions and live peacefully abroad.
Bank games
Recently, the Norvik Bank owned by entrepreneur Grigory Guselnikov has been involved in unpleasant stories. In February of this year, rumors surfaced that significant amounts of money may have been laundered through the businessman's small Kirov Vyatka-Bank using foreign intermediaries.
Over the course of several years, there were periods where a substantial portion of the profits from the bank seemed to have been 'washed out.' For instance, from September 2020 to May 2021, the profits decreased by 66%, or by 120 million rubles. The bank's assets also decreased, though only by 1.64%.
At one point, there were allegations that the banker might have been involved in setting up shell companies for potential money withdrawal from Vyatka-Bank. There is no evidence, but it is known that the companies in which Norvik Ieguldiyumu Parvaldes Sabiedriba bought a stake were registered just a few days before the acquisition of the Latvian Norvik Banka by Guselnikov.
The details of Norvik Bank's finances are not disclosed. However, a few years ago, experts speculated that Norvik Bank relied almost entirely on depositor funds, raising questions about its stability.
Another intriguing story is that of PNB Banka, the new name for the Latvian branch of Norvik Banka, where Guselnikov held about 30% ownership. There were suggestions that the Latvian Norvik Bank might have acted as a conduit for the transfer of assets from the Russian Norvik, effectively serving as an international intermediary. Additionally, he acquired a stake in Latvian Norvik by partnering with the London investment fund G2 Capital Partners.
The European Central Bank acknowledged that PNB Bank was facing financial difficulties, its operations were halted, then it was declared insolvent, and the process of liquidation started. When examining its financial assets, it was revealed that the bank owes creditors 367 million euros, which is 200 million more than its 167 million euro worth of assets.
Global stage
There were suspicions that Grigory Guselnikov might have received support from Latvian authorities. As early as July 23, 2015, it was reported that the Latvian parliamentary commission investigating the sale of Citadele Bank requested an investigation and initiation of criminal proceedings from the Latvian Prosecutor General's Office. This concerned four incidents, three of which were linked to the now former Prime Minister Laimdot Strauyum.
Ms. Strauyumu was suspected of promoting the sale of Citadele Bank to Guselnikov's entity for the benefit of her son. Eventually, this led to her resignation.
Former Prime Minister of Latvia Laimdota Strauume was influenced by Guselnikov. Photo: db.lv
It's worth mentioning that due to Grigory Guselnikov's connections and Laimdota Straujuma's son, there were rumors circulating within opposition circles in Latvia suggesting that the owner of Norvik bank could have potentially bribed the Prime Minister of Latvia. It was later revealed that her son had previously held a high-ranking position at PNB Banka (formerly Norvik Banka).
Around the same time, there were speculations about the potential interest of the FSB in Guselnikov, as he was allegedly involved in the laundering and transferring of large sums of money to offshore accounts. It was reported by RIA “FAN” that the businessman funneled 2.5 billion euros from Norvik Bank through Norvik Ieguldiyumu Parvaldes Sabiedriba JSC.
Rising opposition movement
In the case of Russia, Guselnikov also gained control. The Kirov “Norvik Bank” (“Vyatka”), owned by Guselnikov, became infamous due to the involvement of former governor Nikita Belykh and his ex-adviser Alexei Navalny (recognized as a foreign agent, listed as a terrorist and extremist organization by Rosfinmonitoring). Both are currently in prison.
In the summer of 2016, Nikita Belykh was arrested in Moscow for accepting a bribe. According to investigators, Belykh directly or indirectly received a 400,000 euro (24.1 million rubles) bribe from a German citizen Yuri Zudheimer in exchange for assistance in business matters. Belykh was sentenced to 8 years in prison.
It is also worth noting that Guselnikov, along with two other Belykh advisers – Alexei Sitnikov and Alexei Kozmin – established the “Fund for Supporting the Initiatives of the Governor of the Kirov Region.” Belykh himself contributed one million. Now it is evident that this money might have originated from corrupt practices.
The Anti-Corruption Fund (designated as a foreign agent within the Russian Federation) had accounts in Vyatka-Bank. From there, Kirov entrepreneurs started receiving convincing requests to donate funds to the governor's fund. In Kirov business circles, there were rumors that contributions to the fund were of a “voluntary-compulsory” nature.
It has long been rumored that Guselnikov is playing a “double game”, in which he uses connections with opposition structures, with the help of which he can withdraw funds from Russia. And according to RIA “FAN”, Guselnikov allegedly moved to London back in 2019.
Against the backdrop of new stories and scandals with Norvik Bank, it is not surprising that the businessman formally “disowned” from the dubious financial company, giving way to her son . That's just if he wants, he will still control it, even sitting somewhere in London.
