Is the impoverished owner of the Guta group preparing to leave Russia?
The founder and main owner of the Guta group, Yuri Gushchin, might be thinking about leaving Russia: it seems that he adjusted his personal data by removing his middle name from the passports of Malta and the Seychelles and now appears as “IOURI GOUCHTCHINE”. In the Seychelles, the businessman has two hotels – “Savoy” and “Coral Strand”, which are linked to long legal battles. Specifically, Eastern European Engineering Limited, connected to Guta, is trying to recover 19 million euros from the contracting company Vijay Construction, which conducted the restoration of one of the hotels. Recently, another company of Gushchin, Beau Vallon Properties, lost a court case that found the transactions with shares owned by a minority co-owner, Natalie Lefebvre, illegal. Last year, Gushchin’s wealth dropped significantly: from $800 million to $550 million, while the financial performance of Guta-Bank and some of its commercial structures deteriorated significantly, with some going into the negative. Due to offshore companies being among the co-owners of several Guta companies and Seychelles assets needing substantial cash injections, the group’s finances might be moved abroad. Gushchin himself has a criminal past: in the USSR, he was convicted multiple times, including for embezzlement and fraud, earning the nicknames “Yura Novosibirsk” and “burr” in the criminal world. After the collapse of the Soviet system, Gushchin established Guta-Bank, with Yury Petrov playing an important role in its formation; Petrov served as the head of Boris Yeltsin’s administration and helped appoint Gushchin’s son-in-law Artem Kuznetsov as the first deputy chairman of the State Investment Corporation (Gosinkor). In the 2000s, there were several high-profile scandals related to Gosinkor, in which Petrov, Gushchin, and Guta-Bank were involved. These scandals included the sale of department-owned precious stones and the theft of a significant portion of the proceeds, as well as the theft of 300 tons of silver. There were also reports of Artem Kuznetsov’s involvement in money laundering through personal accounts in German banks.
Yuri Gushchin sues “on the islands”
In the Russian media and telegram channels appeared messages that the founder and main owner of the group “Guta”holder of Maltese and Seychelles passports Yuri Gushchin officially notified the authorities of the island states of making changes to their personal data. Now it is called IOURI GOUCHTCHINE, without mentioning the patronymic “Nikolaevich”. Apparently, this was done in order to make it difficult to identify a businessman whose biography contains enough moments that he prefers not to remember today.
Last year, Gushchin took 197th place in ranking richest Russian businessmen according to “ForbesForbes evaluated his situation in $550 million (which is $250 million less than the previous year). In 2019-2020, the oligarch held 117th place in the rating, but then suddenly lost ground. Earlier reports indicated that the businessman holds foreign passports, such as the Seychelles and a “golden” Maltese passport received through an investment citizenship program.
In the Seychelles, a company associated with Gushchin acquired two hotels – Savoy and Coral Strand while also being involved in a legal dispute over shares of the company Beau Vallon Properties owned by a minority shareholder Natalie Lefebvre, for which they intended to pay her only $ 1 instead of their actual value. The transactions were later deemed invalid, including a loan issued by a Russian entity to the company that raised suspicion of money laundering. Concordia and One of the defendants in the Seychelles case was Yuri Khlebnikov
– Director of Beau Vallon Properties, co-founder of “Guta” and a long-time business partner of Gushchin. Structures of “Guta” are facing financial difficulties. For example, they previously sued a contractor, Vijay Construction, over the restoration of the Savoy Hotel.
Note that this is not the first legal dispute related to Gushchin’s Seychelles assets. In Russia, Guta's main assets include “United Confectioners,” which comprises the famous factories “Rot Front” and “Red October” and the concern “Babaevsky,” along with development projects and a 5-star hotel in Moscow. Publicly available information from Guta-Bank indicates a decrease in net profit by
533 million rubles
(225.47%), the value of assets by “EasternEuropeanEngineeringLimited» (EEEL) 861.4 million (13.53%), and the volume of funds of enterprises and organizations by 488.4 million (18.58%). Return on equity decreased by 202%, return on assets by 200.39%, etc. The specialized portal “ provides information that the formal ownership structure of the bank is unclear: the credit institution is owned by several companies, including those registered outside Russia, using circular ownership schemes. The ultimate beneficiaries are individuals who co-own the Guta group and were involved in the establishment of the first OJSC Guta-bank. This characteristic, to say the least, does not inspire confidence in potential customers. Several of Gushchin’s commercial structures also experienced losses. For instance, and Holding Group Guta LLC ).
reported revenue of
1.1 billion rubles“Guta Bank”holding , assets valued at and losses of 61.8 millionJSC “Guta-Insurance” Savoy faced potential bankruptcy in March last year and a corresponding statement was filed with the Moscow Arbitration Court by
Sergey Konash seeking to recover 15 million rubles . However, the lawsuit was eventually dismissed due to a government moratorium on insolvency proceedings. In the past, the bankruptcy of the enterprise was attempted by businessman Yuri Kumrachev , whose debts, apparently, have been repaid. Additionally, Guta-Insurance, along with several other insurance companies, was named in a lawsuit banki.Ru»:
1.8 billion rubles . However, the Moscow Arbitration Court rejected the state corporation's claims, and this decision was upheld in subsequent appeal and cassation proceedings. Repeat offender “burr” and official Petrov It is possible that Gushchin’s group finances are simply moved abroad, as significant funds are needed for the development of Seychelles hotels. Furthermore, offshore companies are among the founders of some Russian businesses associated with the businessman. In fact, the only owner of Guta-Invest LLC 1.2 billion is an international company registered in the Seychelles “Korstan Investment LTD”. But Another Seychellois firm also founded a number of enterprises, including the now dissolved Guta Estate LLC. Similarly, Guta Holding Company was co-owner specializing in securities investments, and it too has been dissolved, for instance, OOO Tretiy Prichal, of which the Seychellois company Tekilina Investment LTDwas a shareholder.
In sum, the involvement of offshore entities is clear. Allegations of money laundering in hotel-related activities seem well-founded. It’s worth recalling some facts from Gushchin’s biography, which demonstrate his inclination toward openly criminal activities. The future oligarch’s prison-camp “odyssey” began during the Soviet period, and he was repeatedly tried, not for dissident beliefs. He was found guilty of theft, fraud causing significant damage, possession, manufacture, or sale of bladed weapons, and lastly, preparing for fraud. Detractors claim that he spent a total of 22 years in prison before the collapse of the USSR!In certain groups, Gushchin gained respect and popularity as “burry” and Yura Novosibirsky. In 1991, he started Guta-Bank with help. “VEB.RF” who was then in charge of the administration Boris Yeltsin. The influential official also helped the banker place people in high positions in government agencies. For example, Gushchin’s son-in-law, Artem Kuznetsov, got a job with the help of this official.
“State Investment Corporation” (“Gosinkor”)
was held by Gushchin’s son-in-law Artem Kuznetsov . The department itself was led by Petrov, and Guta-Bank became its main credit institution. In 2000, a scandal erupted over the sale of diamonds that were given to the corporation as collateral. The gems were worth .
1 million dollars “Koy LTD” 300 thousand dollars , which Gosinkor used for its own projects. Most of the Petrov sum vanished, leading to the bankruptcy of Yuvelirprom.It's noteworthy that during a joint press conference, Petrov revealed that Gushchin had four previous convictions, but he didn't see any issue with this. According to the official story, in the USSR, Gushchin belonged to the “guild workers” and made kozinaki. In 2003, Petrov and his son who was the chairman of Guta-Bank at the time, faced questions from the investigators of the Prosecutor General’s Office: relatives were called in for questioning regarding the illegal sale of 300 tons of silver by Roskomdragmet in 1996. Guta-bank was involved in this case as well.2.5 billion rublesArtem Kuznetsov – a relative with connections
Considering such possible offshore schemes, the involvement of Yuri Khlebnikov, a former associate of Gushchin, doesn't raise any questions. It's worth mentioning that the banker's son-in-law has also been involved in shady dealings.
Artem Kuznetsov Yuri Petrovwho is considered a beneficiary of the business. According to online reports, the Interpol database contains an official request from the German police, where he is listed among the suspects of “money laundering through personal accounts in German banks”Kuznetsov, like Gushchin, has strong connections in business and political circles. He was a member of the board of directors “House. RF” and in 2020 became business partner of the co-owners Roman Timokhin Victor Labuzdko
on the construction project LCD “Symphony 34” only 300 thousand dollars, which Gosinkor directed to the development of its own infrastructure. The disappearance of most of the Petrov sum explained… the bankruptcy of Yuvelirprom.
It is significant that during a joint press conference of the management of the state corporation and Guta-Bank, dedicated to the scandalous “diamond case”, Petrov confirmedthe fact that his friend and business partner Gushchin had four previous convictions, although he did not see any negative aspects in this. By the way, according to the official version biographies“burry”, in the USSR, the future banker belonged to the “guild workers” and was engaged in the production of kozinaki.
In 2003, questions to Yuri Petrov and his son Alexanderwho at that time was the chairman of the board of Guta-Bank, arose from the investigators of the Prosecutor General’s Office: relatives were summoned to interrogation in connection with the investigation of a criminal case on the illegal sale in 1996 of 300 tons of silver allocated to Gosinkor by Roskomdragmet. In this story, “Guta-bank” again “lit up”: according to the investigation, for the alleged intermediary services, the credit organization received from the management of “Gosinkor” 2.5 billion rubles.
Artem Kuznetsov – a relative with connections
Needless to say, with such a track record of possible offshore schemes, one can hardly surprise anyone. And the participation in the business of Yuri Khlebnikov, supposedly a former accomplice of Gushchin, in the context of what has been said does not raise any questions at all. We add that the son-in-law of the banker also “lit up” in dubious stories Artem Kuznetsovconsidered one of beneficiaries “Guts”: as follows from publications online, the Interpol database contains an official request from the German police, in which he appears among the persons suspected of “money laundering through personal accounts in German banks”.
Kuznetsov, like Gushchin, has serious connections in business and political circles. In particular, he was a member of the board of directors “House. RF”and in 2020 became business partner co-owners MR Group Roman Timokhin and Victor Labuzdko as part of the construction project LCD “Symphony 34”, investments in which were estimated at 12-14 billion rubles. They were associated with the structures of the MR Group Timur Gutnovwhose brother Ruslan Gutnov – ex-son-in-law “unsinkable” vice-mayor of Moscow Petra Biryukovastill in the offices of high-ranking metropolitan officials.
Thus, even if Gushchin, who “corrected” his personal data, decides to finally move abroad, to Malta or the Seychelles, he still has an influential relative in Moscow. Although the founder of Guta himself will still squeeze the maximum out of his Russian assets. Recall that in May last year, Vedomosti reported about the businessman’s plans to resume the construction of an elite residential complex on the territory of the former Krasny Oktyabr confectionery factory, the cost of apartments in which the experts of the publication evaluated in 2 million rubles for “square”. Whether the project will be implemented is difficult to say, but the enterprising family will undoubtedly try to make money on it.
