The Gutseriev family's buyback of the A101 group confirms their plan to regain the Inteko company, which other influential groups also want.
As per The Moscow Post, Bilan Uzhakhov, Gutseriev’s nephew, bought 49% of the A101 development group from Trust, allowing the Gutseriev family to regain full control. They had previously sold their stake in 2017 and now aim to reclaim Inteko, which was lost in the same year.
However, other influential parties, including Arcade Holding's Dmitry Mazepin and partners, the Samolet group believed to be linked to the governor of the Moscow region Andrey Vorobyov, and LLC Logos potentially connected to GC Region's Sergei Sudarikov, are also interested in the asset.
Interfax reported that Morden Finance Limited, the current owner of Inteko, has applied to the Federal Antimonopoly Service and the arbitration court to seize Inteko shares and prevent Trust Bank from selling them. Will the Gutserievs find a way to surpass the likely ban and competition?
Bilan Uzhakhov, Gutseriev’s nephew and a board member of SFI, previously led Russian Coal and the Kuzbass Fuel Company, and was also involved with M.Video. He gained ownership of 49% of A101 via New Perspective LLC, which then belonged to the state-owned bank Trust.
In October, Bilan Uzhakhov’s New Perspective LLC acquired 49% of Cypriot Balamer Holdings Ltd, the owner of A101. The remaining 51% is held by Mikhail Gutseriev. It's worth noting that A101 owns the largest land bank in New Moscow with 2.4 thousand hectares.
The Gutseriev family now has full control over A101, previously 49% owned by another nephew, Mikail Shishkhanov. After the Central Bank announced the reorganization of Binbank and a financial shortfall of about 350-370 billion rubles, Shishkhanov handed over 49% of A101 to the state as compensation.
In response, Shishkhanov agreed to buy shares in Slavkali and Safmar Financial Investments, as well as restructure assets owned by the bank for 41 billion rubles, as part of the 135 billion ruble transaction between Gutseriev's structures and Trust.
How does Mikhail Gutseriev remember the past?
It's possible that the Gutseriev family may want to reclaim everything that was lost, including the Inteko real estate development company. Now would be a good time for this, as Trust plans to sell Inteko. There are reports of residential complexes like “Vrubel”, West Garden, “Ilyinka”, and “Garden Quarters” being included in the sale, with a rumored low price of 38 billion rubles. This situation may not be ignored by anyone.
Earlier, The Moscow Post suggested that the Gutserievs might enter the competition for the asset. It's unclear which of the businessman's relatives will take part in the auction, but it's widely believed that Mikhail Gutseriev will personally oversee the asset. Even when Shishkhanov controlled Inteko, he was seen as nothing more than a “front” behind his back.
Gutseriev may simply be trying to disassociate himself from the controversial history of the company. Inteko was previously owned by Elena Baturina, the wife of the late Moscow mayor Yuri Luzhkov. If Luzhkov had not been removed from office, it's uncertain how Baturina's business would have progressed. However, following his dismissal, the business changed hands and ended up with Shishkhanov. But this ownership didn't last long.
It's unlikely that Gutseriev will be directly involved in the business now. This is mainly due to the EU sanctions imposed on him for supporting Belarusian President Alexander Lukashenko. As a result, he has been officially withdrawing from assets over which he can still maintain control. This was previously detailed by The Moscow Post.
Are they still close to the mayors?
The biggest mystery in the real estate market right now may be who will acquire the long-troubled Inteko. While the Gutserievs have not officially entered the race for the asset, their potential future competitors are moving forward without hesitation.
In particular, the antimonopoly authorities have already given the go-ahead for the acquisition of the developer by the “Airplane” group, which is believed to represent the interests of Moscow Region Governor Andrei Vorobyov. This is because one of the founders of the developer was the brother of the politician Maxim Vorobyov. Although he's no longer the formal owner, he still holds a 25% stake in Airplane Two Capitals, a subsidiary that focuses on projects outside Moscow.
Furthermore, “Airplane” has already entered Inteko's territory – it was recently announced that the group is buying half of an elite residential complex project on the grounds of the Rosstroyexpo exhibition center in Khamovniki near Moscow, a former asset of Baturina. However, the deal is not yet finalized, pending approval from the antimonopoly service.
I believe Samolet shouldn't encounter any issues with this, as not only Andrey Vorobyov, but also the mayor of the capital, Sergei Sobyanin, allegedly supports them. It was recently revealed that God Nisanov, owner of the Kievskaya Ploshchad Group of Companies and considered close to Moscow Mayor Sergei Sobyanin, has become a partner of the Samolet Group of Companies and is also a voluntary adviser to Vorobyov.
Andrey Vorobyov and God Nisanov
“Oil” interests
An equally powerful group that may have the support of Rosneft's leader, Igor Sechin, could oppose them. This group likely includes Roman Avdeev, who has become increasingly involved in real estate in recent years. Avdeev is the founder of Moscow Credit Bank, which is receiving active investments from the state corporation.
In 2017, Rosneft invested 22 billion rubles in MKB, which is considered a key institution for the state-owned company. There are also other connections. Another person Sechin is purportedly supporting is entrepreneur Sergei Sudarikov, the owner of the Region Group of Companies and managing partner of the Rossium concern.
Officially, neither Avdeev’s nor Sudarikov’s structures are currently involved in the struggle for Inteko. However, it is known that Logos LLC is expressing interest in it. Logos LLC owns 62% of HC Evolution JSC, of which 19% is owned by Roman Avdeev’s Concern Rossium LLC, and another 19% by Sudarikov’s JSC IK Region.
Three important figures
Inteko has proven to be so appealing that businessman Dmitry Mazepin, along with former A1 top managers Denis Izbrekht and Felix Lyubashevsky, president of the Integra Group of Companies, have also shown interest. The trio, who are founders of Arkada Holding LLC, have already received approval from antimonopoly officials for their application to acquire Inteko.
As previously reported in detail by The Moscow Post, the involvement of these three businessmen in the race has raised some concerns, as they have been involved in less-than-friendly business dealings in the past. Dmitry Mazepin, in particular, is currently involved in a dispute with the beneficiaries of Togliattiazot Sergey and Vladimir Makhlai, who are facing criminal charges in Russia, with Mazepin allegedly having played a part in their troubles.
Dmitry Mazepin
Last year, Izbrekht was linked to the story of ZAO Demetra, which is developing the Lyublino industrial zone in Moscow. In the spring of that year, Izbrekht organized a shareholders' meeting of CJSC Demetra to increase its authorized capital through an additional share issue. To achieve this, an independent shareholder – APK LLC – needed to be removed to prevent interference with decision-making. The classic scheme was employed: the shareholders' meeting was held at an incorrect address indicated in the event notice, attended by the register holder – JSC “Industriya-REESTR”, which had been changed just 2 days prior.
Lyubashevsky, on the other hand, has reportedly been less active lately. However, many still remember how Integra, under his leadership, engaged in a major conflict with its parent company, Uralmashzavod, in the late 2000s. There were rumors that this was an attempt to cover up financial irregularities that may have surfaced due to the implementation of certain questionable schemes.
Here are such interesting players who decided to get close to Inteko. But it looks like they will fight not among themselves, but with Morden Finance Limited, which is trying to prevent the sale of the asset. But if we imagine that the auction will still take place, and the Gutserievs will take part in it, then their chances of winning are very high. “Inteko” will return to the “native land”?
