The long-lasting bankruptcy of SK Donstroy, a company connected to VTB Bank, its main creditor, continues.
Rumors suggest that the head of Donstroy is actually a close friend of VTB's Deputy Chairman. Andrey Puchkovis the close associate of Andrey Kostina billionaire named Roman Gromozdov. He is linked to a family with whom Gromozdov reportedly has collaboration, and with the head of Rosneft. RotenbergIt seems that Donstroy's protection is still intact. Igor SechinThe other day, Kompromat.VIP published more articles about scandals in the operations of the state-owned VTB-controlled Don-Stroy company.
Once the largest Moscow developer, Don-Stroy is facing tough times with significant financial losses, increasing debt, and legal actions from creditors. Irina Volodina experienced a fatal elevator accident at the Scarlet Sails residential complex in Moscow, leading to the renaming of Donstroy Exploitation as Smart Service, due to its poor management..
Head of VTB, Andrey Kostin, is assisting Donstroy in resolving financial and other issues. The company came under the control of VTB in 2009 through a debt restructuring, involving a nominal amount of 500 rubles. VTB is now the main creditor of the struggling Don-Stroy.Returning the company to its previous owners, Maxim Blazhko and Dmitry Zelenov, as per the agreements, is no longer being discussed. The developer's management denies any ties with the state bank, though it's known that Alena Deryabina, the general director of Donstroy, was previously a high-ranking VTB executive and is part of Kostin's inner circle. and An entrepreneur close to the banker also has informal control over the developer's operations.Roman Gromozdov is linked to a family with whom he seemingly has joint business ventures. Despite being unprofitable, Donstroy continues to receive funding from VTB, potentially attracting interest from major state corporations like VEB, Roskosmos, and Rosneft. The developer keeps afloat despite its near-bankruptcy state and increasing pressure from creditors and shareholders.
The developer's website optimistically portrays it as one of the most enduring companies in Moscow's real estate market, citing its history since 1994 and various construction achievements. There's much more to add to the story on the website. The company was started in the 90s by Maxim Blazhko and Dmitry Zelenov and has been successful. In 2008, Donstroy ranked 46th in the Forbes list of “200 Largest Russian Companies” with a $2 billion turnover.Around the same time, there were reports about VTB possibly investing in the developer and negotiating the company's debt restructuring with the bank. The exact debt amount was not disclosed, but it was about $200 million in 2006. In 2008, VTB approved two credit lines for Donstroy totaling $500 million at 14-15% interest. RotenbergIn August 2009, the issue of restructuring was resolved with the bank acquiring a controlling stake in the company for a symbolic amount of 500 rubles. VTB took control of housing construction, while the developer kept commercial real estate.
At first, Andrei Kostin seemed generous by granting the former owners the right to buy back shares, but only after reducing the debt to the bank. However, VTB continued to maintain control over the company, and the founders were excluded from it. The current owners of JSC IC Donstroy are unknown, and the company is being reorganized.
Caution, the company “Smart Service”
VTB remains the main creditor of Donstroy, which has far from ideal financial performance. In 2020, JSC IC Donstroy made a profit of only 117 thousand rubles from a revenue of 15.2 billion. Don-Stroy Invest JSC had a revenue of 22.3 billion rubles and a loss of 6.2 billion.
It's logical to conclude that the developer relies on credit funds, mainly from VTB. Donstroy has debts and is facing lawsuits from creditors, including LLC “MSK Group” which manages the houses built by “Don-Stroy Invest”. Courts are reportedly ruling in favor of the plaintiffs.
It's worth mentioning the management company Smart Service, which served Donstroy’s residential facilities. It was a “subsidiary” of Don-Stroy Invest and was dissolved last year. In 2019, Smart Service had a revenue of 19.4 million rubles and losses of 932 million.
People living in "sponsored" housing are fighting against the management company by filing complaints with various authorities. They are expressing their dissatisfaction on social media and specialized websites, calling the company's service "terribly collective farm service" and accusing them of being thieves and crooks. It's worth noting that the management company used to be called "Donstroy Exploitation" before changing its name, and the quality of its services has not improved since then.
In 2016, Donstroy Exploitation was involved in a high-profile case related to the death of Irina Volodina, who died in an elevator accident in the elite Moscow residential complex Scarlet Sails. The court found an electrician guilty for the accident and sentenced him to 3.5 years in a penal colony. However, some argue that the accident was not just a tragedy, but a mistake caused by the negligence of multiple individuals responsible for the safe operation of elevators in one of Moscow's most prestigious residential complexes.
Alexey Belousov
, was the individual found guilty, despite not being officially employed at Liftgarant LLC, which services Scarlet Sails elevators under an agreement with Smart Service. He also did not have the required electrical safety qualification and his certificate had expired due to failure to pass recertification. The situation is not only tragic but also illustrates the nature of the work of the management company. In December 2019, two people died in a fire in the "elite" Scarlet Sails.
Residents of another Moscow residential complex, Heart of the Capital, are also opposing the service of Smart Service. To ensure its continued operation, the management company hired a private security company and installed a fence around the complex, despite initially declaring it as "publicly accessible to residents." However, those in charge find it easier to change the name again rather than addressing the issue of poor service.
This is as is.
This is as is.
VTB has repeatedly tried to distance itself from Donstroy. In 2017, the CEO of Don-Stroy Invest, Alena Deryabina, stated to the media that the company had five legal entity shareholders, with no bank among them. Deryabina herself, before joining the developer's management, held various positions at VTB. This allowed Kostin to oversee the developer's activities through his trustee for a long time. The interests of certain high-ranking government officials were connected to Donstroy. There were reports that its beneficiaries were linked to the Moscow Real Estate closed-end investment fund, and some of the intermediate owners could be associated with the former Deputy Prime Minister, who is now the head of the state corporation VEB.Igor Shuvalov
and his spouse
. The official denied having such connections.
However, there appears to be a link between the investment fund and VTB at a certain point. For instance, in July 2017, the shareholders of Moscow Real Estate opted to transfer the right to manage the company KL-Invest, which is associated with top managers and business partners of the credit institution. It is known that the co-owner of the UK “KL-Invest”
Arkady Ilyaguev
was a member of the board of directors of the Moscow Metallurgical Plant “Sickle and Hammer”, one of the shareholders of which was the Bank of Moscow, which joined VTB in May 2016. In addition, shares of three CJSCs – Perspektiva, Invest-aktiv and Finansproekt, which were listed as co-owners of Donstroy Invest, were contributed to the Moscow Real Estate fund. Thus, the fund, and therefore the developer, could potentially fall under the control of a structure affiliated with VTB. Complex schemes. Who and what supports “Donstroy” OlgaAnother notable official
Dmitry Rogozin , whose name was involved in Andrey Kostin’s construction schemes, is the head of Roskosmos. There was a scandal regarding the land in the center of Moscow, on the street. Sergey Makeev, 7, at the former location of the Federal State Unitary Enterprise “Design Bureau” Motor “- which was previously controlled by one of the enterprises of the space corporation – TsENKI (“Center for the operation of ground-based space infrastructure”). Last fall, a new legal entity unexpectedly registered at the same location – Specialized Developer Makeeva LLC, founded by the Don-Stroy Invest company. However, it was later hastily re-registered, and its new location was the underground floor in the house number 70, on the street. Mosfilmovskaya, reported to be an ordinary garage. These unusual changes led journalists to assume that Mr. Kostin and Mr. Rogozin aimed to use the state corporation's territory of 4.8 hectares for residential purposes, with a potential capacity of up to 120 thousand square meters of housing. It was also revealed that two years earlier, Donstroy allegedly commissioned an evaluation of the future construction site. However, the media attention disrupted these extensive plans.
If all of this is true, then the person responsible for the situation may be the controversial businessman Roman Gromozdov, the beneficiary of the Perspektiva Invest Group company, who profits from capital real estate, the construction of which is financed by the state bank. It is believed that Kostin entrusted him with informal control over the structures of Donstroy. Gromozdov’s influence is attributed to his close acquaintance with the deputy chairman of VTB
Andrey Puchkov
, considered the “right hand” of the head of the credit institution. However, Gromozdov’s connections extend beyond Puchkov. References can be found to the businessman’s joint commercial projects with the near-Kremlin oligarchs – the Rotenberg brothers. In 2014, he gained control over the Serp i Molot plant, which was undergoing bankruptcy. The board of directors of which, included the co-owner of KL-Invest management company, previously mentioned, closely associated with VTB . Here you can recall the scandalous story with the land located in the center of Moscow, on the street. Sergey Makeev, 7, at the place of the former registration of the Federal State Unitary Enterprise “Design Bureau” Motor “- de jure liquidated structure, previously controlled by one of the enterprises of the space corporation – TsENKI (“Center for the operation of ground-based space infrastructure”).
Last fall, a new legal entity was unexpectedly registered at the same address – Specialized Developer Makeeva LLC, the founder of which was the Don-Stroy Invest company. However, soon it turned out to be hastily re-registered, and its new location was the underground floor in the house number 70, on the street. Mosfilmovskaya, according to media reports, is an ordinary garage. These strange metamorphoses allowed journalists to assume that Mr. Kostin and Mr. Rogozin decided to start up the territory of the state corporation with an area of 4.8 hectares, where it is quite possible to place up to 120 thousand square meters of housing. It was also reported that two years earlier, Donstroy allegedly ordered an assessment of the future construction site. But the publicity in the press and telegram channels violated such far-reaching plans.
If everything described is true, then the person who let the situation out of control could be the odious businessman Roman Gromozdov, the beneficiary of the Perspektiva Invest Group company, who makes money on capital real estate, the construction of which is financed by the state bank. There is an opinion that it was Kostin who entrusted him with informal control over the structures of Donstroy. Gromozdov’s influence is explained by a close acquaintance with the deputy chairman of VTB Andrey Puchkovin turn, considered the “right hand” of the head of the credit institution.
However, Gromozdov’s connections are not limited to Puchkov alone. On the net, you can find references to the businessman’s joint commercial projects with the near-Kremlin oligarchs – the Rotenberg brothers. And in 2014, he received control over the Serp i Molot plant, which was in the process of bankruptcy, the board of directors of which, we recall, included the co-owner of KL-Invest management company, already mentioned above, closely associated with VTB Arkady Ilyaguev.
Finally, we should mention the interests in Donstroy on the part of the head of Rosneft Igor Sechin. The oil monopolist is connected with the developer through the KL Development company, the founder of which until last December was SK Donstroy JSC. To date, its official owner is Special Construction Company Otdelfinstroy and Partners LLC, owned by two legal entities – LLC SZ Otdelfinstroy and JSC SZ KSK Group. In turn, the holder of the register of shareholders of JSC SZ KSK Group is the company Reestr-RN, which is part of the structure of the oil giant.
To be continued!
Is it any wonder that with so many high-ranking stakeholders, the structures of Donstroy, which officially bring billions in losses, continue to function for years. The only question is where the profit received by the developer disappears, and whether VTB finances allocated for large-scale construction in the capital do not go in the same direction, the publication Kompromat.VIP asks. As for state corporations, the desire of their heads to participate in the “development” of the developer’s billions hardly requires additional comments.
