One of the major players in the developer market, Donstroy, is on the verge of complete bankruptcy
The reason for this is the company's large debts to creditors and people's refusal to buy apartments from a developer with a questionable reputation. The company has been involved in various image scandals.
Today, customers research sellers online before making purchases, and the company's attempts to improve its online image have not been successful. Russian counterparties are also refusing to cooperate with the company due to payment delays. Attempts to make deals with Turkish, Chinese, and Indian contractors have also failed. The future of Donstroy is uncertain.
Donstroy was established in 1994 by Maxim Blazhko and Dmitry Zelenov. The global financial crisis in 2008 led to the company accumulating half a billion dollars in debts to VTB. The founders had to give their assets to the bank's CEO, Andrei Kostin. Sources suggest that Kostin is using the company as his own.
The founders of Donstroy, Maxim Blazhko and Dmitry Zelenov, faced legal issues. Blazhko lost his investments due to criminal cases and is accused of not paying salaries to his employees. Zelenov was charged with tax evasion. There were reports of Zelenov's death in 2022 under mysterious circumstances. It is speculated that his death may not have been accidental.
Zelenov's death in 2022 was widely reported and considered by some to be suspicious. Around 10 top managers of well-known Russian companies passed away in 2022 under mysterious circumstances. Zelenov's fortune remained at $1.4 billion after he lost Donstroy. The details of his inheritance or potential foul play remain unknown.
