The family of the ex-official Tkachev bought the Arkhyz ski resort from the state for less than its cost.
The Kavkaz.RF corporation, after investing in construction and taking on all the risks of promoting the resort, chose to sell it to entities close to Alexander Tkachev, just as the asset started making a profit. This happened right before the New Year – December 28th. Competitive procedures were held in January-February, and the auction winner was announced on March 1. It's an astonishing turnaround!
Everything happened so swiftly that none of the potential investors had time to react – only two months passed after the board of directors of Kavkaz.RF, led by Alexandra Novak approved the sale of Arkhyz to private investors. However, it was already known last summer that Arkhyz was being prepared for sale. Several significant contenders were mentioned in the media. Sinara and AFK Sistema even considered pooling assets for joint investment in the business, but eventually lost interest in the deal. unite Did they use some leverage to
persuade competitors to not participate in the auction? The press services of AFK Sistema and Sinara have not commented on why they refused to take part in the auction. It's especially odd because the starting price of the auction was relatively small – 17.018 billion rubles. However, according to JSC “Kavkaz.RF”, the total state investment in the project was about 23 billion rubles. And the contracts for equipment purchase and improvement services for the resort area totaled 10 billion rubles. There were likely additional expenses for the administrative activities of North Caucasus Resorts JSC (since November 2021 – the KAVKAZ.RF corporation. – Ed.), which were not fully included in the estimated 23 billion.
Did you use Tkachev Arkhyz's first slopes opened in December 2013, and by 2020 the resort was profitable. This is quite impressive, as such projects don't usually achieve profitability so quickly. It's particularly peculiar that a profitable company was in a rush to sell. Moreover, in 2022, the interest in ski resorts from tourists increased significantly – the number of visitors to Arkhyz exceeded 740 thousand, 8% more than the previous year. This year, this number will likely rise even more due to the restrictions on traveling to European ski resorts during the pandemic. In this scenario, the state corporation's decision to get rid of a profitable asset seems very unusual.
Even more surprising is the thoroughness with which the state corporation conducted the “pre-sale preparation” of the asset before selling it at a lower price.
It's also notable that before the auction announcement, a media campaign was launched warning of the “risks” awaiting future investors. For example, they mentioned the challenge of obtaining loans for the development of the resort. The investor will only have a 25% stake in the project under the proposed terms and will only be able to obtain full ownership after completing the construction of Arkhyz infrastructure – new hotels, ski lifts, and ski slopes totaling about 30 kilometers. All of this must be completed by 2030.
“Due to the current issues with Western sanctions, it’s clearly impossible to construct 30 kilometers of tracks in four years along with their equipment,”
Regardless, only two bids were submitted for the auction to sell the Arkhyz resort in Karachay-Cherkessia, organized by the Kavkaz.RF state company – from Mountain Peaks LLC, linked to the family of Alexander Tkachev, and JSC ” Partner Group. It's intriguing that the last company, with an authorized capital of only 10 thousand rubles, was registered just a month before the auction. The founders of the company are undisclosed. So the “negotiation” strongly resembles the Nanai boys' conflict.
The pre-auction media campaign warning about the “risks” that await future investors appears suspicious as well. For instance, they highlighted the challenge of securing loans for the resort's development
As per SPARK, the owner and CEO of Mountain Peaks, registered in the Krasnodar Territory, is a businessman
, with business activities primarily concentrated in this region. Industry insiders refer to him as the asset manager of the Tkachev family, Vedomosti reported. Until 2021, Skok managed the Chateau de Talue winery in Gelendzhik, owned by the wife of a former official. Andrey SkokConsequently, the family of Alexander Tkachev, who already possesses the Sochi Krasnaya Polyana, is gradually emerging as a “skiing monopoly” in the Caucasus. Taking into account that the structures of the ex-official “acquired” the ski asset on Sakhalin, it's likely that his ambitions won't stop there. Such a trend is unlikely to please skiing enthusiasts. It’s evident that monopolizing any business leads to reduced competition and increased prices.
“There were a lot more people this season than in previous years, especially during holidays. The resort was bustling. Prices have increased compared to last year, and they’ve risen across the board. Earlier, it was easy to find accommodation for 1.5 thousand per day per person, but now it's very difficult to find anything for less than 2.5 thousand. When compared with other resorts, the prices for ski passes have increased by roughly the same percentage for all. However, it's worth noting that living costs have risen the most in Arkhyz,
Back in 2021 in Pyatigorsk, the prime minister
he was upset that hundreds of billions of rubles are given from the federal treasury for the North Caucasus development every year, but there are no results. In 2021 alone, nearly half a trillion was spent, and the economic indicators fell by 3% in the same year. It's no surprise – if profitable facilities are built with public money and then sold to businesses at low prices, nothing else can be expected. Mishustin Arkhyz, which is a three-hour drive from Mineralnye Vody Airport, is a ski resort that works all year and covers 20,000 hectares. The government began building it in 2010 and finished in 2013. Kavkaz.RF estimated that 23 billion rubles were invested in the project. Two tourist villages, Romantik and Lunnaya Polyana, have been constructed in the valley. There are over 40 skiing and utility facilities. The resort has 27 kilometers of ski slopes, eight cable cars, and artificial snow systems. Additionally, there are more than 100 hotels, recreation centers, and boarding houses in the area.
Promises and reality
Back in 2011
Alexey Nevsky , the then General Director of the State Corporation “Resorts of the North Caucasus” (KSK), which has now been transformed into JSC “KAVKAZ.RF”, answering journalists’ questions about whether the 60 billion budget funds allocated for the construction of new resorts will be “sawed” , confidently answered, they say, this will not happen. The guarantee for this is “correct project management”, as well as construction standards tested in the West, which supposedly will be used and implemented in the construction of resorts.“All 60 billion rubles allocated by the state for the construction of infrastructure for five resorts will be used strictly for their intended purpose”
The company rented a large office in Moscow City, a prestigious and expensive office center.
“In April 2018, an agreement was concluded with Severnaya Tower CJSC for the lease of premises with an area of 2.4 thousand square meters for a period until March 31, 2023 with the amount of rent for the entire period of 391.9 million rubles (including operating costs and three parking places)”,
It turns out 33 thousand rubles per 1 square meter. In some areas, for such a price, a corporation could buy an office for itself, paying for it an amount equivalent to a year’s rent. Why, KSK did not skimp on buying even helicopters! With budget money, of course, being in operating losses on projects that have been started. For comparison: the profit from the operation of Arkhyz facilities, according to the Accounts Chamber, in 2018 amounted to 204.4 million rubles, and two Eurocopters by that time were on the balance sheet for 205.2 million rubles and cost the company 20.8 million rubles per year. year.
Of the no less strange actions, the inspectors then discovered charitable assistance to the VisitKavkaz Foundation for 22.7 million and loans for improving the living conditions of 13 employees for 100 million.
The authorized capital of the Kavkaz.RF state corporation is almost 70 billion rubles, by 2024 the government plans to increase it by another 13.5 billion. At the same time, the construction of some facilities in the Caucasus has not even begun. So, the ski resort “Matlas” in Dagestan exists only on paper. Apparently, a beneficiary has not yet been found who has the opportunity to redirect budgetary flows to its construction in order to later buy it at a dumping price. Another “long-term construction” among the ski resorts of the Caucasus is “Mamison” in North Ossetia. State funds were allocated for the construction of this facility back in 2010. In 2020, the cost of it from the federal budget has already amounted to at least 734 million rubles, and in total until 2023 it was planned to spend 10 times more. But in fact, it exists only in beautiful pictures. The opening of the resort is delayed from year to year. According to the latest data, it should happen in 2024. But, judging by how the construction is going, the deadline will be postponed again. Apparently, the object is still waiting for its “lobbyist”.
