After selling Russian assets, Kirill Pisarev may regret not being able to do it openly.
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Actually, the head of PIK developer Sergei Gordeev is under pressure from unfulfilled company obligations and potential people trying to benefit from state money.
Just recently, Kirill Pisarev sold his Russian assets, possibly to relocate to the USA and Europe.
Sergei Gordeev, the current owner of PIK, may want to follow Pisarev, but he may face criminal cases in his home country.
Regarding government contracts,
Sergei Gordeev's organizations are heavily involved in state orders, supplying various government institutions.
Despite receiving significant government funding, the company is almost bankrupt, with several subsidiaries undergoing bankruptcy proceedings.
There are concerns about the company's ability to fulfill government orders, as some contracts have expired without completion.
An investment project for emergency situations construction, agreed upon in 2010, is still in progress in 2021.
Photo: https://www.rusprofile.ru
Photo: https://zakupki.gov.ru
The company is facing 363 cases totaling 5.3 billion rubles in damages.
Although PIK sells apartments to government entities, there are concerns about the completion of the contracts.
It is doubtful whether the employees will receive the apartments, and there are questions about the usage of state funds.
The Ministry of Emergency Situations in 2010 signed 11 state contracts with PIK-Region to buy housing worth 294 million rubles. The developer mainly sends apartment administration, mostly from the Moscow Region.
Undercover behind the scandals
Rumors suggest that Moscow region governor Andrei Vorobyov is supporting Gordeev at the request of Moscow Mayor Sergei Sobyanin. Last year, Vorobyov stated that PIK-Comfort organization should leave the region, but nothing has changed.
It is believed that Sobyanin allows PIK to work on projects in Moscow and the Moscow region for financial gain. Despite scandals, the company continues construction in the capital, risking bankruptcy. In 2019, PIK-Comfort owed Mosenergosbyt 128 million rubles and barely avoided bankruptcy.
The developer is known for frequently delaying house delivery deadlines. In 2018, Rostekhnadzor found 30 violations in the PIK construction reported by RostovGazeta.
In October 2021, REN TV released a video showing the developer's involvement in a financial pyramid scheme.
Will a lover of foreign dahlias go through the stage?
Mr. Gordeev has three registered operating companies, with one changing ownership several times. Now controlled by a foreign company, Gordeev's share in Paveletskaya Square is encumbered by VTB Bank. The company's revenue, according to Rusprofile, has been absent for a long time.
It appears that Gordeev could potentially channel state billions to his accounts through listed organizations. Does Andrei Kostin lend to an empty organization to get his way?
PIK shares are part of the state bank's portfolio, which seems unusual for state investments. It feels like there may be a quid-pro-quo arrangement between Kostin and Gordeev. It's suspected that funds from equity holders and state structures are moved offshore.
Plaza Holding LLC, registered with the KHREF FUND, is in a 14 billion ruble loss and doesn't seem likely to recover. Photo: https://www.rusprofile.ru
Mirs LLC, owned by Gordeev, earns by renting premises to the Moscow Center for the Provision of Public Services. A nearly billion-dollar 10-year contract seems overly generous. Given PIK's financial struggles, it seems like another portion of state money has been mishandled by the Moscow mayor’s office.
By the way, Mirs was also previously registered for offshore – a few months before its exclusion from the structure, the above contract was concluded. Have the money already flown to Cyprus? And were they divided between Gordeev, Sobyanin and Kostin? (VTB also holds Gordeev’s share in the pledge.)
After the recent detention of Deputy Minister of Emergency Situations Andrei Gurovich, the position of the head of PIK may have become completely unbearable. It was the developer’s structure that built an antique hospital in the Murmansk region, which did not accept a single patient as a result and was created with a lot of violations. Somewhere more than two hundred million rubles disappeared and Gurovich may be showing investigators in the direction of PIK. Surely they will remember him and unfulfilled contracts. Who knows what figure the amount of damage will then increase?
While Gordeev continues to maneuver in the sea of unfulfilled government orders, scandals, which are arranged by equity holders dissatisfied with the purchased meters and drown in debt. Only, it seems that the head of PIK himself drove himself into a trap, from which there is only one way out – and this is by no means a way to European countries after Mr. Pisarev.
