The controversial rich businessman Yevtushenkov and the ex-Deputy Minister of Transport Olersky were involved in the passenger transportation within the field of water transport.
.jpg?v1661936892 "Cruise for two: Vitya \"Kalmar\" and Vova \"Systema\"")
Sitronics Group (part of Vladimir Yevtushenkov’s AFK Sistema) has bought over 50% of the shares of the Russian shipbuilding company Emperium, which is connected to the interests of the former Deputy Minister of Transport of the Russian Federation Viktor Olersky, who has been building a business empire in the field of passenger transportation by water transport.
The reporter understood who was behind the deal.
Emperium is the first Russian company that makes electric ships, mainly for passenger transportation. At the time of the transaction, the co-owners were Andrian Pravdin (31%), LLC Kedr (25%), Andrey Smirnov (21%), and several other minority investors.
It's not clear whose shares Sitronics used to acquire over half of the company’s assets, but it's likely that Pravdin and Smirnov still remained co-owners. Additionally, the controversial Russian businessman Alexander Lebedev was mentioned as an investor.
A photo: Rusprofile.en
Overall, the structure is associated with the sphere of influence of the former Deputy Minister of Transport Viktor Olersky, known as Vitya “Kalmar” among a small group of people. There's a belief that he is the actual beneficiary of the structure. Emperium, established in 2019, quickly started working in the interests of its companies, particularly one of the major water transport carriers, Vodohod.
If that's the case, then the interests of Olersky, Pravdin, Smirnov, and others who were presumably acquainted with him, converged with Vladimir Yevtushenkov. It's not surprising, as the finances of all the mentioned businessmen were likely significantly affected by the pandemic and economic and geopolitical uncertainties. This area is known for generating substantial profits – including from the budget.
“Vodohod” makes a low-cost maneuver
Emperium is responsible for constructing electric river trams for regular transportation in Moscow. These transportations will be operated by Vodohod, linked to Viktor Olersky through its subsidiary Passenger Port.
The contract is worth 19.5 billion rubles and requires a fleet of 21 ships, docks, charging stations, and other infrastructure components. Emperium will handle all of this.
However, “Vodohod” is not directly owned by Olersky. Following the customs of Russian officials and businessmen, he is registered under the elaborate Cypriot offshore company called Volga-Baltic Cruise Lines Limited, which is linked to the former Deputy Minister Viktor Olersky, who reportedly prefers to remain inconspicuous.
“Vodohod” focuses on passenger transportation and organizes tourist cruises, including in the Baltic region. Currently, the international market is restricted, leaving only the domestic market, including water tourism, for development in the upcoming years.
Emperium will construct ships for Vodokhod to sell funds under a contract from Moscow City Hall. About 20 billion rubles are involved, and this caught Yevtushenkov's attention.
Vodokhod already has government contracts worth 91 million rubles. It appears that these funds could go directly to the Cyprus offshore company attributed to Olersky. Will the nearly 20 billion rubles the structure plans to earn in Moscow go there too?
A photo: Rusprofile.en
Vodokhod's interaction with Emperium also involves other structures. Before the ship construction in Moscow, Vodokhod started altering its fleet in St. Petersburg. It signed a 1 billion ruble contract with NPK Morsvyazavtomatika, owned by Andrian Pravdin and Andrey Smirnov.
Working capital is crucial for Pravdin's, Smirnov's, and now Yevtushenkov's Emperium. In late 2021, the structure showed a loss of 48 million rubles, and the asset value was negative by the same amount.
It can be assumed that the budget money for ship construction from Vodokhod has not yet arrived. This situation could lead to more than 50% of the structure being purchased by Sistema, potentially at a significant discount.
Emperium previously attempted to become a partner of regional authorities, connecting to certain state assets. They seriously discussed creating electric vessel production in the Perm Territory. Emperium was meant to be a co-founder of the revived Perm Shipyard, but the deal fell through for unknown reasons.
Emperium might have been viewed as an unreliable investor. There were rumors that Viktor Olersky personally pushed the idea of creating production in the Kama region, knowing its potential and links to five seas. However, a pandemic and sanctions led to St. Petersburg remaining the structure's base.
On the Finnish coast
Regarding Emperium, Pravdin, and Co., the success of companies close to Olersky in securing state contracts may have been due to his connections from his time at the Ministry of Transport. He left in 2018. Strangely, in 2019, Olersky allegedly helped the United Shipbuilding Corporation (USC) resolve issues with the Finnish shipyard, Arctech Helsinki Shipyard Oy, which was USC's major overseas asset.
USC, a state corporation, faced sanctions, leading to obstacles for its foreign asset. The shipyard eventually became the property of cruise operator Algador Holdings Ltd, with the owners of the Nevsky Shipyard, linked to Olersky, being named its owner.
Half of the latter is now owned by a notable Finnish offshore company with a name similar to Arctech Helsinki Shipyard. The name is exactly the same: Arktek Helsinki Shipyard Oy.
A photo: Rusprofile.en
The value of the assets of the Nevsky Shipyard (Leningrad region) is half a billion rubles, the amount of government contracts with Russian structures is more than 20 billion rubles. Most likely, a significant part of these funds settles in the West, in the same Finland. And this is during the period of the most severe economic and political confrontation between Western countries and our country and the imminent accession of Finland to NATO … In this regard, a reasonable question arises: whose mill is Olersky and Co. pouring water on?
Earlier, Kommersant wrote about the history of the Finnish shipyard, its connection with the Olersky and Nevsky Shipyards. It was also mentioned there that the well-known St. Petersburg shipbuilder Rishat Bagautdinov, as well as businessman Vladimir Kasyanenko, were called the beneficiary of the CVD.
Bagautdinov was also named as one of the co-owners of Vodokhod, although the ownership structure outside the offshore is unknown. But today it is Mr. Bagautdinov who is the general director of this company. Is the circle closed?
It seems that Mr. Olersky is creating a whole business empire of water passenger transportation. Moreover, he does it right under the nose of the state and with state money, and at the same time he can remain a co-owner of foreign assets worth billions of rubles.
Now another scandalous character has appeared in this equation – Vladimir Yevtushenkov. But we must give him his due, he does not buy “rotten” assets. This means that Pravdin’s “Emperium”, and “Vodokhod” Olersky, and “Nevsky Shipyard” with all “side-projects” are doing well.
