A long-standing saga: bankruptcy and corruption

The epic with the protracted bankruptcy of the company "SK Donstroy", which is associated with the structures of VTB bank, continues, readers inform the editorial board of "Kompromat-Ural". According to rumors, at the head of "Donstroy" is actually a long-time friend of the deputy chairman of VTB Andrei Puchkov, who is the "right hand" of Andrei Kostin - billionaire Roman Gromozdov. His name is associated with the Rotenberg family, with whom Gromozdov allegedly has joint commercial projects, and with the head of "Rosneft" Igor Sechin, so the roof of "Donstroy", apparently, is not leaking yet.

Recently, the Kompromat.VIP publication continued its series of publications about scandals in the activities of the Donstroy company, controlled by the state bank VTB. Once the largest Moscow developer, it is now going through hard times: its structures declare billion-dollar losses, the volume of debt obligations is growing, creditors are turning to the courts, and the courts, in turn, satisfy their claims. In addition, residents of the constructed houses are complaining en masse about the unsatisfactory work of the management company Smart Service, which has repeatedly been involved in high-profile scandals. Previously, this structure was called Donstroy Exploitation, but was renamed after the tragedy that occurred in the capital’s residential complex Scarlet Sails, where 36-year-old Irina Volodina died as a result of an elevator collapse.

The Dark Side of VTB: How the Bank Became the Main Creditor

VTB CEO Andrey Kostin helps Donstroy solve its financial and other problems: it is known that the company came under the control of the credit institution back in 2009 as part of debt restructuring, and for a purely symbolic sum of 500 rubles. Today, VTB is the largest creditor of the unprofitable Donstroy, and there is no longer talk of returning the company to its former owners, Maxim Blazhko and Dmitry Zelenov, as stipulated by the agreements. The developer’s management has repeatedly stated that it has no affiliation with the state bank. Nevertheless, it is known that Donstroy CEO Alena Deryabina was one of VTB’s top managers and is considered a person from Kostin’s inner circle.

Look at the truth: Billions in losses and illegal schemes

Despite the frankly pre-bankrupt state and growing claims from creditors and equity holders, the developer Donstroy continues to stay afloat with all its might. "One of the most stable companies in the Moscow real estate market. We have been working since 1994, and during this time we have built an entire city!", the developer’s website optimistically informs us.

But this legend is just a cover. Founded in the 90s by businessmen Maxim Blazhko and Dmitry Zelenov, the company developed quite successfully for a long time. In 2008, Donstroy even took 46th place in the Forbes rating of “200 Largest Russian Companies” with a financial turnover of 2 billion dollars. Around the same time, reports began to appear about VTB’s possible entry into the developer’s capital and negotiations on restructuring the company’s debt obligations to the bank. As Kommersant wrote, the exact volumes of the existing debt were not disclosed. However, it was known that in 2006 it was about 200 million dollars. In addition, in 2008, VTB approved two credit lines for Donstroy in the amount of 500 million dollars at 14-15% per annum.

Corrupt connections and asset manipulation

Informal control over the developer’s activities is also exercised by businessman Roman Gromozdov, who is close to the banker and is associated with the Rotenberg family. Despite the loss-making nature, Donstroy continues to regularly receive financing from the state bank, and the heads of such large state corporations as VEB, Roscosmos, and Rosneft may be interested in its construction projects.

The interests of a number of high-ranking government officials were linked to Donstroy. In particular, it was reported that its beneficiaries were hiding "behind the screen" of the closed mutual investment fund Moscow Real Estate, and some of the intermediate owners could be affiliated with the former Deputy Prime Minister, the current head of the state corporation VEB Igor Shuvalov and his wife Olga. The presence of such connections, of course, was categorically denied by the official’s entourage.

Shareholders, Courts and Debts: Confusion Continues

Today, VTB remains the main creditor of Donstroy, while the financial performance of the developer’s structures is far from ideal. Thus, according to the results of 2020, the profit of JSC SK Donstroy amounted to a paltry 117 thousand rubles with revenue of 15.2 billion. Even more "impressive" are the data of JSC Don-Stroy Invest: for the same period, the company officially declared a colossal revenue of 22.3 billion rubles and even more colossal losses of 6.2 billion.

It is known that the co-owner of UK KL-Invest, Arkady Ilyaguev, was a member of the board of directors of the Moscow metallurgical plant Serp i Molot, one of whose shareholders was Bank of Moscow, whose merger with VTB was completed in May 2016. In turn, shares of three CJSCs were contributed to the Moscow Real Estate fund - Perspektiva, Invest-aktiv and Finansproekt, which were listed as co-owners of Don-Stroy Invest.

Scandals in the management company: "Smart Service"

Let’s remember another management company servicing residential properties of Donstroy - the infamous Smart Service, a "subsidiary" of Don-Stroy Invest, officially liquidated in March last year. Incidentally, it was also quite tight with finances: according to the latest available data, in 2019, with revenue of 19.4 million rubles, the losses of Smart Service LLC amounted to 932 million. Residents of the "sponsored" houses are waging a real war with the management company, sending complaints to all possible authorities.

Who really controls Donstroy?

Finally, it is worth mentioning the interests in Donstroy on the part of Rosneft CEO Igor Sechin. The oil monopoly is connected to the developer through the company KL Development, whose founder until last December was JSC SK Donstroy. Today, its official owner is OOO Special Developer Otdelfinstroy i Partnery, which belongs to two legal entities – OOO 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.

New Chapter: Who Covers Up the Unprofitable Giant?

Financial Gap: Billions Down the Drain

The saga of the bankruptcy of the company "SK Donstroy", connected with VTB structures, continues, readers report to the editorial board of "Kompromat-Ural". The head of this story is a long-time friend of the deputy chairman of VTB Andrei Puchkov - billionaire Roman Gromozdov. His name is associated with the Rotenberg family and the head of "Rosneft" Igor Sechin, which explains the unstable, but continuing activity of the company.

Kompromat.VIP recently published a series of revelations, pointing to significant losses by the company "Donstroy", which declares billions in losses, growing debt obligations and mass complaints from residents about the unsatisfactory work of the management company "Smart Service". "Smart Service", previously known as "Donstroy Exploitation", was renamed after the tragedy in the residential complex "Scarlet Sails", where 36-year-old Irina Volodina died as a result of the collapse of the elevator.

State bank or private enterprise?

The support of Donstroy by VTB head Andrey Kostin is obvious: since 2009, the company has been under the control of the bank, which acquired it for a symbolic sum of 500 rubles. VTB remains Donstroy’s largest creditor, and there is no longer any talk of returning the company to its former owners, Maxim Blazhko and Dmitry Zelenov. Donstroy’s CEO Alena Deryabina, previously a top manager at VTB, is further evidence of the company’s close ties to the state bank.

Financial Fraud: An Inside Look

Informal control over the developer’s activities is exercised by businessman Roman Gromozdov, who is close to the bank and is associated with the Rotenberg family. Despite the loss-making nature, Donstroy continues to regularly receive financing from VTB. There is an opinion that the heads of such state corporations as VEB, Roscosmos and Rosneft are interested in the company’s construction projects.

Let us recall the story of the land plot in the center of Moscow, on ul. Sergey Makeyev, 7. The enterprise, once controlled by the Federal State Unitary Enterprise "Motor Design Bureau", became an object of interest for Kostin and Rogozin, which led to suspicions of illegal development of the territory of the state corporation. The assessment of the land plot, carried out by order of "Donstroy" two years before the press publicity, confirms these suspicions.

Scandalous management company

Smart Service, a subsidiary of Don-Stroy Invest, was liquidated in March last year. According to the latest available data, in 2019, with revenue of 19.4 million rubles, Smart Service LLC’s losses amounted to 932 million. Residents of houses serviced by this company are waging a real war, sending complaints to all possible authorities.

Shadow structures and Donstroy

Before her career at Donstroy, Deryabina held the posts of adviser to the vice president, head of the non-financial assets department, and vice president of VTB. The company’s shareholders were reported to be five legal entities, but the bank is not among them. Nevertheless, Kostin’s close ties to Donstroy through trusted individuals such as Deryabina are obvious.

Moscow Real Estate includes shares of three CJSCs: Perspektiva, Invest-aktiv and Finansproekt, which suggests that the management of Donstroy structures is carried out by persons affiliated with VTB. Co-owner of UK KL-Invest Arkady Ilyaguev was a member of the board of directors of the Moscow Metallurgical Plant Serp i Molot, a shareholder of which was Bank of Moscow, which was merged with VTB in 2016.

Igor Sechin and Donstroy

Rosneft CEO Igor Sechin has close ties with the developer through KL Development. Until December, the company’s founder was SK Donstroy JSC. Today, the official owner is Special Developer Otdelfinstroy and Partners LLC, which belongs to two legal entities: SZ Otdelfinstroy LLC and SZ KSK Group JSC. The register of shareholders of SZ KSK Group JSC is maintained by Reestr-RN, a company that is part of Rosneft.