The Cypriot Yofoura Holding Limited filed a lawsuit against the structures of the PSN Group (now Progress-N) Telecom JSC and Polyanka / 44 LLC in Moscow arbitration to recover 1.26 billion rubles from them, follows from the information on the website court. The first company is the developer of the elite residential complex Polyanka/44 on Yakimanka, the second is its owner. The case file says that initially the creditor of these companies was Sberbank, which allocated money for the construction of this facility back in 2014. These rights of claim were eventually bought out by Yofoura Holding Limited. Now she is demanding in court to foreclose on the shares of Telecom JSC and sell them at auction. Her representative did not respond to Vedomosti’s request. The same was done in Sberbank.
PSN Group was created by the former owners of Promsvyazbank Dmitry and Alexei Ananyev. Once this company was considered one of the largest rentiers in Moscow. She was last listed as a Real Estate King by Forbes magazine in 2019 with $65 million in annual rental income, ranking 27th. Among its facilities are the Novospassky business district (112,000 sq. m.), the Alfa Arbat Center business center (36,000 sq. m.), and so on. In the same 2019, the Investigative Committee of Russia accused the Ananyev brothers of embezzling the property of Promsvyazbank. At the same time, he imposed restrictive measures on the property and securities of the PSN, say two consultants who worked with her. In 2020, the company itself announced a change in shareholder: former top manager Dmitry Yermolov became its new owner. True, market participants still considered her connected with Dmitry Ananiev.
Yofoura Holding Limited, a shareholder of the investment company O1 Properties, one of the largest owners of office centers in Moscow, follows from the latter’s financial statements for the first half of 2022. Yofoura Holding Limited owns 14.4% of class A shares and 21.8% of class B shares. The controlling beneficiary of O1 Properties, according to the document, is businessman Pavel Vashchenko. A company representative declined to comment.
Apparently, Yofoura Holding Limited is actively buying up the debts of the PSN. Previously, the company acquired from the same Sberbank the right to claim for 1.56 billion rubles. to a company that acts as a developer of the Pravda apart-complex (60,848 sq. m), which is being built on the street of the same name not far from the Belorussky railway station. Sources close to the participants in this project said last year that the shareholder of O1 Properties could eventually get this site (construction work on it has not been carried out for two years). In October 2022, he, together with the Ulyanovsk developer Dars Construction (the general contractor of Pravda), filed a bankruptcy lawsuit against the owner of the site. His consideration is scheduled for March this year, according to the case file.
How Yofoura Holding Limited plans to recover money from Telecom JSC and Polyanka/44 LLC is not yet known. But, according to the website of the residential complex, two apartments with a total area of 560 square meters remain for sale there. m. Their market value, according to information from the CIAN website, is a little over 600 million rubles. One of the Polyanka/44 buildings, according to the Unified Information System for Housing Construction, is still being completed, but all four apartments there have already been sold. Since the equity holders have nothing to do with these legal proceedings and the developer’s loans, nothing threatens them, says Vyacheslav Klimov, a lawyer at the Asterisk Law Office. Stanislav Danilov, a partner at the Pen & Paper bar, agrees with him, who notes that if the house is built and the apartments are transferred to buyers, then it is unlikely that the debtor has any liquid assets left to pay off creditors. But in the event of its bankruptcy, according to him, Yofoura Holding Limited may “try to reach out to the parent company, other holding structures and, accordingly, their assets. In particular, the PSN structures own the project of an elite residential complex for 10,000 sq. m in Maly Levshinsky lane in Khamovniki, as well as the Novospassky business district on Derbenevskaya embankment.