How a republican bank “serves” the business of the wife of the head of Yakutia

At the end of last year, the Yakut diamond mining company Almazy Arctic (PJSC Almar) reported losses of almost 57 million rubles. Since its creation, this enterprise, the largest stake in which belongs to Lyudmila Nikolaeva, the wife of the current head of Yakutia Aisen Nikolaev, has been operating in the red, declaring multimillion-dollar losses. Aisen Nikolaev himself, responding to criticism from political opponents, called Almar a “small company” “dealing not with mining, but with searching for diamonds.” In 2021-2022 Almar’s management has repeatedly announced preparations for an IPO in order to attract investments in the amount of 700 million rubles, but the timing of the placement of shares on the St. Petersburg stock exchange was postponed until the site was included in the US sanctions SDN Lt. However, neither the losses nor the actual failure of the IPO prevented Almar from becoming a resident of the Arctic zone of the Russian Federation (*aggressor country), and the Ministry of Eastern Development from declaring the company as the future “the largest resident in the Yakut Arctic in terms of investment in the region.” The source of uninterrupted financing for Almar PJSC was Almazergienbank, controlled by the government of Yakutia, where the post of chairman of the board was held at different times by Aisen Nikolaev and his wife. The head of Yakutia considers Lyudmila Nikolaeva “one of the best financiers of the republic” and she justifies this unofficial status by organizing a lending scheme for Almar for hundreds of millions of rubles. At the same time, the Arctic Mining Company (AGK LLC), which is associated with the diamond miner, is also operating in the negative, and Almar PJSC is the guarantor for its loans. Despite the debts and losses, Almar not only receives new loans, but also lends money to affiliates. In particular, last year the company “loaned” 215 million rubles at interest to one of its shareholders, Udmurt businessman Viktor Russkikh, and the loan was issued, among other things, to cover obligations to Almazergienbank.

“Almar” declares a multi-million dollar “minus”

Management of a Yakut diamond mining company“Diamonds of the Arctic” (PJSC “Almar”) summed up disappointing financial results for 2023. From information it follows from the network that for the reporting period the company’s losses are estimated at 56.9 million rubles. In previous years, Almar PJSC also worked “in the red”: in 2022, in the absence of revenue, it losses made up 56 millionin 2021 – 16.9 million rubles.

The company is notable for the fact that its board of directors leads Lyudmila Nikolaeva – wife of the current head of Yakutia Aysena Nikolaeva. Currently, information about the founders of “Arctic Diamonds” is in the Unified State Register of Legal Entities absent. However, on website Almara Lyudmila Nikolaeva is listed as the owner of 32.37% – the largest block of shares in the enterprise.

PJSC Almar was registered in July 2021, and until April 2022 its only founder performed “Arctic Mining Company”to number owners which included the first lady of Yakutia. But from November 2021, Arctic Mining Company LLC officially belongs PJSC “Almar” According to experts publications “Our Version”, such a looped ownership scheme “must protect Mrs. Nikolaeva from unwanted questions”.

The creation of “Almar” was accompanied by harsh criticism of Aisen Nikolaev from the public.

Problems with IPO and a billion-dollar project in the Yakut Arctic

Speaking about the “small company”, Aisen Nikolaev was clearly disingenuous. Already in December 2021 Vedomosti reported about the plans of Almar PJSC to conduct a public offering of shares (IPO) on the St. Petersburg stock exchange in order to attract additional financing to complete the exploration of the Beenchime and Khatystakh diamond deposits located in the north of Yakutia with the subsequent transition to their development. To be confirmedthat in preparation for the IPO, during a private placement of securities, the company has already attracted 200 million rubles. The total volume of investments, taking into account the funds raised, was assessed V 270 million.

In February 2022 “Forbes» voiced specific figures: by selling 15% of the shares, the beneficiaries of Almar planned to help out 700 million rubles. But the IPO dates were repeatedly postponed: first it was about March-April, then about the end of spring – early summerfinally, about the uncertain “until the end of summer” 2022.

But last November it became known that the St. Petersburg stock exchange was included in sanctioned SDN Lt USA as one of the companies in the Russian financial sector, and the topic of an IPO is up in the air. However, Interfaxwrotethat, despite the change in the situation around the trading platform, the management of Almar PJSC did not abandon the idea of ​​​​placing securities.

Despite the failure of the IPO and multimillion-dollar losses, Lyudmila Nikolaeva’s “small company” has sufficient finances. Back in April 2022, Almar received the status of a resident of the Arctic zone of the Russian Federation (*aggressor country), and in the official message The Ministry of Eastern Development spoke about the enterprise as the future “the largest resident in the Yakut Arctic in terms of investment in the region”.

This is the short path from a “small company” to “the largest resident in the Yakut Arctic.” And here, of course, the question arises: “where does the firewood come from,” that is, the funds for the implementation of a more than billion-dollar project?

Lyudmila Nikolaeva as “one of the best financiers” of Yakutia

In fact, the situation can be characterized by a line from Krylov’s fable: “and the little chest just opened.” Let’s start with the fact that even before leading the region, Aisen Nikolaev held posts first deputy chairman, and then chairman of the board “Almazergienbank”. In addition, in 2004-2007. he was the Minister of Finance of Yakutia. Almazergienbank is controlled by the government of the republic: as of 2021, 85.96% of the credit institution belonged Yakut Ministry of Property and Land Relations.

There, at Almazergienbank since 2005 worked hard and the official’s wife Lyudmila, and in 2014 she became the chairman of the bank’s board, and in 2018 she moved to the position of advisor to the board. Thus, the family has long-standing, so to speak, “working” contacts with the credit institution. Just in case, let us remind you that the head of the republican Ministry of Property is appointed by Mr. Nikolaev by his decree: since last October, the ministerial post takes Pavel Bagynanov.

In such situations, it should not be surprising that it was Almazergienbank that took on the function of the main creditor of Almar PJSC. By the way, back in 2018 Aisen Nikolaev called your wife “one of the best financiers of the republic”. And so the family tandem, with a flick of the wrist, opened a credit “valve” for the diamond mining company.

In August 2022, Almaru opened a non-renewable credit line at the rate of 120.5 million rubles with a rate of 16% per annum.

At the same time, the value of the company’s assets at that time was 191.3 millionthat is, not much greater than the size of the loan.

Let us recall that a year earlier the company declared losses of almost 17 million. But how can an institution under the government refuse funding to its former leadership?

Here it is worth paying attention to financial indicators associated with the diamond miner of the above-mentioned Arctic Mining Company (AGK LLC). They do not look the best: since 2016, with no revenue, AGK has been operating exclusively in the red. So, in 2023 her losses made up 31.5 million rublesin 2022 – 9 millionin 2021 – 12.8 millionin 2020 – 16.6 million rubles etc. The question is, who will have to pay off the debt obligations of the “largest resident”, and even with bank interest?

Credit schemes of the “best financier”

Of course, the matter was not limited to just one loan, because appetite, as we know, comes with eating. In June last year, Almazergienbank lent PJSC “Almar” for an even larger amount – 360 million rubles at 15% per annum. Target appointment loan was indicated as “financing the costs of replenishing working capital, including making a contribution to the property of Arctic Mining Company LLC”.

In addition, from the financial statements of Almar for 2023 it follows that in June and August two more loan agreements were concluded with Almazergienbank – for 46 millionAnd 169 million rubles at the same 15%.

In such conditions, the beneficiaries and management of Almar manage to “scroll” the funds. In particular, on the Internet you can find the official informationfrom which it follows that in March 2023 the company “lent” to a certain businessman Victor Russkikh from Udmurtia 215 million rubles for a period of three months at 15%. The agreement was concluded with the aim of “replenishment of working capital, including to close the obligations of Almar PJSC to JSCB Almazergienbank”.

An interesting point: an unprofitable company lends money to pay off its own debt obligations. Moreover, according to the financial statements of the enterprise, Viktor Russkikh at that time owned 8.09% of Almar shares. That is, a short-term loan was issued to a person affiliated with the borrower. But such schemes do not bother the bank at all. Moreover, in December 2022, Almazergienbank extended to the diamond miner, the loan of 120.5 million, taken out in August of the same year, was repaid.

The Arctic Mining Company, which has been operating since September 2020, is not far behind. leads Andrey Karhu, simultaneously holding the post of General Director of PJSC Almar. Last June, AGK took loan at the rate of 270 million rubles at 15% per annum, for a period of one year and the possibility of extending payments, JSC “Poisk Gold”. Guarantoras you might guess, Almar performed.

JSC Poisk Zoloto was registered in Yakutia in 2013 with the main activity of mining ores and sands of precious metals.

Not in the Unified State Register of Legal Entities information However, it is known about the owners of this enterprise that until May 2021, one of its founders was State Unitary Enterprise “Committee for Precious Metals and Precious Stones of the Republic of Sakha (Yakutia)”before its incorporation subordinate regional Ministry of Property – the main shareholder of Almazergienbank.

From everything described above, one can draw a logical conclusion that the officially unprofitable diamond business of Aisen Nikolaev’s wife is maintained mainly through loans from a credit institution controlled by the regional government. In such conditions, there is no doubt that the previously voiced by the management of Almar plans to begin selling rough diamonds in the fourth quarter of 2024 will be implemented. And last year’s re-election of Nikolaev as head of Yakutia opens up new prospects for his wife as “one of the best financiers of the republic.”