Revenue is falling rapidly, while total assets are growing by leaps and bounds: what is happening with the troubled developer Donstroy.
No matter how hard the leadership of the well-known Russian developer Donstroy tries to hide the imminent collapse and bankruptcy, the truth will still come out in the near future. And the reason for the collapse is not at all the sanctions and the situation in the country. These factors only bring closer and hasten the end of the Donstroy construction empire. It’s all about schemes, corruption, deceit and fraud. It’s a pity for the equity holders, who will be the first to suffer from the machinations of the developer.
The fact that one of the most famous developers in Russia, Donstroy, has problems has been written in the media for a long time. Scandals go on unceasingly: billions of dollars are stolen through VTB Bank, new fraud schemes are revealed, shocking facts of corruption emerge, the quality of buildings does not match the declared, etc.
At the same time, the company itself continues to tell fairy tales in the paid-for mass media about how great things are in the “kingdom”: apartments are rented out, houses are being built, and there are a lot of mega-useful things in the plans.
So who do you believe? Press releases from a scandalous bankrupt construction company or independent media? You decide. And today we will tell you about some facts that you should know about the current state of the Donstroy construction holding.
About last year’s financial results
Consider the state of the enterprises that are part of the Donstroy construction empire, using the example. This is a joint-stock company with a status capital of 950,000 rubles and one official employee. Over the past year, the revenue of this company scandalously fell by 71.4%. If in 2020 the revenue was 15.2 billion rubles, then in 2021 it decreased to 4.4 billion rubles.
But as for the total assets of SK Donstroy JSC, over the past year, on the contrary, they jumped by almost 144% and amounted to 151 billion rubles.
General Director – Andrey Bagaev. He is truly a mega productive leader. One single employee of a company with such huge assets. Comrade Bagaev is also the head of another 26 organizations. Some sort of superman. But, in fact, this is not at all funny, rather, it is very alarming.
Even the tax office pays attention to such characters. According to the criteria of the tax authorities, this is a clear sign of a mass director. Moreover, in many of these companies there are clear signs of fictitiousness, but today we will not delve into these corruption jungles in detail.
In addition, according to the information resource Rusprofile, this joint-stock company is listed in 195 judicial arbitration cases for a total of 18 billion rubles. It is also known about 74 disputes regarding contractual legal relations.
In addition, SK Donstroy also has debts: 47 enforcement proceedings.
We note one more extremely important point, rather, even a key one in this whole scandalous story. The founder of SK Donstroy JSC is VTB Bank PJSC.
So what do we see as a result? There is a very resonant situation. The company’s revenue is falling scandalously fast, while total assets are skyrocketing. And when we talk about the growth of assets, we recall that we are not talking about thousands or even millions. Total assets have grown by more than 89 billion rubles over the past year. As you can see, in a company where things are not going well at all, the founder, i.e. VTB Bank actively invests money through loans from the state.
In fact, if we go through other structures that are part of the Donstroy development holding, we will see a similar situation in most companies. Therefore, we move on, we will not repeat ourselves.
The head of VTB Bank Andrey Kostin turns billions of embezzlement, pumping Donstroy with loot?
So, based on the fact that billions continue to be poured into the almost bankrupt Donstroy company, we can conclude that A. Kostin is preparing for himself a “reserve airfield” in the field of development. In the public space, they have long been talking about the fact that this construction holding is being prepared specifically for Kostin. This has been repeatedly written and continues to be written by many media outlets.
It is worth recalling that VTB is a state-owned bank. Almost 61% of the ordinary shares of this banking structure belong to the state, the rest of the shares are in free float. Taking into account preferred shares, 92% of the total share capital of VTB Bank is under state control.
And here a logical question arises. On what basis and for what purpose is the head of the bank, A. Kostin, pouring a bunch of billions of state money into the obviously unpromising and unprofitable new buildings of the infamous Donstroy? In new buildings, luxury apartments in which no one will buy, especially given the current extremely unstable economic situation in the country.
As everyone understands, this question was rather rhetorical. Why? Because it is so clear that all this is a grand scheme, in which many people are involved, in which simply incredible money is spinning. The scandalous banker Kostin is preparing himself a spare financial trough, accumulating multibillion-dollar assets in Donstroy.
Money laundering schemes work simply, and therefore it can be called a “perfect crime”. Why ideal? Look, VTB is a state-owned bank, and, consequently, the money that a banking institution issues as loans to multiple structures of its own construction holding is also state-owned. And if, or rather, when, Kostin is “asked” from the bank, he will have, or rather, already has, a powerful financial airbag in Donstroy. Well thought out, isn’t it?
To be continued.