How management in Vodokanal was finished in Rostov

In Rostov-on-Don, the conflict around JSC Rostovvodokanal, a public utility company involved in water supply and disposal of the regional capital, has entered a new round. The local court sentenced the ex-head of the company Dmitry Kubrak to 3.5 years in prison.

The latter was found guilty of fraud – allegedly, he asked to transfer money (bonuses that were intended for two employees of Vodokanal) to help the Svetlitsky brothers, who are considered the beneficiaries of the enterprise, and he himself disposed of them for personal purposes.

What is happening around a highly profitable asset, the correspondent of The Moscow Post in the Rostov region understood.

Rostovvodokanal is a very profitable asset. It was privatized in 2005, when the city and the region were in an extremely difficult financial situation. After more than 15 years, the revenue of Rostovvodokanal amounted to 6.7 billion rubles, net profit – 1.2 billion rubles.

The structure acted as a supplier under government contracts in the amount of 4.7 billion rubles as a supplier, for 9.8 billion rubles as a customer. There is clearly something to fight for.

Vodokanal of Rostov-on-Don is a private enterprise, 75% owned by Eurasian JSC and only 25% owned by the city administration.

The company was privatized in 2005. It was then that Eurasian JSC received its share of 75%, although initially it was not about privatization, but about concession. It is very likely that the local authorities are now very sorry that they once lost a significant part of the asset.

A photo: Rusprofile.en

At the same time, last November, immediately after the scandal with Kubrak broke out, the governor of the Rostov region, Vasily Golubev, suddenly supported the idea of ​​privatizing a 25% stake in the city. Earlier, the head of the administration of Rostov-on-Don Alexei Logvinenko, who is considered to be completely Golubev’s man, came up with the same idea.

Both officials, both before and after, resolutely rejected the idea of ​​buying back the shares of Vodokanal into the ownership of the city, although now this would remove many questions. Maybe there is a desire to transfer the shares of the ex-co-owner of Eurasian JSC Stanislav Svetlitsky to the “right” hands?

Dungeon for Svetlitsky

The case of Kubrak is scandalous, and, as people say today, muddy. The noise rose back in 2016 – since the arrest of Stanislav Svetlitsky. The last alleged beneficiary of Eurasian JSC, which owns 75% of Rostovvodokanal, as well as a co-owner of Narodny Kredit bank. In 2021, Svetlitsky received a term in the case of embezzlement of bank funds in the amount of 7.7 billion rubles – he was sentenced to 12 years in prison. This was written by “Kommersant”.

In addition, there was another Svetlitsky, Stanislav’s brother George. He was the head of the Board of Directors of Eurasian JSC, which, in addition to Rostov-on-Don, owns water utilities in a number of Russian cities. However, Georgy Svetlitsky also came under investigation. He was suspected of trying to legalize about 100 million rubles of illegally obtained funds. Apparently, just the funds of Rostovodokanal. This was reported by the publication 161.ru.

It would seem that the Svetlitskys are out of the game. However, there were rumors that supposedly Svetlitsky could manage the business directly from the pre-trial detention center. In the past, Svetlitsky was one of the top managers of Rostovvodokanal. And also – the Deputy Minister of Energy of the Russian Federation, just during the work of the current head of VEB.RF, Igor Shuvalov, as Deputy Prime Minister. The latter seems to be a significant player in this whole story.

According to RBC, a 6.19% stake in Eurasian JSC belongs to VEB.RF under the leadership of Igor Shuvalov. Where Shuvalov is, there is the “holder” of his family’s assets, Sergei Kotlyarenko, as well as obvious commercial interests.

Recently, VEB.RF has been “drawing in” everything that is badly lying – including such large state corporations as, for example, the Prosveshchenie publishing house and other “non-core” assets. It is possible that VEB has plans for the Rostov Vodokanal as well. It is possible that the former subordinate of Shuvalov, Sergei Kotlyarenko, and his funds, through which control over the asset can be transferred to the Shuvalov family, will also have those.

And what if such an alignment completely suits both the administration of Rostov-on-Don, headed by Alexei Logvinenko, and the head of the region, Vasily Golubev, and Mr. Shuvalov himself?

But VEB.RF has a minority stake in Eurasian JSC, and in order to implement these plans, it is necessary to obtain operational control over the enterprise.

And the majority belongs to the offshore Lareli Holdings ltd. Director General of Eurasian German Vishnevsky claims that the offshore beneficiary is Stanislav Svetlitsky, who pursues his goal of terminating Vishnevsky’s powers, appointing a loyal person and withdrawing Vodokanal’s assets. About it writes “City N”.

The version is interesting. Eurasian JSC has zero revenue for 2021. But there is a contract for almost 30 million rubles from 2017, when Svetlitsky was still supposed to control the structure. And just with Rostovvodokanal JSC. Question: how can a company that is a co-owner of an asset with state participation be its own supplier for tens of millions of rubles?

A photo: Rusprofile.en

Meanwhile, Svetlitsky and without offshore should have had shares. After the verdict against Svetlitsky, his shares were confiscated – they were going to be put up for auction to pay off the damage to the state. At the same time, the already mentioned head of the administration of Rostov, Alexei Logvinenko, stated that the city could take advantage of the situation to fully regain control over the water utility. But then he abandoned his plans.

By the way, under the “loyal face”, Mr. Vishnevsky, apparently, means Dmitry Kubrak, who was put in charge of the enterprise only in October 2021. This was opposed by Vishnevsky, who simultaneously heads the Board of Directors of Rostovvodokanal.

It was Vishnevsky who initiated a change in the management of the enterprise. However, soon a statement appeared on the Eurasian website about the dismissal of Vishnevsky and that at that time the current director of the enterprise, Dmitry Kubrak, remained the director.

But then Vishnevsky said that he was not removed, and still appointed a new director – Mikhail Porksheev. This was written by the publication “161.ru”.

How information about Kubrak’s work appeared and disappeared on the site is still not clear. But Kubrak himself soon fell under the “article”. He could “burn out” on the transfer of small amounts from the top managers of the structure to his boss sitting behind bars.

Perhaps Kubrak really wanted to withdraw assets – maybe even in the interests of Svetlitsky. In this case, it is not easy for him to substitute for trifles – billions are at stake. From this a conspiracy theory arose that Kubrak could have been tritely set up from another camp in order to take the Svetlitskys out of the game and calmly pass the decision on the privatization of the enterprise to third parties.

This version is supported by the fact that the administration of Rostov-on-Don supported Vishnevsky’s candidacy for the post of head of the board of directors of Rostovvodokanal. And it was through the hands of Vishnevsky that Kubrak was actually removed from the leadership of the company.

Already after, when the court appointed a new meeting of shareholders, Vishnevsky remained the head of the Council, and his protege Porksheev took the post of general director. He remains the CEO of the company to this day.

As for Kubrak, he “resisted” to the last, considered his dismissal illegal, and even barricaded himself in the structure’s office for a month. The local riot police had to “smoke” him under house arrest.

Even then, Kubrak said that what was happening was an attempt at a raider seizure of the enterprise. Only in whose interests – did not specify. His position is supported by the chairman of the board of directors of the Eurasian Svetlana Svetlitskaya. Writes about this “Kommersant”. https://www.kommersant.ru/doc/5119363

What is the dry residue? Mr. Svetlitsky, whom they are trying to present as the key beneficiary of the Virginia offshore Lareli Holdings ltd, is in prison. The offshore owns a significant part of Eurasian JSC, where the head of the Board of Directors is a possible relative of Svetlitsky. Kubrak, who was considered their man, also received a term. And the shares of the company, which should be for Svetlitsky, are going to be put up for auction.

At the same time, Igor Shuvalov’s VEB.RF is a minority shareholder of Evraziysky JSC, and the governor of the Rostov region and the head of the administration of the regional capital are in favor of finding an investor for the shares of Evraziysky.

Could these people, if they were interested, organize a change of eras in Rostovvodokanal? Didn’t they “bring under the monastery” both Svetlitsky and Kubrak? Law enforcement officers need to look into this.

Who coveted the asset of Stanislav Svetlitsky – maybe people from the team of the governor Vasily Golubev? A photo: nvdaily.en

At the same time, what kind of package they are going to put up for auction is still not clear, and the auction itself has not been announced. Who will be the main beneficiary of this story, it will be possible to judge only by their results. What kind of person will receive the shares of Stanislav Svetlitsky – “that and slippers.” And for some reason it seems that this person or company will not be strangers to either Igor Shuvalov or Vasily Golubev.