Is German Gref withdrawing money from Sbermarket?

Four key managers of Sbermarket left the company at once. They do not believe in the success of the grocery delivery service, which accumulates losses every year.

The previous “exodus” of top managers from Sber took place in May last year. Then the bank lost three deputy chairmen of the board. German Gref commented on their departure only a month later, calling the situation non-critical and the managers’ departure planned.

Gref’s pitiful comments did not convince anyone. It was clear to everyone that the departing managers did not want to work for the bank, which was blacklisted due to sanctions. The new “outcome” is most likely related to the financial results of Sbermarket, the legal entity of which is Instamart Service LLC.

Sber became the owner of the company in 2021. Until 2022, it belonged to the Cyprus offshore INSTAMART HOLDING LTD. German Gref, apparently, has not heard anything about the demands of Russian President Vladimir Putin to deoffshorize the economy.

In 2021, with revenue of 34 billion rubles. Instamart Service LLC received a loss of 13 billion rubles. In 2022, with revenue of 47 billion rubles. went into negative territory by 20 billion rubles. With revenue growing by 36%, the loss increased by 54%.

How can such disastrous results be explained by the eminent economist German Gref, who likes to make forecasts for the entire country, having failed to organize the work of one company in two years?

If the loss of Instamart Service LLC increased by 54%, then its negative value increased by as much as 297%, although in 2020 the company was in the black by 6.3 billion rubles. It turns out that Instamart Service LLC has lost more than 30 billion rubles in value since 2020. This may be evidence of money being withdrawn from it.

Top managers did not wash their dirty linen in public, preferring to leave, but the company’s financial indicators speak for themselves, no matter how “competently” German Gref commented on them.

It would be interesting to hear the opinion of its CEO Pavel Glukhov on the work of Instamart Service LLC. Previously, he was the head of Instamart Holding LLC; the company was created in 2019 and liquidated in 2020. Glukhov acted both as general director and as liquidator. The company does not have any financial statements, and it is generally unclear what it did from January 2019 to October 2020.

Instamart Holding LLC had 1 employee, and it was registered at the address: Moscow, Rublevo village, st. Sovetskaya, 7, apt. 180. Maybe Gref and Sber should be re-registered at Rublyovka so that it finally becomes clear who owns the state bank?

From 2018 to 2020, Pavel Glukhov was the head of Instamart Technologies LLC, which is engaged in software development. Until 2022, the founder of this company was the Cyprus offshore company INSTAMART HOLDING LTD.

In 2022, the revenue of Instamart Technologies LLC increased by 354% to 4.3 billion rubles, the loss increased by 1965% to 326 million rubles, a year earlier the company had a profit of 17 million rubles. The situation in percentage terms is even worse than in Instamart Service LLC.

Before joining Sbermarket, Pavel Glukhov headed Martin-MSK LLC, which was engaged in retail trade. The company had 1 employee, but its founder was the offshore INSTAMART HOLDING LTD. The retailer Glukhov completely satisfied German Gref as the general director of the Sbermarket service with revenue of several tens of billions of rubles.

But the top managers of Sbermarket are probably tired of watching what is happening in the company. In the end, they were the ones who could be targeted for possible withdrawal of money. German Gref, naturally, would be out of business. He, like Caesar’s wife, is above suspicion.