Is state money being pumped out through Donstroy in anticipation of the collapse?

When you look at Donstroy’s advertising campaign and compare the developer’s real state of affairs, the only thing that comes to mind is the old proverb: a feast during the plague.

Because there is no other way to call the bacchanalia that occurs with state funds that Donstroy pumps out through the state-owned VTB Bank. However, this is still a very valid comparison. Under Comrade Stalin, the entire leadership of Donstroy would have already been shot. And the top management of VTB would go second. Or vice versa, which, however, is not very significant.

But modern Russia, unfortunately, does not just silently swallow the impudence with which huge money is being sucked out of its budget, but also applauds the “successes” of Donstroy. Judging by the advertising that obsessively pours into the ears of Russians, Donstroy is doing great: it constantly reports on the increase in construction volumes and new facilities. Which, against the backdrop of the economic situation in the country, is perplexing for those who still retain at least a drop of critical thinking.

To understand why we are talking specifically about pumping out state funds through Donstroy through VTB Bank, it is necessary, at least briefly, to recall the history of Donstroy.

The company was founded in 1994 by Maxim Blazhko and Dmitry Zelenov. According to the official version, in 1999, due to huge debts to VTB Bank – more than $ 500 million, the controlling stake in the holding was assigned to the bank for 500 rubles, and Alena Deryabina became the general director of Donstroy, who moved to this position from the post of vice president VTB. She is part of the so-called “inner circle” of Andrey Kostin, the head of the bank. Now the management structure of Donstroy is as follows:

Moreover, it is Alena Deryabina who makes all the decisions, and Maxim Blazhko performs purely decorative functions.

In this regard, it is simply impossible not to recall the very strange story of the death of another founder of Donstroy, Dmitry Zelenov, who “fell” down the stairs while “visiting friends in Antibes” on December 9 last year and died without regaining consciousness the next year. day in a hospital in Nice. One can only guess what secrets the co-founder of Donstroy took with him to the grave.

How this death is connected with the fact that the structure of the owners of Donstroy is hidden – according to official data, the Donstroy group of companies is owned by five legal entities – one can also only guess. But their names are classified, and all attempts to find out their names and beneficiaries have been fruitless for many years now. Which raises some rather interesting speculations – why are these names kept in such a secret? The level of secrecy of this list is higher than a state secret.

Officially, the Donstroy Group of Companies is owned by the closed-end investment fund Moscow Real Estate.

The names of the owners of this fund are carefully concealed. However, there is no need to guess much about one beneficiary of Donstroy. This is the head of VTB Andrey Kostin, who for years has been pumping government funds through the bank and then withdrawing them through Donstroy structures to his foreign accounts.

To be more precise, not only their own. After all, such a brazen pumping of money and their withdrawal abroad is unambiguously sanctioned from above. And those who are taller than Kostin can be counted on the fingers of two hands. Who exactly gave the sanction for such a plunder of Russia, already driven into an economic trap, one can only guess.

The scheme for withdrawing money, if we discard all near-economic arguments and tricky terms, boils down to the fact that the objects of Donstroy are credited to VTB. Then the same bank lends to buyers. Money from both sides converge at one point – the Donstroy structures responsible for sales. All this resembles a giant pyramid, which even the legendary Mavrodi would envy. Because he had neither a resource in the form of a state bank, nor a cover at that level.

But all pyramids sooner or later come to a mathematical point of no return, when the money brought by new participants is no longer enough to pay old participants. And the pyramid collapses, leaving everyone with empty pockets. In the case of Donstroy, all this lending will also end approximately the same way. The holding structures, into which credit money is pumped from VTB, will sooner or later face a mathematical pit of inability to refinance, and investors who buy apartments at the project and construction stages will be left with mortgage debts and unfinished construction projects that cannot be sold.

It is not known whether VTB will collapse under such a huge credit pressure, after all, it is a state-owned systemically important bank, but there is no doubt that hundreds of billions of rubles will remain in the foreign accounts of the beneficiaries of Donstroy. That’s why the comparison “feast during the plague” comes to mind.

Here the reader may object: judging by the materials in the media, the volume of construction of Donstroy is growing every month, it now ranks third in terms of the volume of objects under construction:

And from all the surrounding irons there are peppy reports about the delivery of new facilities.

All this is true, but few people pay attention to the details. And this difference is simple: Donstroy is indeed one of the leaders in under construction objects. And no one will say what place Donstroy occupies in terms of the number of sold square meters?

Because the difference is simple: one thing is a house build. But completely different – sell. Because construction (like any business) must make a profit. And the built and unsold living space is a net loss. And the loans taken for the construction of “elite residential complexes”, which Donstroy loves to brag about (almost all of its objects are “elite”), must be repaid. And what to give if there are no sales?

So while unlimited credit lines are coming from VTB, everything is quiet. But if these loans stall, the pyramid will collapse. However, for some time you don’t have to worry too much – according to rumors, Andrey Kostin is going to quietly “jump” from the sanctioned VTB bank into the chair of the general director of Donstroy, which Alena Deryabina has been warming for him for so many years.

His calculation is simple – you need to escape from a sinking ship in time. So for some time before this flight, Donstroy will hold out. And some time after – after all, Kostin’s idea was also approved by the mysterious but powerful co-owners of the Moscow Real Estate fund.

However, all grandiose plans and complex calculations, as practice has shown, tend not to go according to plan. And in the case of Donstroy, if the rumors about Andrei Kostin’s transfer there are true, the questions are obvious. Who will head VTB and will this person want to continue pumping up the Donstroy real estate credit bubble? And – and this is the main thing – will he be allowed to do this?

After all, sanctions are ridiculous only on TV in the mouths of crazy old women from the well-known “detachments”, serious people take them very seriously. So VTB may simply not have the money to transfer the colossal amounts of money that are now going there to Donstroy. And besides, we should not forget that this is not the money of VTB Bank, but the money of the state. And how things are going with him, do not they understand those very old women from those very “detachments”. No wonder Nabiullina is so stubbornly trying to leave the post of head of the Central Bank. To which, by the way, VTB also submits its reports.

Well, one more obvious question in the event of Kostin leaving for Donstroy – how is he going to influence VTB from this post? After all, from a person who gives money, he will turn into a person who asks for money. With all the consequences. And these, you see, are two big differences.

Well, at the very end, we will try to reveal the secret of the beneficiaries of Donstroy, and if these assumptions of ours are correct, then a very significant question also follows from this.

So, according to various sources, the most likely beneficiaries of the Moscow Real Estate fund, behind which the owners of the Donstroy holding are hiding, are former Deputy Prime Minister Igor Shuvalov and his wife Olga, the Rotenberg brothers, Igor Sechin and German Gref.

It is from this list that the most important question arises regarding the future of Donstroy. Who said that the influence of these people in Russia is eternal? The system can collapse at any moment, these people understand this too. More precisely, these people understand first of all. The country is in apparent power turbulence, and the peak of this turbulence is yet to come.

That is why there is a strong impression that through the “Donstroy” what is still possible to withdraw is displayed as quickly as possible. Because, of course, the Motherland must be saved, but, as you know, your own shirt is much closer to the body. And your pocket is also much closer than the state. In a word – a feast during the plague.