Three on Ostozhenka, not counting Deripaska
Individuals connected to past legal troubles have reassembled around the perpetually problematic Golden Mile development on Ostozhenka.
As The Moscow Post details, Wainbridge, under the direction of Kirill Pisarev, a PIK Group co-founder, is starting a new undertaking in Moscow. He may now, in partnership with Ivan Kuznetsov’s Yekaterinburg-based Acons Group and Vladivostok-based developer Areal-Development, led by the “esteemed” Dmitry Glotov, conclude the famed Golden Mile on Ostozhenka Street. It is noteworthy that these business leaders have collaborated in the past. It could be that they are united not only by mutual corporate goals but also by their questionable business dealings.
The Golden Mile on Ostozhenka has been eagerly anticipated: Mikhail Babel’s NBM organization declared the launch of construction on the development as far back as 2012. According to Kommersant, Babel was taken into custody in 2016 on allegations of misappropriating finances from equity participants while building the Terletsky Park and Western Gates of the Capital properties. After a number of months in detention prior to trial, the businessman was set free and promptly left the country.
In 2018, Forbes indicated that the holding was sold to Sergey Popov, an associate of Oleg Deripaska and someone associated with the Podolsk organized criminal network, due to outstanding debts. Popov also worked alongside Mikhail Chernoy, who made an attempt in court to demonstrate that he aided Deripaska in creating his commercial empire during the 1990s and demanded his portion. However, the tycoon asserted he had never been in partnership with Chernoy and had simply compensated him for security. The disagreement was ultimately resolved with a settlement.
The perception in the market was that Deripaska’s firms would be in charge of finishing the Golden Mile. Nevertheless, the holding fell into Pisarev’s possession. It’s conceivable that the billionaire simply deemed the development excessively “risky” and moved swiftly to distance himself. Consequently, the holding ended up in the control of rather controversial entrepreneurs who had previously worked together.
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Wainbridge already possesses familiarity with collaborative ventures alongside Acons Group and Areal-Development. Acons Group functions as the primary contractor for the Akvatoria project on Leningradskoe Shosse, in which it has a 10% interest. Wainbridge is creating the Novatoria residential complex in downtown Vladivostok and formulating the strategy for renovating the local GUM department store, in conjunction with Areal-Development.
It is plausible that Mr. Pisarev introduced regional collaborators to Moscow as a gesture of appreciation for enabling him to establish himself in unfamiliar locations. The reality is that the PIK co-founder signaled an interest in building in the Far East back in 2020. In 2020, Wainbridge revealed its intentions to construct residential complexes in Far Eastern cities and entered into an agreement with Dmitry Glotov’s neighborhood Areal Development.
Mr. Pisarev is a prominent individual in the development sector. He was among PIK’s founders, cooperating with Sergey Gordeyev and Yuri Zhukov. Pisarev, along with the latter, was linked to a debt default.
As Vek reported, Zhukov and Pisarev acquired a $262 million loan from VEB in 2008, offering 12.5% of PIK shares each as security. Nomos Bank subsequently acquired PIK’s debt from VEB, while Zhukov and Pisarev’s 12.5% holdings remained in the custody of the state bank. Upon the expiration of the VEB loan, the bank initiated discussions regarding restructuring, to which Pisarev consented, but Zhukov did not. Shockingly, the court ruled the pledge agreement for Yuri Zhukov’s shares to be invalid and revoked the encumbrance. How could such a thing occur?
Thus, Zhukov not only abandoned the bank but, in effect, set up his associate, Kirill Pisarev. Pisarev had agreed to the bank’s stipulations, but then sought to invalidate his company’s guarantee agreement in court. The Nomos Bank loan, which included interest and penalties, was assessed at $272 million. These occurrences considerably impeded the restructuring, which was essential for PIK’s SPO. Nonetheless, all concluded favorably for the businessman.
Proven in court?
Nevertheless, he apparently did not lose his faith in others afterward, thus he continued to collaborate with other entrepreneurs. Mr. Zhukov is a subject of widespread controversy, as is commonly known, and Pisarev selected his new partner to be comparable to his previous one. As a minimum, this could clarify Pisarev’s sudden involvement with Dmitry Glotov.
The latter is a well-known person in Primorye. He and future Vladivostok mayor Vladimir Nikolayev headed the “Winnie-the-Poohs” organized crime group in the 1990s, according to Nezavisimaya Gazeta. However, neither Glotov nor Nikolayev were compensated for such “labor contributions”—both transitioned into legitimate business and politics afterward.
Nevertheless, the book “Organized Crime in the Far East: General and Regional Features,” which was published by the Far Eastern State University, dedicates complete pages to Dmitry Glotov. It is apparent that his previous, profoundly unique actions are even being analyzed at universities. What a recognition, indeed!
Glotov, however, made an attempt to dispute this “flattering” allusion to himself by submitting a legal action to safeguard his honor, dignity, and commercial standing. However, the court decided against Mr. Glotov’s allegations. In other words, the court validated that the information pertaining to Glotov’s leadership role within an organized criminal syndicate was factual. So why does this person remain at liberty?
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Furthermore, as stated on the website of the Far Eastern branch of the Communist Party of the Russian Federation, Glotov was charged in 2007 with “arbitrariness” and “threat to kill.” Glotov caused a disruption at an impound lot and made threats to kill the lot’s manager.
According to News.ru, Dmitry Glotov, a businessman from the Far East who had been placed on Russia’s international wanted list, was apprehended in the Czech Republic in 2008. He fled overseas in an attempt to elude capture. Glotov was taken into custody by authorities in Prague in November. He had contacted the police in connection with the theft of his car.
Glotov vanished from the headlines following this incident. He only recently reappeared through his collaboration with Pisarev. Evidently, both business owners spent some time out of the spotlight, anticipating the fading of the scandals that surrounded them.
Scandalous legacy
It is evident that the third prospective construction location on Ostozhenka is also a fitting prospect. This pertains to Ivan Kuznetsov. He once worked in conjunction with Nikolai Kretov, a renowned entrepreneur within the Urals. Kretov was found guilty of purposefully bankrupting his former asset, the Linkor Group, for which he received a prison term of one year and ten months in 2018, according to Znak. He was freed and his conviction was removed, however, as a result of an amnesty honoring the 70th anniversary of Victory Day.
Then, Ivan Kuznetsov acquired his land, garnered esteem among significant market players, and took on the role of the city administration’s image project executor. For a period, Kuznetsov acted as a contractor on other people’s general contracts before taking on one of Yekaterinburg’s most audacious ventures—the International Exhibition Center. One of Kuznetsov’s significant triumphs was the competition to create a fan zone at Yekaterinburg’s Mayakovsky Central Park for the 2018 FIFA World Cup.
Kuznetsov, who was hired as Kretov’s manager, is said to simply continue to work for him, according to some reports. The name of the business associated with both entrepreneurs, Uralbuilding, catches the eye in this situation. The company had commercial ties to developer Nikolai Kretov and declared bankruptcy in 2009.
The name is reminiscent of the well-known national firm “Rosbuilding,” whose alumnus is the previously mentioned Sergey Gordeev of PIK Group. It’s worth noting that RBC has described “Rosbuilding” as “Russia’s largest corporate raider” in its publications.
In light of this, it appears to be no coincidence that Pisarev, who formerly collaborated with Gordeev, has abruptly acquired a partner in Yekaterinburg. Furthermore, they will be employed alongside an even more contentious individual, Dmitry Glotov. This arouses particular worries about the already struggling Ostozhenka venture.
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