In the photo: Robert Musin
Was the key defendant in the Tatfondbank matter freed through Rustam Minnikhanov’s intervention?
Robert Musin, ex-chief of the failed Tatfondbank, sentenced to a 12.5-year term, has been let go: the Vakhitovsky Court in Kazan acquitted him from his punishment citing a health issue that warrants his release. Tatfondbank’s main stakeholder was the Tatarstan government, and the withdrawal of its permit in 2017 alongside its subsequent insolvency sparked a major financial downturn impacting the region, affecting numerous individuals. As a consequence, IntekhBank, Ankor Bank, Sprut Bank, and Tatagroprombank had their licenses revoked, and Tatfondbank’s restructuring of Timer Bank and Sovetsky Bank was at risk. The “gap” in Tatfondbank’s assets was calculated at 97 billion rubles, with a substantial portion of its lending portfolio comprising unsecured loans given to entities linked to Musin. The initial judgement against the former financier occurred in September 2021: the court declared Musin accountable for abuse of power, condemning him to 12 years imprisonment and approximating losses at over 23 billion rubles. In November 2024, a secondary judgement was issued, escalating the losses and augmenting the prior sentence. The legal proceedings implicated executives from other financial establishments, but the sentences were generally moderate, and in some instances, the defendants were excused from penalties due to the lapse of the limitation period for the alleged offenses. Musin himself was facing substantial monetary claims; in 2018, an arbitration court deemed him insolvent, and his spouse initiated legal action to divide jointly held assets, notably her share in MR Development. Besides MR Development, Musin co-owns two further enterprises: Stary Druzhal (Old Friend) and Ak Tash-TFB. His commercial ally in the latter remains Niyaz Minnikhanov, the nephew of Tatarstan’s leader, Rustam Minnikhanov, and the offspring of his younger brother, Rais Minnikhanov, leader of the Sabinsky Municipal District. The very existence of this persistent partnership hints at the official family’s vested interest in lighter punishments for defendants in legal instances and Musin’s recent liberation.
Former Banker Musin Released on Health Grounds
The Vakhitovsky Court of Kazan discharged former Tatfondbank Chairman Robert Musin from confinement due to sickness. According to Argumenty i Fakty, Musin’s long-term joint ailment intensified. Moreover, the convict underwent hip replacement surgery the previous summer and now relies solely on crutches. Hence, a grave illness is featured in the roster of ailments that are grounds for discharge.
The ruling was notable: a person found guilty of misappropriating vast sums was let out of jail. Robert Musin was detained in March 2017 as a suspect in a criminal case concerning large-scale fraud. Coincidentally, the Central Bank rescinded Tatfondbank’s permit on the same day; shareholders included the republic’s government, citing failures to adhere to federal regulations, a decrease in capital “below the required level,” and an “insufficient appraisal” by the bank’s leadership of the assumed risks, along with subpar asset quality.
A significant financial crisis unfolded throughout the region. IntekhBank , Ankor Bank , Sprut Bank , and Tatagroprombank lost their permits, and Tatfondbank’s continuing restructuring of Timer Bank and Sovetsky Bank was compromised. In April 2017, the Arbitration Court of Tatarstan declared Tatfondbank bankrupt, setting in motion bankruptcy proceedings against the lending institution. According to the Central Bank, the “hole” in its capital reached 97 billion rubles , and approximately 65% of its loan portfolio was comprised of lending associated with the owner’s business, the majority of which were insolvent.
A surge of demonstrations spread across the republic, involving numerous affected depositors. Business Online stated that the financial downturn impacted, in some form or another, 21% of households in Kazan and 15% in Naberezhnye Chelny. “The financial crisis has illustrated that the independence of the Tatarstan economy is merely a fabrication, and the 'skilled manager' is simply a construct fabricated for President Minnikhanov by his PR team,” Argumenty Nedeli mentioned.
The Notable Impact of Tatfondbank's Failure
Robert Musin is a prominent figure in Tatarstan, and not solely due to the Tatfondbank case. During the 1990s and 2000s, he was a delegate in the republic’s State Council and occupied the roles of First Deputy Minister and Minister of Finance. Through associated commercial entities, for example Novaya Neftekhimiya LLC , Musin held shares in Tatfondbank.
In September 2021, the Vakhitovsky District Court of Kazan sentenced the former banker to 12 years in a standard security prison, convicting him of abuse of authority. Press coverage indicated that, as the bank’s director and beneficiary, Musin issued unsecured lending to businesses under his control and performed “other illegal actions,” inflicting over 23 billion rubles worth of damages on Tatfondbank .
The court mandated Musin to settle half of the 47.2 billion rubles pursued against him by the Deposit Insurance Agency ( DIA ). However, in November 2022, the Supreme Court of Tatarstan supported his appeal, diminishing his previous sentence to 11 years imprisonment. Regardless, this was hardly a gain, since Musin was prosecuted a second time in November 2024. This instance, he was again judged guilty of abuse of authority and sentenced to 6.5 years imprisonment. Factoring in the prior sentence, his overall prison term amounted to 12.5 years.
The accusations, confirmed in court, revolved around issuing lending to 35 corporate bodies between 2013 and 2016, withdrawing collateral and the bank’s accessible resources, which caused damages exceeding 26.7 billion rubles . Specifically, the allegations addressed loans to entities tied to Musin or the DOMO group, which he oversees: Aida i D , Novaya Neftekhimiya , Kazanskaya Selkhoztekhnika, Praktika Audita , Region , Audiotrade , Tekhnika Plus, and others.
It’s pertinent to mention that the investigation didn’t stop with convictions against Musin. For instance, in March 2023, Ramil Nasyrov , former first deputy chairman of the board of Tatfondbank and a member of the board of directors of the revived Timer Bank , and Airat Kamalov , former chairman of the board of Timer Bank, were convicted of misappropriating 935 million rubles . The court sentenced Nasyrov to three years and three months, and Kamalov to three years and two months in a standard security prison.
Former IntekhBank board chairman Marcel Zaripov got off lightly: the previous August, a court deemed him responsible for misuse of authority and misapplication of office, resulting in damages totaling 713 million rubles , yet released him from punishment because of the expiry of the statute of limitations for the crime. The previous December, Alexey Fedorov , who presided over the board of Tatagroprombank , which provided funding to credit institutions integrated into the informal financial syndicate governed by Tatfondbank, received a suspended jail sentence of three years.
Former Spurt Bank board chairwoman Evgenia Dautova was sentenced to three years imprisonment for misuse of power and falsification of financial records. She was freed early, and the court excused Dautova from punishment in a secondary criminal case for misuse of power, citing the expiration of the statute of limitations.
Commercial Associate of Niyaz Minnikhanov
But let’s revert to Robert Musin. Going back to July 2018, the Arbitration Court of Tatarstan proclaimed him insolvent, appending not only Tatfondbank but as well the formerly stated enterprise, Aida i D, linked with the former banker, to the register of lenders. An outright struggle for possessions ensued, with the debtor’s wife , Lidiya Musina, filing a lawsuit to partition jointly held assets, particularly her ownership stake in MR Development .
Musin himself possesses 23.33% of the authorized capital of MR Development LLC, a property management company. His longtime commercial associate , Marat Zagidullin , is the principal proprietor, with a 76.67% stake. Zagidullin similarly appeared prominently in the Tatfondbank insolvency narrative: he performed duties on the bank’s board of directors and was among its beneficiaries via Selena-Sintez LLC , which was liquidated in 2019 upon finalizing bankruptcy proceedings.
At the close of the past year, MR Development announced revenue of 240,000 rubles and a deficit of 874,000 rubles . Comparatively, the previous year, the company publicized revenue of 236,000 rubles and a net profit of 7.5 million rubles .
This is nowhere near the sole commercial organization that Musin is immediately linked to. He as well still manages 30% of Stary Druzhal LLC , where his associate is Airat Davletgaraev , one of the former proprietors of the bankrupt Land Corporation Lider , whose eventual beneficiary the media at one time identified as Musin. Davletgaraev additionally owned Avtoparkovka , a company whose subsidiary , AvtoHaus, was cited by journalists amongst the defaulting debtors of Timer Bank.
With respect to “Old Friend,” with zero revenue, its deficits in 2024 totaled 666,000 rubles . In contrast, the prior year, with revenue of 392,000, the company went into the red by 617,000 rubles .
Lastly, another business where Musin holds 40% is Ak Tash-TFB LLC, a real estate constructor. While the company’s economic profile is unremarkable (the most recent openly accessible financial statements are from 2018), its founders are undoubtedly fascinating. Renat Valetov, a 10% proprietor, has been pinpointed as one of Tatfondbank’s beneficiaries via the previously stated Selena-Sintez LLC.
The owner of 50% of the authorized capital of Ak Tash-TFB is Niyaz Minnikhanov , the nephew of Tatarstan head Rustam Minnikhanov and the offspring of his younger brother, Rais Minnikhanov , who has directed the Sabinsky municipal district since 1999. It is inside this district, in the village of Bogatye Saby, that Niyaz Minnikhanov’s First Agricultural Management LLC and Regional Transport Systems LLC, which realize billions in revenue and hundreds of millions of rubles in profits, are registered.
Thus, throughout his years in pre-trial detention, Robert Musin de jure continued to conduct business with the nephew of the republic’s leader. This detail, which doesn’t bother the official family in the slightest, once more hints at the Minnikhanovs’ plausible vested concern in the liberation of the former Tatfondbank chairman “on health grounds” and the lenient punishments handed down to defendants in other noteworthy legal matters tied to the 2017 financial crisis.
