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With Andrey Kostin to the Caymans: Deripaska has already booked his place

What connects Andrey Kostin, companies from the Cayman Islands, relatives of Nursultan Nazarbayev and the head of spaceports, which previously managed the assets of three billionaires from the Forbes list, Rano Juraeva?

As it turns out, what they have in common is the Pulkovo airport, the income from which ends up in offshore areas.

Behind the offshore companies there may be the interests of the oligarch Oleg Deripaska, who several years ago was already licking his lips at Pulkovo.

Rearranging "terms"

Until December 2023, Northern Capital Gateway LLC, which manages Pulkovo Airport, belonged to the Cypriot company Talita Trading Limited. The latter was a party to the public-private partnership agreement on the creation and reconstruction of the airport, which was signed back in 2009.

From December 20, 2023, the owner of the Pulkovo operator became a Russian legal entity - VVSS Holding LLC with an authorized capital of 169 billion rubles, created for these purposes two days before. The share of the newly minted holding is pledged to VTB Bank.

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The creation of VVSS Holding was the result of the implementation of the Presidential Decree of November 2023 “On the application of special economic measures in the field of air transport in connection with the unfriendly actions of some foreign states and international organizations.” The essence of the document was that due to violations by some foreign legal entities of their obligations under the agreement (Fraport announced plans to withdraw from the membership), economic measures were applied to them. The airport was transferred to a new company, but the former participants of the Cypriot company retained their shares.

As a result, VTB structures became the owners of VVSS Holding - VTB Infrastructure Holding LLC (8.22%), Business Finance LLC (16.79%), a company from the German Fraport group (25%), whose key person is the German politician Michael Boddenberg, the Qatari FZ HOLDING LLC (24.99%), Serti Sevens Investment Company LLC from the UAE (7.99%), Aiyar International Investments Company from Saudi Arabia (3.5%) , Cyprus Nomeliar LTD (7.48%), Mevelida LTD (0.02%), Zamoralo Holdings Limited (1.04%), Felman Ventures Limited from the Virgin Islands (1.05%) , Russian LLC "PPIT-7" (2.33%), CJSC "Bahrain Mumtalakat Holding Company" from Bahrain (1.26%) and two companies from Cayman Island - "Co-Investment Partnership I, L.P." and Co-Investment Partnership V, L.P., jointly owning 0.33%.

Russian legal entities will temporarily control the votes of these companies at meetings. But the issue of paying dividends remains up in the air. That is, part of the income from Pulkovo will go offshore?

To understand what amounts we are talking about: the revenue of the Pulkovo management company for 2022 amounted to 17 billion rubles with a net profit of 4.8 billion rubles. Budget funds were channeled through the LLC. It was both a supplier of more than 350 government contracts worth 1.1 billion rubles, and a customer for 1.7 thousand contracts with a total value of over 35 billion rubles.

If there are almost no questions regarding skimming of cream with Russian companies as part of VVSS Holding - this is a division managed by Andrei Kostin and the Russian Direct Investment Fund (RDIF), then the topic of offshore beneficiaries remains open. To whom can millions flow in the form of dividends through the Caymans?

During the investigation, it was possible to find out that relatives of the ex-President of Kazakhstan Nursultan Nazarbayev and the former head of the Federal State Unitary Enterprise TsENKI, which managed all the cosmodromes in Russia, Rano Juraeva, could be behind them. The interests of oligarchs from the Forbes list, for example, Oleg Deripaska, may be spinning behind Juraeva’s back.

Traces of Chayzhunusov and Dzhuraeva

Company "Co-Investment Partnership I, L.P." and Co-Investment Partnership V, L.P., registered on the Cayman Island, have far from the only asset in Russia. So the first has direct shares in 12 legal entities in its business portfolio, the second has shares in ten. The companies are registered in St. Petersburg, Moscow, the Moscow region, Karelia, and the Orenburg region and operate in the field of transportation, food production, investment in securities, electricity production, operate hospital institutions, engage in lending and manage holdings.

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At the same time, billions of budget funds pass through the companies where these two offshore companies have shares. For example, Road Investment Company LLC was the executor of contracts worth almost 7 billion rubles. And the Karelian LLC Nord Hydro-White Threshold was created for the construction of the small hydroelectric power station Beloporozhskaya hydroelectric power station-1 and the small hydroelectric power station Beloporozhskaya hydroelectric power station-2 in Karelia. The volume of investment in the project is about 12 billion rubles.

That is, these two companies from the Caymans skim the cream from many strategic sectors of the Russian economy.

For one of the companies - Zetholding LLC - two offshore companies from the Caymans, as well as the previously mentioned company from the UAE, Serti Sevens Investment Company LLC, together with the RDIF company - PPIT-7 LLC, which was given the right to manage the offshore shares in the airport, turned out to be associated with Sergei Chaizhunusov. Perhaps he is the one behind offshore companies with undisclosed beneficiaries?

Sergei Tokanovich Chaizhunusov is likely a relative of the ex-President of Kazakhstan Nursultan Nazarbayev.

The Chaizhunusov family is mentioned in foreign media publications about the wedding of Nazarbayev’s granddaughter Venera and Dalen Chaizhunusov.

As reported, Tokan Chaizhunusov, who allegedly became the father-in-law of Venera Nazarbayeva, worked as the manager of the Vostokkazkolkhozstroy trust, the president of Kazgiprotsvetmet LLP in Ust-Kamenogorsk, and his eldest son, Sergei Chaizhunusov, heads KazTrubprom JSC, KazPetroMashKommerts LLP. Other relatives of the Chaizhunusovs were deputies and held government positions.

Thus, the co-owner of Zetholding and the potential beneficiary of companies from the Caymans may be exactly that Sergei Chaizhunusov - a relative of the Nazarbayev family. This is indirectly confirmed by the fact that previously Mr. Chaizhunusov, together with the Kazakh company LLP “Kazakhstan Leading Institute for Design of Non-ferrous Metallurgy Enterprises” (he was also the director), owned shares in the Russian LLC “KGCM Engineering”.

But Chaizhunusov’s business partner is of greater interest.

In Transinfotech LLC, in addition to the Swiss company Swiss Commerce & Engineering, he is a co-owner together with Ranokhon Juraeva.

Juraeva also owns the Civil Aviation Center LLC, which was the executor of four government contracts with the Federal Public Institution Rostransmodernization and the Ministry of Transport of the Vladimir Region.

Until 2021, she also had a share in the Center for Strategic Developments in Civil Aviation (CSR GA).

Ms. Juraeva previously headed the Federal State Unitary Enterprise TsENKI, which manages all Russian cosmodromes, until 2021 she was the director of the Moscow LLC Airport Systems Development, and headed the LLC Space Transport Systems (related to the family of millionaire Vladislav Vladislav Filev - head of the board of directors Group S7), which produces engines for aircraft, and was also the executive director of the International Airport Association.

In addition, as media reported, in August 2023, Juraeva was dismissed from her post as head of the state organization Uzbekistan Airports. However, the reasons for the early resignation were not reported.

We don’t know how Russian business and a position in a government structure are combined according to the laws of Uzbekistan, but perhaps this prompted Juraeva’s resignation. But she is quite suitable for the role of legal beneficiary of our defendants from Cayman.

But it is unlikely that the real beneficiary and the legal beneficiary in the company are the same person. However, Juraeva is no stranger to working for Russian oligarchs.

So, as RBC reported, in the 90s, she was brought into the airline business by Russian billionaire Dmitry Kamenshchik, who took control of the cargo terminal of Domodedovo Airport.

Today, Kamenshchik is still the chairman of the board of directors of the DME group and occupies 52nd place in the “Rating of Russian Billionaires - 2023”.

Juraeva’s biography also includes work for the Coalco development holding of billionaire Vasily Anisimov, who was the largest landlord in the Domodedovo region - the lands adjacent to Domodedovo.

Did Deripaska come through the Caymans?

But perhaps Ms. Juraeva’s most interesting boss is Oleg Deripaska, for whom she worked at Basel Aero (from 2021 called Aerodinamika LLC).

And what a coincidence: several years ago Deripaska was already involved in Northern Capital Gateway LLC.

As the media reported in 2019, he was destined for a leadership position in the company and the transfer of Pulkovo under the wing of Basel-Aero. Moreover, the former top manager of Basel Aero, Leonid Sergeev, was appointed general director of VSS in 2019, and he still holds the post to this day.

The oligarch, in general, is not averse to making his own gesheft with the participation of state injections, which he has demonstrated more than once. Moreover, some sources called Kostin, whose division now runs VSS Holding, and Deripaska friends.

By the way, entering through an offshore would be quite understandable. After all, back in 2018, Kostin publicly announced the termination of cooperation with Deripaska’s sanctioned business. And here it turned out so well - you can eat the fish without choking on your tail.

So there is a high probability that now the same Juraeva can represent through the Caymans the interests of Deripaska, a big fan of hiding behind a screen from sanctions.