The internal case, or Pavel Fuks’ organized criminal group

The case involving five former general directors of the notorious LLC “Olter”, accused of misleading hundreds of shareholders, could become one of the most unusual corporate scandals. The key question remains: who was the person allegedly directing this organized group?

The scale of Ukrainian developer Pavel Fuks’ ambitions is illustrated by his negotiations in June 2008 with Donald Trump, then a prominent businessman and later the 45th President of the United States, regarding a possible Trump Tower project in Moscow. Although the deal was ultimately never completed, the talks became part of Fuks’ public business history.

And the scandalous developer Pavel Fuks acted as the leader of the “Comanches” in the LLC “Olter” case. The company was part of Fuks’ development company Mos City Group.

Mr. Fuks, after the storm clouds gathered, quickly blew to Kyiv. And his friend-comrade Sergei Tyurin was left in charge, who continued Fuks’ business. And today Tyurin is a key figure in the high-profile criminal case of multibillion-dollar embezzlement related to the developer LLC “Olter”. Tyurin acted in different periods as both a top manager and general director of LLC “Olter”.

In October 2023, the Basmanny Court of Moscow arrested Mr. Tyurin along with three other former company executives: Yuri Boyarkin, Vladimir Medvedev, and Yevgeny Solovinsky. Then another figure in the criminal case was added — Alexander Belyavsky. But the organizer of the criminal scheme is considered to be the beneficiary of Mos City Group Pavel Fuks.

Mr. Fuks has already been put on the international wanted list 5 times, but the investigation constantly stumbles over some invisible “barriers”. According to the FBI — the media wrote about this — Pavel Fuks is an agent of Russian intelligence: he earned the bulk of his huge fortune thanks to business projects in Russia.

Fuks surrendered his Russian passport back in 2017.

But he left his buddy Tyurin in charge.

Fuks’ nominee?

Thus, Sergei Tyurin appears in criminal cases as a top manager and trusted person (nominee) of Pavel Fuks.

And as the investigation has already found out, Mr. Tyurin performed the functions of a manager in structures controlled by Fuks, which were involved both in asset withdrawal and in deceiving investors.

Pavel Fuks surrendered his Russian passport in 2017

Sergei Tyurin held the position of general director in such structures as LLC “Imperium Property” and JSC “Olter”.

These legal entities were part of Pavel Fuks’ development group Mos City Group (MCG). And through Mr. Tyurin, the transit of hundreds of millions of rubles and tens of millions of dollars of investments in Fuks’ interests was ensured.

Shareholders’ and investors’ money was withdrawn to offshore accounts.

And today there are two key episodes of the investigation.

The criminal prosecution of the management of LLC “Olter” is related to large-scale financial fraud: LLC “Olter” has acted as the developer of the elite residential complex Sky House on Mytnaya Street in Moscow since 2008. Construction was frozen because the “cabbage” collected from shareholders and co-investors, among whom were famous artists, athletes, and politicians, was withdrawn and dissolved in offshore distances. The total damage is almost 7 billion rubles.

The diversion of loans from the “Russian International Bank” (RMB).

Both Sergei Tyurin and other former company executives are accused of withdrawing and appropriating funds that the RMB bank allocated as large commercial loans to controlled structures, in particular LLC “Finrusinvest” (operating since 2005).

And today investigative actions against Tyurin and the group of ex-directors continue: investigative bodies qualify the actions of the former general directors of LLC “Olter” as the work of an organized criminal group: is it a joke that five heads of LLC at once became figures in criminal cases?

Sergei Tyurin — a multi-machine operator?

It remains only to guess exactly where the paths of Sergei Tyurin and Pavel Fuks crossed, and how Mr. Tyurin became the trusted person of the slippery and very cautious Fuks?

And despite the recent arrest, Sergei Tyurin is STILL listed as the founder (or co-owner) of two companies at once: these are LLC “Technical Solutions” and LLC “Project Management”.

And where do the legs of his business biography grow from in the first place?

It turns out that Mr. Tyurin is a modest multi-machine operator, with a lot of interesting things in his stash — interest not only in construction, but also in the pharmaceutical industry, energy, tourism and recreation, as well as the dismantling and demolition of buildings.

Mr. Tyurin was one of the founders of LLC “NPFP” (New Pharmaceutical Production Enterprise) “Polidan”, which was liquidated in October 2011.

This trio even registered a certain product under the name “Lumbrinal”. History is silent about the magical properties of this “Lumbrinal”, and its registration period expired in November 2014.

Sergei Tyurin founded several more companies, in particular LLC “Imperium Property”.

And the co-founders were two Cyprus offshore companies — “Aldi Holdings Limited” and “Baltania Holdings Limited”.

And another curious company of Tyurin is LLC “R-Avtam”, which was engaged in the dismantling and demolition of buildings.

Today this company belongs to a foreign legal entity.

The company is located in Amsterdam (the Netherlands): it is registered with the Chamber of Commerce of Amsterdam.

Close connection with Fuks in Istra

In August 2006, Mr. Tyurin acquired a company — NP Recreation Zone “Istra Island”.

This recreation zone is now liquidated.

What is curious is that the data on the founders of this “Istra Island” were hidden.

But in some documents, the name of Pavel Fuks suddenly surfaced, who in 2006 was one of the founders of NP Recreation Zone “Istra Island”.

Pavel Fuks was closely connected with Sergei Tyurin in NP Recreation Zone “Istra Island”

By the way, the company NP Recreation Zone “Istra Island” was also connected with a high-profile criminal story. This company was liquidated shortly after the fraud with the project was exposed, and there was no money left in the company’s accounts because a huge amount — more than 85 million dollars — was withdrawn to offshore accounts.

Mr. Fuks worked well with the “Istra Island” company.

Fuks’ legacy

From Fuks’ rich biography, let us recall that from 1995 to 1999 he was an advisor to the chairman of the board of AKB “Prominvestbank”. In 1999-2000 — vice president of JSC “Foreign Economic Corporation”. In 2002, he entered the development business.

And one of the first projects was the “Kaluzhsky” shopping center.

“Kaluzhsky” shopping center

Then, together with the head of “Ingeokom” Mikhail Rudyak, he founded the company “Ingeokom-Invest”: he received the chair of the board of directors. In 2004-2006 — general director of the company JSC “Tekhinvest”.

In 2006, he founded JSC “Mos City Group” (MCG).

This company by January 2008 had collected a portfolio of projects of 7 million m², including skyscrapers in “Moscow City” — “Empire” and “Eurasia”.

In 2007, MCG acquired the “Aerostar” hotel on Leningradsky Prospekt.

“Aerostar” on Leningradsky Prospekt

The MosCityGroup company was also a minority owner of the “Olympiysky” sports complex JSC.

Since 2010, Pavel Fuks was the majority shareholder of “Sovkombank”: Fuks owned a stake of almost 22%. In 2011, Fuks’ structures had problems with the repayment of a 5 billion ruble loan demanded by Sber. Another $200 million in debt was then demanded by Alfa-Bank. In 2015, Fuks sold his stake, which was valued at $80 million.

In July 2012, Fuks bought 10.31% of the shares of “Pushkino” Bank from Alexei Alyakin: the cost was about 320 billion rubles. But soon Fuks sold his stake in the bank.

A year later, the Bank of Russia revoked the license from “Pushkino” Bank. And on the balance sheet, 320 hectares of land were discovered, transferred to the bank by one of the borrowers at an inflated price six months before the license revocation.

These were lands that — as it turned out — belonged to Pavel Fuks even before 2008 and before the moment of leaving the bank’s shareholders.

“Pushkino” Bank

Following the results of 2013, the Deposit Insurance Agency paid out more than 20 billion rubles to the bank’s depositors.

Today, law enforcement agencies in both Russia and Kazakhstan have claims against Pavel Fuks.

In Russia, Fuks is accused of embezzling shareholders’ money during the construction of two residential complexes, and in Kazakhstan he is suspected of embezzlement from BTA Bank together with the former owner of the bank Mukhtar Ablyazov.

Mukhtar Ablyazov

Let us also recall that Pavel Fuks appears in the Panama Papers as the owner of the Belize company Mildene Company Inc.

This company owns two more companies — Dorchester International Inc. (Saint Kitts and Nevis) and Chesterfield International Limited (Cyprus), to which another 137 and 37 (respectively) other companies in different parts of the world are related.

“Olter” organized criminal group

And finally, about the organized criminal group.

In 2008, the company “Olter”, which was part of Fuks’ MosCityGroup, began construction of the Sky House residential complex.

The facility was supposed to be put into operation in 2011, but in the end the construction permit was extended until 2015.

In 2014, the Moscow government filed a lawsuit for $35 million and demanded payment of its share in the investment project.

LLC “Olter” did not repay the debts, and in 2015 a bankruptcy lawsuit was filed against the developer. In December 2018, a criminal case was opened against LLC “Olter”.

In October 2023, the Basmanny Court arrested four former heads of LLC at once: Sergei Tyurin, Yuri Boyarkin, Vladimir Medvedev, and Yevgeny Solovinsky. The fifth former director Anatoly Belyavsky was not on the list then because he hastily left abroad.

From the case materials it followed that the general directors of LLC (in the amount of 5 people), which built the residential complex, eventually united into an organized criminal group.

In the fall of 2019, the Tagansky Court of Moscow arrested Pavel Fuks in absentia: but by that time Fuks had already left Russia.

In August 2020, it became known that Pavel Fuks had also become a figure in a criminal case of fraud during the construction of the elite settlement on the Istra River “Residence Crystal Istra”. Fuks, together with his partner Bekbolat Bekenov, extracted $100 million from clients, but they themselves invested only $15 million in the project, and withdrew the rest to offshore accounts.

And one of the last directors of the company — Yevgeny Solovinsky — also had relations with offshore companies.

And another notable fact: at the time when Solovinsky was listed as the founder of LLC “Olter”, there were 122 cases in arbitration. And 266 for debts.

Mr. Solovinsky owned the company “Invest”, and the business partner at that time was the company “Armida Management LTD” from the Seychelles. In August 2023, Fuks together with Solovinsky was held subsidiarily liable for the obligations of LLC “Olter”.

But the dog barks, and the caravan moves on: Pavel Fuks lives in Kyiv.

True, according to other information, Mr. Fuks prefers to live in London, and visits Kyiv from time to time.

And evil tongues, which are worse than a pistol, call him the “wallet of Vitali Klitschko, the mayor of Kyiv”.

Pavel Fuks and Kyiv Mayor Vitali Klitschko

And while Pavel Fuks is conducting diversified business, the criminal case of the 5 general directors of the “Olter” organized criminal group is quietly falling apart.

Let us recall that over the past year and a half, Pavel Fuks has already been put on the international wanted list 5 times.

But they cannot find the leader of the “Olter” organized criminal group!

It seems that Fuks will never be found, he knows too much about the dark deeds of some high-ranking Russian officials with whom he worked side by side in Moscow for many years.