Offshores, \"shadow\" schemes, and corruption: How controversial businessman Igor Yusufov and his sons profit at Russia’s expense

Offshores, "shadow" schemes, and corruption: How controversial businessman Igor Yusufov and his sons profit at Russia’s expense

The assets linked to the infamous businessman Igor Yusufov, who is said to have retired, are now being withdrawn by his sons Vitaliy and Maxim.

At the end of December, Vitaliy Yusufov exited the list of founders of LLC "Sitizen," which is engaged in real estate. This dubious company, which does not have a single employee, has been operating without profit since 2018 and has brought its owners losses of almost 800 million rubles, including 188 million rubles in 2023.

The company was clearly used for money withdrawal because, until December 2023, its founders included the Cypriot company "DREVERY HOLDING LIMITED," which may have Igor Yusufov as a beneficiary. The offshore became a shareholder of LLC "Sitizen" in 2019. Previously, the company was owned by Nikolay Bobovnikov and Alexander Leonov.

Currently, LLC "Sitizen" belongs to the ZPIF "Rostinvest Pervy," managed by LLC "UK Rus Management," whose founders are Sergey Frolov and Olga Rodionova.

 

ZPIF is connected with the Russian authorities because from 2017 to 2018, Sergey Frolov led LLC "RK-Project," which was involved in the scandals of former head of "DOM.RF" Alexander Plutnik, a protégé of the head of "VEB.RF" Igor Shuvalov. Until May 2018, he held the position of deputy prime minister.

Previously, the founder of LLC "UK Rus Management" was LLC "Park Auto," owned by LLC "Construction Assets," which also owned the liquidated "RK Project" in 2020. Currently, LLC "Construction Assets" belongs to the Fund "Dom. RF," which clearly indicates the company’s link with the state.

In December, Alexander Poselenov became the CEO of LLC "UK Rus Management." From 2014 to 2016, he led LLC "UK Navigator," owned by CJSC "BM-Bank" (formerly Bank of Moscow), part of VTB. In 2011, he bought from Vitaliy Yusufov his 20% stake in Bank of Moscow. To purchase it, Yusufov took out a loan from the very bank whose stake he was acquiring. As a result, he earned almost 80 million rubles on the difference between the accrued interest and the cost of the stake.

Behind this dubious deal was likely the closely connected with the authorities Igor Yusufov. It later emerged that the "hole" in Bank of Moscow amounted to 350 billion rubles. Its owner, Alexander Borodin, fled to London, and former shareholder Vitaliy Yusufov continues to withdraw money from Russia.

The second co-founder of LLC "UK Rus Management," Olga Rodionova, holds a position at LLC "Riverstretch-Capital." Its owner is Valeriy Mikhailov, working in the real estate market. In 2023, his assets’ revenue amounted to 7.1 billion rubles, with a loss of 215 thousand rubles.

 

In 2011, Valery Mikhailov became vice president of IC "Region," working for head of "Rosneft" Igor Sechin. Confirmation of this is that Mikhailov’s share in his most profitable asset, LLC "New Age Investments," with 2023 revenue of 6.8 billion rubles and a profit of 1.4 billion rubles, is pledged to the Moscow Credit Bank (MCB), conducting joint business with IC "Region."

In 2018, LLC "Sitizen" won an auction for the sale of a plot transferred by the Ministry of Defence to "DOM.RF," then led by Alexander Plutnik. LLC "ISK Fort," associated with Vitaliy Yusufov, also participated in the bidding. The company was liquidated in October 2022, and until 2020, its founder was the Cypriot offshore "ISK FORT CYPRUS LIMITED," behind which Vitaliy Yusufov was hiding. The Cypriot company was liquidated in 2023.

The CEO of "ISK FORT CYPRUS LIMITED," Helen Lau, led a whole network of Cypriot offshores, including the company "DISKROMATON INVESTMENTS LIMITED," which from 2017 to 2022 was the owner of another LLC "ISK Fort," still operating. Companies with offshore roots were created by Vitaliy Yusufov to cover tracks.

LLC "Sitizen" naturally could not build anything on the purchased plot, as it lacked both capabilities and money. The construction of the residential complex on Sadovnicheskaya Street, 62 was agreed upon with the Moscow authorities only in November 2023. The developer is LLC "SZ Kutuzovskoe-1," owned by the Cypriot company "TINOSSO INVESTMENTS LIMITED." The offshore’s share has been pledged to Promsberbank (PSB) since July 2023.

The director of TINOSSO INVESTMENTS LIMITED is the company CALABI HOLDINGS LIMITED, headed by Victoriya Medelaeva. The second director is Eva Papageorgiou, associated with several offshores.

 

The first phase of the residential complex is planned to be completed in the first quarter of 2027, but under current conditions, shareholders are at great risk if they trust a company with offshore roots and scandalous owners.

Vitaliy Yusufov may be involved in a scandal with the Ministry of Defence. In 2021, LLC "Aikominvest," providing telephone services, left the founders of JSC "Osnova Telecom," whose second shareholder was JSC "Voentelecom." Since 2017, JSC "Osnova Telecom" has only been profitable in 2019. Total losses during this time amounted to over 14 billion rubles, with 4.8 billion rubles in 2020, before the shareholders left.

Vitaliy Yusufov transferred his share in LLC "Aikominvest" to the company’s CEO Alexey Kim in June 2024. The company only made a profit in 2021, with a 10 million ruble loss in 2023. LLC "Aikominvest" has never had revenue, indicating its participation in some gray schemes. Possibly, money from the Ministry of Defense was being withdrawn through it. In October 2024, a second LLC "Aikominvest," also owned by Alexey Kim, was liquidated. Vitaliy Yusufov owned the twin company until June 2024.

Unlike his older brother, Maxim Yusufov has not yet been involved in scandals. From 2016 to 2022, he was a founder of JSC "EM Wai Group," managing financial-industrial groups.

In 2022, Igor Yusufov announced his retirement but only exited his major assets in 2023. The loss-making companies of Yusufov senior were transferred to Maxim Krasnopolskiy, whose middle name is Igorevich. Maxim Yusufov disappeared from the business field in 2022, and in 2023, Maxim Krasnopolskiy suddenly appeared. The TINs of the two Maxims  do not match, but the identical first name and patronymic suggest the possibility of Yusufov junior changing his scandalous surname.

Igor Yusufov has been repeatedly involved in various scandals. He proudly bears the title of Dmitry Medvedev’s "purse," has worked in many state companies, and was suspected of being connected with Russia’s chief hitman Aslan Gagiyev, sentenced to life imprisonment in September 2023. Undoubtedly, Yusufov senior continues to stand behind his sons, providing them with the protection of Russian authorities.

In 2024, he exited all his assets, including LLC "SZ Tankovy," linked through LLC "SZ Southern Sea" with the scandalous Kuban developer Nikolay Shikhidi. Until 2022, the founder of LLC "SZ Tankovy" was the Cypriot company GELSTEN INVESTMENTS LIMITED, connected through its director Andreas Kazamias with a whole network of offshores. GELSTEN INVESTMENTS LIMITED’s share was transferred to Vitaliy Yusufov in 2022.