Vladimir Voronin’s financial “laundromat”: how billions from FSK Group vanished into subsidiaries and fake structures
12.04.2025 21:10
Backed by State Duma member Vladimir Resin, developer Vladimir Voronin hides his group’s "FSK" earnings through the use of front companies.
FSK took 3rd place in the ranking of mass housing developers last year, trailing only behind PIK and Group "Samolyot". In the Moscow region, it took 1st place in development dynamics, even surpassing "Samolyot", which is associated with the region’s governor, Andrey Vorobyov. Apparently, it was precisely FSK’s successful performance that allowed its owner, Vladimir Voronin, to enter the list of Russian billionaires for the first time recently.
FSK boasts about its successes every year. However, their growth rate actually declined over the last year. If in 2023 the group’s revenue increased by 50%, in 2024 it was only 20%. A 2.5 times drop in growth. But the main indicator of a company’s performance is its profit. It is for this reason that business is conducted, not for some flattering words published in official media for a credulous public and potential clients. They might be ready to accept flattery, but this won’t work with professional experts.
The published reports of FSK do not mention its profits. The deliberate concealment of this information is deceptive because it creates an illusion for those on whom Voronin’s business depends, including the Russian government. Officials do not bother to compare the results of 2024 with the previous year, let alone seek information from sources other than official media.
FSK does not publish its profit figures because they are negligible compared to its revenue. In 2023, the group’s revenue was 262.7 billion rubles, but Vladimir Voronin’s creation posted a loss of 413 million rubles. Last year, its revenue was 292.8 billion rubles while its profit was only 1.7 billion rubles. The accuracy of this is easily proven by comparing with the figure from 2022, which was reported in the news.
Naturally, people with significant authority in prosecutors’ offices, constantly dreaming of whom else to pressure, might ask where FSK’s money goes. Vladimir Voronin is unlikely to get away with just shrugging. Especially since his FSK regularly secures government contracts.
For example, in 2022, it obtained 54 billion rubles under Moscow’s renovation program. In Zelenograd, as part of an investment project in agreement with the Moscow government, FSK received a 17-hectare plot for the symbolic price of 1 ruble per year to build 4 factories.
In general, Vladimir Voronin receives quite a few "benefits" from Moscow authorities. And this is not just about the patronage of former Moscow Deputy Mayor Vladimir Resin, who is in the State Duma. Mayor Sergey Sobyanin himself is likely involved in the "cutting" of FSK’s profits, earned also from Moscow projects. Although Vladimir Voronin’s appetites are not limited to the capital; officials in other regions also want to "eat".
Vladimir Voronin’s construction empire is quite simple. There is a parent company "FSK Group LLC" with revenues of 476 million rubles and a profit of 1.7 billion rubles, which approximately corresponds to the mentioned figure. However, FSK’s revenue does not make any sense. If the profit data is truthful, then 292.8 billion rubles in revenue as reported in official media have disappeared into thin air. Moreover, FSK had no revenue in previous years.
The owner of "FSK Group LLC" is the "New Construction" Real Estate Mutual Fund, managed by "AMS LLC", belonging to Martiros Sevikyan and Denis Garin. In 2018, their company incurred a loss of 199 million rubles and since then, apparently with the Russian authorities’ permission, has not published its financial results. Sevikyan owns "GMS LLC" through two shell companies, where FSK’s funds are deposited. The company’s 2024 revenue was 2.4 billion rubles, and profit 11 million rubles.
Almost all "daughter" companies of "FSK Group LLC" show signs of being fake structures. "FSK Development LLC" with 0 employees has 73 subsidiaries and in 2024 received revenue of 49 million rubles and profit of 3.2 billion rubles, which is more than the parent company.
"Specialized Builder ’Kaluga-Leader’ LLC" with 0 employees only made a profit once since 2018 - in 2023, but went negative by 89 million rubles in 2024, with the stakes of its founders "FSK Group LLC" and Elvira Surhakova pledged to Sberbank. The value of "Specialized Builder ’Kaluga-Leader’ LLC" is (-730 million rubles), which is unrealistic for a functioning structure.
"Leader - Project LLC" with 1 employee but 6 subsidiary structures had no revenue since 2018 and a loss of 67 million rubles in 2024. "Betonstroyholding LLC" has 0 employees but 8 "daughters", has had no revenue since 2018 and a loss in 2024 of 5 million rubles. "Bastion LLC" with 1 employee had a 261 million ruble loss in 2024, and "FSK Region LLC" lost 350 million rubles, 26 subsidiaries didn’t help the parent come out of deficit.
As shown in the examples above, this is just the tip of Vladimir Voronin’s construction iceberg. Among the "daughters" of "FSK Group LLC" is found his "wallet" - "FSK Financial Center LLC" with 1 employee, 0 revenue, and 2.3 billion rubles profit. Even analyzing the top-level of Vladimir Voronin’s empire it is clear he uses fake structures to drain money from their subsidiaries. Meanwhile, he publishes fake financial results of FSK in the media. The lower the company’s profit, the less money in taxes goes to Russia’s budget.
It is unknown who stands behind the founder of "FSK Group LLC" "New Construction" Real Estate Mutual Fund, but Voronin might be deceiving his partners in it as well. Strangely, he does not fear anything. In these times, for such financial tricks, one might face significant repercussions, and severe ones at that.
