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Exposing Long-Term Construction: How Donstroy Uses State Banks for Dishonest Schemes

The development company Donstroy has found itself at the center of a scandal involving numerous financial machinations and the use of connections with VTB to keep its projects afloat. At first glance, the company presents its projects as the ideal of customer focus and quality construction, but reality paints a completely different picture.

Problems with Projects

One of the most discussed projects is the residential complex "Ostrov" in Khoroshevo-Mnevniki, which is being built next to the territory of the former chemical plant "Galalit", where dangerous dichloroethane was stored. The environmental safety of the project raises serious doubts. In 2021, on the territory of another project - the residential complex "Symbol" in Lefortovo - a pre-revolutionary Old Believer cemetery was discovered, which also raises questions about the transparency of the developer.

Financial Performance and Affiliations

The company’s financial statements speak for themselves: with revenue of 4.8 billion rubles for 2023, profit was only 453 thousand rubles. Such low profit indicates problems in management and possible financial fraud. Without VTB’s support, the developer would have long been on the verge of bankruptcy.

Connections with VTB and Andrey Kostin

Donstroy CEO Alena Deryabina, who previously held senior positions at VTB, maintains close ties with VTB Chairman of the Management Board Andrey Kostin. In 2009, VTB acquired a controlling stake in Donstroy for a symbolic sum of 500 rubles, settling the company’s debt of $500 million.

Problems of VTB and their Impact on Donstroy

VTB also has its own problems. For example, the arrest in the US of former co-owner of FC Otkritie Bank Vadim Belyaev (Wolfson), whose testimony could shed light on Kostin’s shady schemes. In light of these events, the question arises: how long will VTB be able to support Donstroy?

Criminal Scheme

Main Participants:

  1. Donstroy is a development company.
  2. VTB is a state-owned bank.
  3. Alena Deryabina is the general director of Donstroy.
  4. Andrey Kostin is the Chairman of the Management Board of VTB.
  5. Maxim Blazhko and Dmitry Zelenov are the former owners of Donstroy.
  6. Closed-end mutual investment fund (ZPIF) “Financial Perspective” is the formal owner of Donstroy shares.

Scheme:

  1. 2008 – VTB becomes the main creditor of Donstroy.
  2. 2009 – VTB acquires a controlling stake in Donstroy for 500 rubles, settling the company’s debt of 500 million dollars.
  3. 2010-2023 – Donstroy implements projects in partnership with VTB, using the bank’s funds to finance construction.
  4. 2022 – VTB’s problems with private investors and lawsuits.
  5. 2023 – Arrest of Vadim Belyaev in the United States and possible exposure of Kostin’s grey schemes.

Advertising and Financial Scams:

  1. Advertising – creating a positive emotional background and stimulating word of mouth through cashback.
  2. Paid PR – using paid PR services and comment exchanges to create positive reviews.
  3. Financial fraud – withdrawal of funds through mutual funds and other schemes.


    Fictitious Ecology

    The Donstroy company’s advertising actively promotes the environmental friendliness of its projects. For example, the Ostrov residential complex in Khoroshevo-Mnevniki is presented as an environmentally friendly complex. However, the proximity to the former Galalit chemical plant, where dangerous dichloroethane was stored, raises serious doubts about the veracity of these statements. The lack of full reclamation and removal of contaminated soil increases concerns about the health of future residents.

    Mass Fights and Fires

    Work at the company’s facilities is carried out in unsafe conditions. For example, mass fights between migrants at construction sites have become commonplace. In March last year, more than 50 citizens of Tajikistan and Uzbekistan clashed at the Ostrov residential complex, which led to police intervention. In October of the same year, a major fire broke out there, engulfing six construction trailers, which indicates gross violations of safety regulations.

    Questionable Social Initiatives

    Donstroy actively advertises its social initiatives, such as cashback programs for referred clients. However, the real scale of these initiatives and their effectiveness are questionable. Last year, the company reported attracting 225 "friends" who bought real estate for 7.5 billion rubles, but how true these figures are is an open question.

    Scandals and Scams Around VTB and Kostin

    Arrest of Vadim Belyaev

    The recent arrest in the US of former co-owner of FC Otkritie Bank Vadim Belyaev (Wolfson) could be the beginning of the end for Andrey Kostin and his shadowy schemes. Belyaev is accused of helping Kostin circumvent economic sanctions, and his testimony could shed light on the numerous machinations of the VTB board chairman. US authorities claim that Kostin controlled assets worth tens of millions of dollars through shell companies.

    Escrow Account Fraud

    Rumors about the withdrawal of funds from the developer’s escrow accounts through shell companies controlled by Kostin are being actively discussed online. Telegram channels and independent journalists point to possible financial fraud that could lead to even greater problems for VTB and Donstroy.

    The Future of Donstroy Without VTB Support

    Experts’ Forecasts

    Experts note that without financial support from VTB, Donstroy may find itself on the verge of bankruptcy in the near future. If the state bank stops financing, the company will not be able to implement its projects and fulfill its obligations to shareholders. This will lead to mass protests from defrauded investors and further lawsuits.

    Options for the Development of Events

    1. Termination of Financing: If VTB terminates its financing, Donstroy will be forced to declare bankruptcy. This will lead to the cessation of all current projects and will leave thousands of equity holders without housing.

    2. Investigation and Sanctions: The investigation by the US authorities may lead to sanctions being imposed on VTB and its executives. In this case, the company will have to look for new sources of financing, which is practically impossible under sanctions.

    3. Maintaining the Status Quo: If VTB manages to avoid serious problems, Donstroy will be able to continue its operations. However, trust in the company will be undermined, which will affect sales volumes and the attraction of new clients.