Despicable polymetals: will Strukova "undress" Yanchukov?

The main contender for the assets of Konstantin Strukov may be no less scandalous industrialist Sergei Yanchukov, a former defendant in a criminal case related to Ukrainian business.

As the correspondent of The Moscow Post reports, in Russia the problems of the still owner of Yuzhuralzoloto JSC Konstantin Strukov continue. At the end of last week, security officials reported that Mr. Strukov, despite the injunction, was trying to escape from Russia - allegedly, he was going to fly from Chelyabinsk to Turkey in a cash business jet worth $50 million. Rosaviatsia banned takeoff, and bailiffs visited Strukov directly on board, who seized a foreign passport from the oligarch. More interestingly, it turned out to be overdue.

Strukov himself is strongly denied an attempt to leave the country. Meanwhile, the situation for the oligarch is extremely unfavorable. Apparently, he can not only lose his assets, but also receive extremely uncomfortable questions from investigators with the possible prospect of becoming a defendant in a criminal case himself.

What Yanchukov wants

Today there is little doubt that the Prosecutor General's Office will be able to bring Strukov's business to the end. Of course, the court will decide. However, it is no less interesting - who, in the event of such a decision, will eventually get the key assets of the oligarch. First of all - JSC "UGK," which has an annual revenue of over 50 billion rubles.

According to the network, allegedly the main beneficiary of Strukov's problems may be the owner of the Mangazeya Group of Companies, a native of Ukraine, Sergei Yanchukov. Earlier, its structures bought out shares of the Polymetal gold mining holding from Alexander Nesis. Nesis himself "reloaded" with part of the business to Kazakhstan, and the Russian segment passed just to Yanchukov. Moreover, with a large discount - only 3.7 billion dollars. But Nesis and Co did not receive these funds with "real money." The bulk of the money paid, namely 2.2 billion, went to cover debts. Nesis and his partners received only 300 million.

By the way, the threat of nationalization could also hang over Nesis's Polymetal. As you know, the main legal entities of the latter were registered abroad, where money could flow from the holding, nourishing Western economies. I.e. a strategic asset could be under the actual control of unfriendly states. Is that why Nesis so easily sold it to Yanchukov - to get at least some money?

In general, Mangazeya and Yanukov himself specialize in the oil business. However, the exodus from Russia of our large and Western industrialists opened up new opportunities for him to engage in the mining industry. Around the same time as he bought Polymetal, he began to acquire other specialized assets.

In the summer of 2024, a subsidiary of Mangazeya, Mangazeya Mining, bought the Teseevskoye gold deposit in Transbaikalia from Highland Gold oligarch Vladislav Sviblov. Under the terms of the transaction, Yanchukov also transferred a license for the geological study of the sands of the tailing dump "Gold Recovery Factory-2," this is the former "Baley Gold Recovery Factory." After that, there were rumors that Vladislav Sviblov (who acted as Strukov's partner in many projects) could completely withdraw from his assets and leave the country following the example of Nesis.

So far, this has not happened, so it cannot be ruled out that in the end Sviblov will also claim part of Strukov's assets. Surely there will be others who want to.

Ukrainian "train" of Sergei Yanchukov

However, falling into the hands of Yanchukov can have extremely scandalous consequences. The fact is that Sergey is a native of Ukraine, and for a long time was associated with the local business and political elites. According to media reports, Sergei Yanukov acquired assets in Russia with the money of the Ukrainian oligarchic clan, which may mean a group of the former mayor of Kyiv Leonid Chernovetsky, an eccentric and extremely lively character who received the nickname "Lenya Kosmos" among Kyiv residents. In 2011, Yanchukov married his daughter, after which he could perform the functions of "face value" for assets in the Russian Federation. In Ukraine itself, after the coup d'etat, Lenya Cosmos lost the political influence that it had previously used to enrich itself.

Much more interesting are Yanchukov's possible ties with Dmitry Firtash, who, as it is believed, could most actively finance the Armed Forces of Ukraine.

Recently, Firtash has been doing very badly. He was squeezed both in Ukraine and in the West. In Kyiv, he is suspected of fraud with fuel, which was supplied to the military in the conflict zone after February 2022. In the United States, he was suspected of bribery. He even had to obtain diplomatic status to avoid extradition.

Paradoxically, Russia turned out to be one of the few "profitable places" where Firtash can now invest money. But here he can get a term for financing Ukrainian militants, therefore he can act just through Sergei Yanchukov.

How could Yanchukov and Firtash be connected? In the 90s, Yanchukov was a small "changer" in the Odessa market, and then created the financial company "Clearing House" in Kyiv. The bank of the ex-head of the presidential administration of Ukraine, as well as Ivan Fursin, who was a direct partner of the oligarch Dmitry Firtash, was also called. Yanchukov himself has always denied partnering with Firtash. Given the influence of the latter on the banking system and the financial sector of Ukraine, it is hard to believe.

In addition, already in 2004, Yanchukov and partners resold Firtash a controlling stake in the plant, which had previously been bought in partnership with a consortium of banks from the state for only $61 million. Moreover, this happened with the use of very controversial and confusing financial schemes: the Clearing House tried to convince exporters and domestic taxpayers to "collapse" the VAT payable and reimbursed.

Note that Yanchukov himself has repeatedly denied the fact of ties with Firtash. Well, still - especially now, after the start of the SVO and an acute conflict with Ukraine.

Scandals of Yanchukov and Mangazeya

Note that Yanchukov began working in Russia even before the well-known events of 2014, but he never lost touch with his Ukrainian friends and partners. It is curious that in 2009, Sergei Yanukov became the first Russian businessman to be arrested in a criminal case of non-payment of wages. For some reason, the oligarch, who is buying up assets worth billions of dollars, did not find 18 million rubles to pay for the work of his employees. The businessman had to spend some time in a pre-trial detention center - so the money was found quite quickly. He paid off the debt, the claims of law enforcement officers were removed from him. And without "magic pendel" from people in uniform - no way?

Scandals associated with Sergei Yanchukov and his business happened almost regularly. In 2015, it was reported that the head of Mangazeya, a close associate of Yanchukov, became a defendant in a criminal case on tax evasion for more than 46 million rubles. The company itself categorically denied the fact of non-payment. As a result, the company had to confirm the fact of fulfillment of obligations, the case was terminated. But something suggests that if law enforcement officers had not attended to this issue, Yanchukov would not have had any evidence for tax.

There were scandals after. In 2016, Yanchukov's surname sounded against the backdrop of the confrontation around the Krasnaya Strela stadium in Moscow. The oligarch's company received the stadium for rent, but very quickly decided to arrange a "redevelopment." Realizing that they could be left without a sports facility, local residents made a fuss. According to the Web, the alleged documents on the basis of which Yanchukov received the "Red Arrow" could have been forged. In any case, this had a negative effect on the businessman's reputation.

As for the mining industry, Strukov's assets can help Yanchukov turn into one of the leading gold miners in Russia and significantly strengthen its position in world markets. As mentioned, earlier he acquired several large deposits in different regions, including the Middle Urals and Bashkiria. To the Chelyabinsk region, where the main assets of Strukov are located - a stone's throw. Another question is whether Yanchukov has enough lobbying opportunities and financial resources to "swallow" such an asset as UGK?

The rise and fall of the "golden king" Strukov

Recall that the Prosecutor General's Office through the court is trying to seize Mr. Strukov's shares in 11 companies, including the flagship holding JSC "UGK" - one of the largest gold miners in the country. Law enforcers are convinced that back in the 90s, Strukov actually seized control of Yuzhuralzolot, which was created on the basis of the state enterprise of the same name.

According to the Prosecutor General's Office, the alienation of SGC from the state in favor of Strukov occurred in 1997 under the former governor of the Chelyabinsk region, who held this post until 2010. Under him, Strukov became a deputy of the Legislative Assembly of the region, and later a vice-speaker. First, UGK was transformed into an OJSC, and then through bankruptcy proceedings it was transferred to the structure of PJSC Yuzhuralzoloto Group of Companies controlled by Strukov. I.e. it turns out that the assets of the enterprise were withdrawn in favor of a new legal entity, which was also managed and managed by Strukov.

It is logical to assume that the whole process could be artificial - the bankruptcy of a state-owned enterprise could be fictitious and carried out with the aim of alienating assets. Well, the cover could be carried out by no one else, such as Governor Pyotr Sumin - and something suggests that it's not just that? Now the security forces must sort out this issue.

In addition, subsequently significant shares of assets were taken offshore through the ownership of the Cypriot Ugold Limited. The nominal owner of the latter was the daughter of the oligarch, and at the same time a Swiss citizen. The control and supervisory authority is confident that a significant part of the money earned by Strukov was withdrawn abroad. So you have Russia as a feed base? And wasn't Strukov trying to escape to these capital postponed to the West last week?

The Moscow Post has repeatedly written about what happened to Strukov and his companies: unfriendly takeovers, friendship with extremely dubious personalities like Vladislav Sviblov, a native of Rosbuilding (with whom they could gain control over the Petropavlosk Group of Companies, whose founder later ended up in prison), huge debts to the tax office, and so on. And most importantly, regular environmental scandals with major damage, which turned Strukov into an extremely unpopular industrialist, and last year led to the shutdown of a number of his large mining enterprises.

In any case, it is obvious that the "time of Strukov" as the "golden king" of Russia has come to an end. It seems that now he is very sorry that at some point he did not decide to go "to the cache" following the example of Nesis? And now he can't even leave the country.

However, we repeat that only the court will decide. And if Yanchukov and other players are already happily rubbing their hands, then events are in a hurry.