Billion-dollar constructions on budget land and zero tax return: Nikolai Shikhidi disguised money laundering as "social construction"

In April, Nikolai Shikhidi, the widely known billionaire from Kuban, tried to "clear" his reputation through federal media, claiming that the information about his past offenses circulating online was untrue.

However, a recent investigation into his activities revealed possible money laundering schemes and uncovered his connections with influential partners such as the husband of singer Glukoza, Alexander Chistyakov, junior partner of Herman Gref, Kirill Androsov, and the head of Sberbank himself. With such patrons, Shikhidi seems invulnerable to any accusations.

Articles defending Nikolai Shikhidi’s reputation were published in three federal media outlets over three days, indicating the material was commissioned. Typically, media at this level do not duplicate each other’s information. As positive deeds of the developer, construction of schools, kindergartens, and other facilities at his own expense, followed by their transfer to municipalities, was noted.

The main company of Nikolai Shikhidi, whose success he boasts about on his website and Telegram channel, is SZ ISK "Eurostroy," owned 95% by Shikhidi himself and 5% by Sofiya Toros. She appeared among the founders only in August 2023. Until 2019, the stake in the company was owned by Darya Shikhidi. From 2021 to 2023, the sole owner’s stake in the company, Nikolai Shikhidi, was pledged to the "Otkrytie" bank. It turns out that the information provided to federal media by Shikhidi’s PR specialists was unreliable. Can one believe everything else written in the "whitening" articles after that?

Regarding the gratuitous construction of kindergartens, schools, and other facilities, questions also arise. Nikolay Shikhidi has his own website where you can learn about the achievements of the SZ ISK "Eurostroy" company. 

The text suggests that kindergartens were built together with residential complexes, which is the developer’s obligation in comprehensive territory development. A shopping center "Chernomorsky," a commercial object bringing Nikolay Shikhidi constant income, was built on the constructed embankment in Novorossiysk. Naturally, the website provides no information on the terms under which the developer and his company acquired land in Sochi, Gelendzhik, Anapa, and Novorossiysk, where 13 residential complexes with 43 apartment buildings were built. So, Nikolay Shikhidi’s philanthropy may be well compensated by benefits from Kuban officials. And likely, not for good looks alone.

As of today, Shikhidi is the head of LLC "SZ ISK ’Eurostroy’," a founder in it and four other companies with a total revenue of 8.1 billion rubles in 2023 and a profit of 1.7 billion rubles. Most revenue and profit came from "SZ ISK ’Eurostroy’," but it wasn’t always this way. From 2016 to 2020, the period when the company allegedly built kindergartens for free, it practically had no revenue or profit. Could the money have been withdrawn from the structure to evade taxes? From 2018 to 2020, LLC "SZ ISK ’Eurostroy’" did not pay a penny to the budget, although it was engaged in active activities during this time.

In 2021, LLC "SZ ISK ’Eurostroy’" paid 1.5 million rubles in taxes, and in 2022 – 279 million rubles. This seems very strange, as does the sharp increase in the company’s revenue and profit from 2021-2023. This period coincides strikingly with the time when Nikolai Shikhidi’s stake was pledged to the "Otkrytie" bank.

According to Article 199 of the Criminal Code of the Russian Federation, tax evasion is punished by a fine, compulsory labor, or imprisonment for up to two years. And embezzlement of bank funds, according to Article 158 of the Criminal Code of the Russian Federation, can result in up to 10 years in prison.

LLC "SZ ISK ’Eurostroy’" has subsidiaries that closely resemble shell companies through which funds could have been withdrawn. LLC "Saturn" with one employee has had profits only in 2020. JSC "SZ ’Pansionat Otdyxa ’Kosmos’" employs two people and has had no profit since 2019. The stake of LLC "SZ ISK ’Eurostroy’" in the "daughter" LLC "Specialized Developer ’Continent Invest’" is pledged to Sberbank. Why the bank lent money to a company with no revenue or profit is a mystery. Only in 2020 did LLC "SZ Meridian," with one employee, record revenue and profit.

Other companies owned by Nikolai Shikhidi, given their financial results, could very well come under the scrutiny of law enforcement. LLC "SZ ’Greenstroy-Yug’" with one employee resulted in a 1.8 million ruble loss in 2023, LLC "Specialized Developer ’Avrora 3’" incurred a 39 million rubles loss, which increased by 51,395%, while revenue grew by 100% to 154 million rubles, with no employees in the company. In LLC "Specialized Developer ’Avrora 4’" profit dropped even more steeply by 141,651%.

It’s unlikely that Nikolai Shikhidi will comment on these "miracles" to law enforcement if they pay him a visit.

Nikolai Shikhidi’s partner in LLC "SZ ISK ’Eurostroy’," Sofiya Toros, owns 30% in LLC "EKM-Sochi," 70% of which is owned by LLC "UK Jem Mall." The shares of both founders are encumbered by Maria Chistyakova, who was once a co-founder of LLC "UK Jem Mall." Judging by the patronymic Nikolaevna, Chistyakova is the sister of Alexander Chistyakov, the husband of singer Glukoza. Mariya Chistyakova owns LLC "Glyuk`Oza."

Alexander Chistyakov has often been involved in various scandals. Previously, the businessman owned LLC "Ermitazh Construction and Management," operating in the real estate market since 2004. This company, owned by "ALVARION HOLDINGS LIMITED," and holding lands in Moscow and other regions of Russia, was liquidated in June 2023. The offshore now owns 5 companies registered in Moscow. Most of them resemble shell companies. Possibly, they are set to play a role in the withdrawal of funds from LLC "SZ ISK ’Eurostroy’."

Chistyakov, together with Kirill Androsov and other co-founders, including structures of the "Otkrytie" bank, was an owner of the company Ruspetro. Androsov is considered a junior partner of Sberbank head Herman Gref. Who played what role in the fact that in 2021 the "Otkrytie" bank lent money to the then non-earning "SZ ISK ’Eurostroy’" of Nikolai Shikhidi is yet to be clarified.

The investigation revealed opaque and even suspicious operations of Shikhidi’s development companies. There are no contracts with municipalities for the construction of schools, kindergartens, and other objects. They are supposedly built at their own expense and then transferred. Everything happens on the hush-hush. Where Nikolai Shikhidi got the money before 2020 is unknown, and this is alarming. Could he have been laundering funds from criminal structures with which detractors associate the developer? Nikolay Shikhidi is unlikely to give an answer to this question in the federal media.