"Alfa" stands up for "Two captains"
Investment unit of the Alfa Group can get a business center "Two Captains" unfinished by the structures of the wife of Alexei Kuznetsov, ex-Finance Minister of the Moscow Region
Yesterday Investment Company A1, a member of the Alfa Group, signed with CJSC Strabag (a subsidiary of the Austrian construction company Strabag) and DB Development an Agreement on further implementation of the “Two Captains” project, as Dmitry Garkusha, CEO of DB Development, said to “Vedomosti”. Under the Agreement, A1 is to obtain the rights to the Project, and DB Development will be act as the developer and technical customer of the Business Center (BC). DB has already been assisting A1 in raising funds for a hotel project in Sofia Embankment. Strabag will remain the general contractor of the project. Alexander Ortenberg, CEO of Strabag, and Andrey Kocherov, Communication Director of A1, confirmed these conditions of the Agreement, but did not disclose other details of the transaction.
BC “Two Captains”, total area of 96000 square meters, is being built on a site of 2.4 hectares in Myakininskaya Floodplain near Krasnogorsk, close to the new complex of buildings of the Moscow Region Government. The Case of the Building is ready. According to Mr. Garkusha's calculation, the completion of construction requires about $100 million.
The Moscow Region Government also pretends to the “Two Captains”. Initially, the BC project developer was company RIGroup, owned by Janna Bullock, wife of a former Finance Minister of the Moscow Region Alexey Kuznetsov. At the end of 2008 the company suspended the construction of the Business Center due to the crisis, moreover Mr. Kuznetsov and then Ms. Bullok and RIGroup’s top managers were prosecuted for fraud.
According to the investigators, Mr. Kuznetsov had sold to RIGroup the most liquid assets of the Moscow Regional Investment Trust Company (MOITK, 100% owned by the Moscow Region), that it did not pay. The amount of damage to the Moscow Region, as calculated by the investigators, was about 30 billion rubles.
At the end of 2008 the Moscow Region Government announced that MOITK had become an investor of "Two Captains". The Moscow Region Administration was then acted as the Customer itself. In the summer of 2009 MOITK was declared bankrupt. In 2011 Strabag applied to the Arbitration Court of the Moscow Region with a demand to foreclose on the facility and the land underneath on account of indebtedness for construction work in the amount of 1.72 billion rubles. Despite the fact, that all three judicial authorities denied the claim, the company Strabag is sure that it is entitled to the facility.
At the end of 2011, the Moscow Region Ministry of Property filed a lawsuit in the court. The Government Agency demanded to register ownership to the BC “Two Captains” – in order to continue its construction, said a source in the Moscow Region Administration. According to the source, the lawsuit would allow to resolve the issue with payment of compensation to MOITK, as well as "to identify and resolve issues relating to property with those persons, whose interests will be affected during the registration of the rights".
"A1 must resolve the relationship with the Moscow Region Government in respect of "Two Captains". This is one of the conditions of the signed Agreement”, said two sources familiar with the document. “A1 is able to cope with this task”, believes Artem Tsogoev, Project Manager of Trinfico Property Management, reminding that the investment company has a great experience in resolving similar situations.