The Olympiad is exempt from deposits – Newspaper Kommersant No. 33 (7478) of 02/22/2023
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The family of the ex-governor of the Krasnodar Territory Alexander Tkachev may remove the facilities built in Sochi for the 2014 Olympics from collateral obligations to VEB.RF. We are talking about a real estate portfolio worth at least 42 billion rubles. If successful, the businessman will be able to participate in other major projects, and VEB.RF will get rid of bad debt.
The company of the family of Alexander Tkachev, as part of a business restructuring, can withdraw the facilities built for the Olympics in Sochi from the collateral obligations of VEB.RF, two sources told Kommersant in the market. Another interlocutor of Kommersant says that we are talking about on-lending at another bank, to which the pledges will be transferred. VEB.RF and the Mantera group (which manages Alexander Tkachev’s hotel assets) declined to comment.
In the event of a transfer of obligations to another bank, according to Veronika Litvinenko, head of the legal department at the Yusticom consulting company, it is more profitable for VEB.RF to create a syndicate with the future creditor, acting as a guarantor.
This option, according to her, will allow the state corporation to raise much more funds than at the current rate of “Olympic” loans of 2.5%.
Yevgeny Pugachev, a partner at the Legal Plant law firm, believes that it would be more profitable for the borrower to completely remove collateral without refinancing in other banks. Dmitry Kletochkin, partner at the law firm Rustam Kurmaev & Partners, believes that we can also talk about replacing collateral.
Part of the withdrawal of objects from the pledge may be a deal recently agreed by the Federal Antimonopoly Service.
It implies that OOO MC Terra Asset Management, ZPIFN Hospitality Technologies gain control over JSC Sochi Park, OOO Sochi Park Hotel and NAO Krasnaya Polyana, on the balance sheet of which are the Olympic facilities of the family of Alexander Tkachev.
According to Kartoteka.ruall these legal entities are controlled by the structures of Mr. Tkachev.
Sochi Park Hotel owns a hotel with 2.9 thousand rooms in the Imeretinskaya lowland. Sochi Park operates a 25-hectare theme park with rides and a 293-room Bogatyr Castle Hotel. NJSC “Krasnaya Polyana” manages the resort of the same name with slopes and hotels for 2.8 thousand rooms in the mountainous part of Sochi. The founder of Ivashkevich Hospitality, Stanislav Ivashkevich, notes that the average cost of a room in Sochi is now 7–12 million rubles, and ski infrastructure is about 225 million rubles. Based on this assessment, the entire Olympic portfolio of Alexander Tkachev can be estimated at least at 42 billion rubles.
The Winter Olympics in Sochi took place in February 2014. Vladimir Dmitriev, then head of VEB, reported earlier that the total amount of funding allocated by the state corporation for facilities in Sochi amounted to 240 billion rubles. In total, VEB financed 17 Olympic facilities, most of these loans were restructured after the Games with prolongation of repayment periods. In particular, loans from Krasnaya Polyana were restructured at the initiative of VEB.RF itself due to the risk of default by the borrower (see “Kommersant” dated December 6, 2017).
Initially, loans for Olympic facilities were issued on market terms, but gradually the rate on them dropped to 2.5% and assumed a delay in paying the body of the debt, says a Kommersant source.
According to him, the total debt of Alexander Tkachev’s structures to VEB.RF was about 50 billion rubles, of which about 30 billion rubles. came to Krasnaya Polyana.
Kommersant’s interlocutor found it difficult to estimate the real cost for which assets can now be bought from VEB.RF. He believes that a new restructuring was required for Mr. Tkachev’s structures before entering other major projects. The businessman’s structures really announced plans to participate in the auction for the acquisition of Arkhyz Management Company.
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