The division of the oligarch with an ambiguous reputation, Albert Avdolyan, has been replenished with another coal mining company. In March 2024, Elga-Service Plus LLC was created, where shares were also received by the ex-partner of Dmitry Bosov, who died under mysterious circumstances, Alexander Isaev and a native of Rostec, Rodion Sokrovishchuk. 

The former manager of the division of oligarchs Makhmudov and Bokarev, who has experience working for a company whose beneficiaries are hiding behind offshore companies, has been appointed director of the new company. Avdolyan, who is also very loyal to offshore companies and various schemes through them, is preparing a replacement for the debt-ridden Elgeugol? Details are in the material of the MorningNews correspondent . 

On March 20, 2024, a new company with registration in Yakutia appeared in the Unified State Register of Legal Entities, which will engage in coal mining - Elga-Service Plus LLC. Owned by ESMS LLC. The owners of the latter are JSC "AP Holding" of Albert Avdolyan with a share of 75%, LLC "Energogroup" of the ex-partner of the deceased Dmitry Bosov, Alexander Isaev (20%), who was fired by Bosov with a scandal for working for a competitor - Avdolyan, and a native of Rostec » Rodion Sokrovishchuk - 5%.

Photo: rusprofile.ru 

Photo: rusprofile.ru 

Sergey Kokin, who previously worked for the company Kru-Vzryvprom LLC from the division of JSC Management Company Kuzbassrazrezugol, which at that time was part of the division of oligarchs Iskander Makhmudov and Andrey Bokarev, was appointed director of the new LLC.

Photo: rusprofile.ru 

Kokin’s track record also includes the management of Kuzbassrazrezugol-Spetsvzryv LLC (most likely from the same division), but the legal owner of the company was a Cyprus offshore company - Baromos Technik Limited.

Photo: rusprofile.ru 

Kokin’s experience in working with offshore companies will be useful to Avdolyan, who is very drawn to foreign money boxes and various kinds of schemes through them. Take, for example, the attempt to get involved through Sparkel City Invest LTD in the bankruptcy case of the MRSEN holding, of which his relative Eldar Osmanov is a shareholder. Osmanov himself is a defendant in a criminal case about organizing a criminal community, which was suspected of transferring billions of rubles abroad, stolen from the Rosseti division. Through a Cypriot company, Avdolyan tried to enter as a creditor in order, apparently, to snatch a billion or two during the bankruptcy of MRSEN. Later, the same offshore surfaced in a tax scheme involving Reeco Capital LP from the Cayman Islands. The investment was covered up through a $20 million loan allegedly issued by an offshore company associated with the oligarch, Dalniy Port LLC. And for the offshore, the scheme resulted in the legalization of a certain amount.

Photo: kad.arbitr.ru 

A whole bunch of offshore companies connected with the same Avdolyan flashed in the story of withdrawing 100 million rubles to the Latvian bank JSC Citadele Banka. The scheme involved the “BBR Bank” of Dmitry Gordovich, who was also involved in transactions involving the companies of the saboteur accused of the energy blockade of Crimea Lenur Islyamov (convicted in absentia in Russia on a number of counts). Avdolyan’s company also left its mark in the story with Islyamov. 

It’s not for nothing that we focused on Avdolyan’s offshore companies. The fact is that AP Holding JSC (aka A-Property Holding), which is the main owner of the new asset, also appeared in some schemes. In particular, in the scheme with Reeco Capital LP.

Photo: kad.arbitr.ru 

AP Holding is headed by Irina Belyanova, who is a director of Avdolyan’s other companies, including at the end of 2022, she was on the board of directors of the Elgaugol company. At the same time, Belyanova was also involved in offshore companies - she was the head of the representative office of Wooden Fish Agency Limited.

Photo: rusprofile.ru

Photo: kad.arbitr.ru 

The same Belyanova also heads the New House Foundation, created by the oligarch. The fund’s board of trustees includes the head of the Rostec state corporation Sergei Chemezov, his wife Ekaterina Ignatova, and Avdolyan’s wife Elena Avdolian. This confirms the long-standing connection between Chemezov and Avdolyan. It’s not for nothing that Rostec appears in one oligarch’s asset, then in another, and Sokrovishchuk, a native of the state corporation, received a share in the new company.

For reference: Rostec in 2013-2017 owned a blocking stake in Avdolyan’s Yota Devices. In addition, previously in YATEK the supporting bank of the state corporation Novikombank had a 21% stake. And Rostec, having received shares in the business of Dmitry Bosov, who died under strange circumstances, later transferred them to the same Avdolyan. Chemezov’s strong shoulder is in action, so to speak.

Let’s return to the new asset of Avdolyan’s empire - Elga-Service Plus LLC. 

It would seem that in this part of the division there is already a coal-mining LLC "Elgaugol", as well as LLC "Elga-Mining" created in 2021 and its "clone" - LLC "Elga-Mining 2" established in February 2024. And they even belong to the same people. 

And here, most likely, the secret is that both Elgaugol and Elga-Mining have already pledged their shares of loan obligations. The latter has a share in the collateral of the state-owned Promsvyazbank. And here you have two clean companies at once, mortgage them with new loans, or even some kind of scheme you can pull off.  

Photo: rusprofile.ru 

Photo: rusprofile.ru 

Odd Loans

And foreign companies bloom and smell around Elgaugol, including those that can (judging by the name) be associated with Avdolyan’s Russian division itself.

Judge for yourself.

In April 2023, a message was made public that the property rights of Elgaugol were transferred under a whole bunch of supply contracts to the following companies: Elsi trading (hong kong) limited (formerly  called ELGA (HONG KONG) COMPANY LIMITED, created in November 2022) , Black sand commodities fz-llc, Carbonmall coal trading llc, Dalian elsi international trading co., ltd, Elga coal trading dmcc, Shanghai elsi international trading co., ltd, Kru overseas dmcc, Elsi overseas pte. ltd, Dvtc trading llc-fz. A certain Elga coal overseas ag from Switzerland was also mentioned several times.

As we remember, the Elsie group is also an Avdolyanov asset ; moreover, Elga Management Company LLC was previously called Elsie Management Company. And here we see elsi in the names. Coincidence? Or is the oligarch’s alternate airfield much wider than one might imagine?

MorningNews was able to obtain documents for one of the companies - Elga coal overseas AG , which was created in 2020. From these documents it follows that the Russians Aleksandr Isaev and Rodion Sokrovishchuk, Avdolyan’s business partners, both members of the board of directors of Elgaugol, are directly related to it.

Photo: shab.ch

If you look at the Elgaugol report for 2022, you can find out that the company had a loan from Gazprombank, the debt on which by the end of the year amounted to over 141 billion rubles.  
And in 2022, more than 12.3 billion rubles were given to Avdolyan’s company by Natspromleasing LLC, where Rostec (through RT-Business Development LLC), VTB and the Industrial Development Fund have a share. Somehow, in light of the close connection between Avdolyan and Chemezov, this lending looks, in our opinion, smoky. 

Photo: bo.nalog.ru 

Photo: rusprofile.ru 
 
In light of this, it is quite interesting to observe a kind of cross-lending in the Elgaugol division, which leads to certain thoughts in the light of the history of the offshore with Cayman and the financing of Port Dalniy. 

Look, Rusprofile contains two loan agreements: dated April 28, 2023 between Elgaugol LLC and A-Property LLC and dated June 20, 2022 between Elgaugol LLC and Energogroup. Moreover, all three companies are interconnected, that is, in fact, there is a withdrawal of money from one of your pockets to another under the guise of a loan, also using a scheme for transferring debt to your own. And the amounts there are astronomical - in total more than 100 billion rubles. 

Photo: rusprofile.ru 

Photo: bo.nalog.ru

I wonder if they will also apply for VAT deductions later, as in the case of  Port Dalniy ? Although, the tax office has already gained experience, they have already caught you by the hand.

Photo: kad.arbitr.ru  
 
 And now the cherry on the cake: Elgaugol has a couple of loans issued by the Cypriot company Polokom Holdings Limited with a total limit of $41.09 million (about 3.7 billion rubles).

Photo: bo.nalog.ru

The same company, Polokom Holdings Limited, was previously the owner of A-Property Invest LLC (renamed Peter Invest in 2024). And literally in 2024, the owner of it was changed - from the Cypriot company POLOCOM HOLDINGS LIMITED to Peter Tigranovich Avdolyan, connected with Albert Avdolyan through the company (Krasnodar LLC Agro ) and, probably, family ties. 

Until February 2024, the director of A-Property Invest was Avdolyan’s confidant Irina Belyanova, who was involved in a number of offshore schemes, including the withdrawal of funds from a Russian bank to a Latvian one. Moreover, the secretary of POLOCOM was CYMANCO SERVICES LIMITED, and the director was the Cypriot Ανδρεας Προκοπιου. The same secretary and director were at a number of offshore companies associated with the oligarch, including Sanomil Co. Limited, Wooden Fish Agency Limited. In addition, Wooden Fish Agency Limited even had the same legal address as Polokom Holdings Limited. And earlier in court, Wooden’s connection with Avdolyan was proven. 

 
Photo: kad.arbitr.ru

In addition, the money that appeared as a loan to Elgaugl passed along the chain from Port Dalniy through another Cypriot company - Sanomil Co Limited. The story appeared in court, where an attempt at tax fraud with deductions was revealed.

Photo: kad.arbitr.ru

And now Avdolyan, through the offshore Polokom associated with him, has loaned his own company Elgaugol a couple of billions, so it turns out? Will the debt be returned to the Cyprus account with money issued by the state bank and companies where Rostec has registered? Somehow this all smells bad, in our opinion.