How to steal money from shareholders and not go to jail
While the scandalous developer Seven Suns Development by Alexei Ryzhkov is promoting himself at the opening of neighborhood centers, his shareholders are not getting out of court, trying to get the long-awaited keys to the apartments. The same ones that entered the market back in 2018 at bargain prices below the market. Delays in commissioning already exceed 6 months.
Officially, Seven Suns Development is one of largest developers Russia (23rd place), but in industry channels they don’t call him anything other than a “goryushko developer”. But their founder is cool – Alexey Ryzhkov, the founder is still great 30 companiesone way or another connected with Seven Suns. At one time, Alexei was actively helped by his father, Pyotr Ryzhkov, who was also no mistake. Since 1993, he has headed the largest Vologda construction company, Gorstroyzakazchik, and owns a 70% stake in Vologda plant ZhBIIK and is a member of the board of directors of the bank “Vologzhanin”, without falling out of the ranking of St. Petersburg billionaires.
However, the Ryzhkov family and their brainchild Seven Suns are much more famous for court battles, criminal cases and scandals surrounding construction projects and relationships with contractors, creditors, and the buyers themselves. The events on the Moscow market are unfolding epically for the name: the residential complex “Light World Fairytale Forest”, which is in the buffer zone of the Losiny Ostrov national park, does not leave the headlines, continuing a series of oddities picked up from another of their project with a smell – “In the quest for light” .
Let’s just compare, as soon as a developer entered the capital, either Moskomstroyinvest files a claim against him, trying to block the attraction of funds from shareholders, or he receives several claims at once from the Moscow City Property Department, which is collecting from the developer overdue rental payments for plots; at the same time, tax authorities file applications for bankruptcy. Since 2019, lawsuits from the Ministry of Natural Resources and city defenders have been pouring in regarding the project near Losiny Ostrov. However, this list can be continued indefinitely. Because in the home market, developers have enough problems with sites.
Currently, Seven Suns Development St. Petersburg LLC has 17 cases since 2013 with a total claim amount of 1.6 billion rubles. In Moscow – 22 cases from the same year. Almost all of the lawsuits being considered are cases of failure to fulfill obligations to third parties and/or challenging decisions of government authorities.
It would be very funny if it weren’t so sad, since since 2019, respected experts have exposed suspicious schemes of the developer with escrow. It is interesting that the Prosecutor’s Office has been aware of what is happening for a long time, but they have not yet drawn any conclusions. Although there were attempts. In November 2021, the supervisory agency discovered that the structure of the project developer, SZ MSK Losinoostrovskaya LLC, violates the rights of shareholders in terms of the assignment of rights under the DDU.
The amazing things don’t stop there.
If you look closely at the proceedings themselves, litigation, inspections and Seven Sans’ style in delaying processes, then the course of all cases transparently hints that the developer has everything covered everywhere – working undercover. The explanation for this is that it’s like water off a duck’s back. All major claims brought against Seven Suns remain unsatisfied, including: Terra Nova LLC, Glorex Group LLC… It’s curious why the prosecutor’s heads have not yet laid their eyes on the valuable resource of the Ryzhkov family?
It’s probably all about the aura.
The Ryzhkov clan are spiritually enlightened people, fans of the Hare Krishnas. Hence the concept of their residential complex about a bright world, butterflies and so on. By the way, I would like to look at the faces of such enlightened people. But what does Alexey Ryzhkov himself look like?
He is not a public person; we only managed to find this photograph.
What does this all mean?
So far, the relationship between the supervisory authorities and Ryzhkov Jr. is more reminiscent of the correspondence of a young gigolo with a lonely girl with some savings on Tinder. The “romance” has been in the works for a long time. It’s only now that the situation with the showdown has reached the federal level.
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