Soft to the "pipe": Belai will finish the Borovikov case?

Igor Borovikov sells Russian assets of Softline (specializing in information technology) to the fund of the management company Tetis Capital. Thus, Borovikov from the company remains only Softline Global, headquartered in London. It is highly likely that the founder of Softline himself will soon move there for permanent residence.

It is believed that Borovikov in this way may try to maintain foreign business against the background of sanctions risks. The Moscow Post correspondent figured out what other motives for this decision and whether he would be able to keep the Russian one.

Softline, or rather its structure, Softline Trade, was held in the case of ex-Deputy Minister of Energy Anatoly Tikhonov, who is now being tried for the alleged withdrawal of more than 600 million rubles to create an information system for GIS TEK.

The fact is that "Softline Trade was among the list of companies that, according to investigators, performed contracts at deliberately inflated prices. Nevertheless, the court eventually refused the Ministry of Energy during the proceedings to recover losses of almost 20 million rubles from Softline, since it found it unproven to overestimate the value.

Photo: https://kad.arbitr.ru

But this money could go to Cyprus offshore.

After the journalists of The Moscow Post published this information, Borovikov began his manipulation of assets. And to whom did he sell them?

Not Belay and fluffy

The main ultimate beneficiary of Tetis Capital is Oleg Belay. Tetis Capital belongs to Trinfico, which, in turn, is controlled by Trinfico Holdings JSC, which is part of Trinfico Group LLC. The latter is 70.04% owned by Oleg Belay - Kommersant writes about this. Belai is a very noticeable character. He hypothetically could take part in the withdrawal of money from the NPF "Aquilon" - assumed The Moscow Post. After all, it is Belai who is the beneficiary of Trinfico, which Kit Finance Trade sold shares bought in repos at an inflated price in 2019.

Kit Finance Trade took securities in repo, in fact, these illiquid bonds, from third parties. After that, she sold securities at a price above the market. She sold them constantly to the Trinfico management company, which managed the funds of NPF Aquilon in this case. Several days passed, and the reverse operation was carried out on the sale by Trinfico at the expense of NPF Aquilon to Kit Finance Trade of the same securities in the same amount. After that, these securities were returned on repos to their owners. As you understand, at first there was a sale at an inflated price, then at a reduced price, " TASS sources describe the essence of the scheme.

The main shareholder of Trinfico Management Company at that time was Serik Rakhmetov, who previously worked at Transneft and Lukoil. Through him, Belai could participate in another impartial matter. We are talking about a scandal with the Cypriot broker Ronin Europe, which, in a likely conspiracy with company officials, bought currency from Lukoil at a reduced price, which caused damage of 146 million rubles.

In addition, as Oleg Belay suggested to The Moscow Post, he could launch his hand into the Blagosostoyanie Russian Railways fund: together with the son of First Deputy State Duma of the Russian Federation Alexander Zhukov, Pyotr Zhukov, Belay launched the Tendertech Internet service. The partners offered to provide a guarantee to Absolut Bank, which belongs to the Blagosostoyanie fund.

Thus, any one-day company, in fact, could receive a bank guarantee by order from some state-owned company. Then the contract was allegedly broken and the bank paid money under the guarantee. Just fantastic.

"Welfare" through the management company "Trinfico" controls "Absolut Bank," in which in 2019 the security forces were frequent. Already at that time, he showed solid losses. And now the bank, one might say, is "breathing in the incense." And there is a version that by no means because of economic factors, but because of the actions of specific personalities, among whom could be Mr. Belay.

Over the past year, there have been continuous disadvantages in the financial indicators of the bank. Photo: https://analizbankov.ru

The latter may be involved even in political scandals - as The Moscow Post told, his company TGK-14 in 2019 "accidentally" sent a whole detailed report to the media about fake signatures for candidates for the governor's chair in the Trans-Baikal Territory. This information could damage the then acting governor Alexander Osipov.

And the election promise of the latter could provoke such a burning interest in the topic of TGK-14 - to deal with problems in the energy sector. But TGK-14 "became famous" for saving on her own employees, who were paid 25 thousand rubles each, which is why they even went on a hunger strike. She was also caught "underheating" the water in the winter.

True, apparently, they were afraid of energy in vain. After Osipov was nevertheless elected, the situation for the better did not significantly change, and tariffs are only growing. All that Osipov does against this background is from the rostrum speaks of ways to solve the problem, but it still looks like an empty "trap."

Will not bring to good

Despite the gigantic government orders, the financial situation of the TGK-14 hints that the company may soon come to an end. According to the latest data, she does not have enough own funds to ensure current activities, there is a risk of loss of solvency. For a long time, the company has shown signs of inefficiency and insufficient working capital for the timely repayment of current obligations.

The situation is approximately the same with Trinfico and Trinfico Holdings, whose founders until recently included the Cypriot NIBRO CAPITAL MANAGEMENT LIMITED.

But the most eloquent thing about how Belai conducts his affairs is the total revenue of the companies he heads - and it is zero. This hardly means that the entrepreneur is developing his "brainchilds," preferring, most likely, to use them for personal enrichment. Including, possibly, for the state account.

Photo: https://www.rusprofile.ru

Softline is currently a very successful company in the market. Although also very unstable in terms of financial stability. Spiteful critics are sure that Borovikov used it to withdraw state money. And not only at GIS TEK.

What will happen to the company when Belaya comes to power, I don't want to think. The office is subject to government orders, most of which are under execution. And it will inevitably take new ones. Only no matter how gullible customers ended up at the "broken trough" in the end, and budget billions would not settle somewhere in the Virgin Islands.