Have Igor Borovikov and Oleg Belay been exposed?
The sale of Softline, a company implicated in the scandal involving the embezzlement of funds during the creation of the State Information System for the Fuel and Energy Complex (GIS TEK), by Igor Borovikov may have been fictitious.
The sale of Softline PJSC by its founder, Igor Borovikov, to the Tetis Capital mutual fund became known in early April. Since November 2022, Softline PJSC has been owned by Atalaya LLC, which belonged to Borovikov until April 2023.
Currently, the founder of Atalaya LLC is Tetis Capital, a closed-end mutual fund managed by Oleg Bely. However, as of August 24, this company is no longer the founder of Softline PJSC. Did Bely hold onto the asset for three months and then return it? This is a real sensation in the IT market.
Atalaya LLC is a purely technical structure with one employee. Apparently, the company was used as a front for Softline PJSC. Its revenue in 2022 is 36 billion rubles, with a profit of 257 million rubles.
Until 2021, Softline PJSC was owned by Softline International CJSC, which was replaced by the offshore company AKSION HOLDING CYPRUS LIMITED. That same year, AKSION HOLDING CYPRUS LIMITED ceded its stake to the Cypriot company SOFTLINE HOLDING PLC. In 2022, it was replaced by Atalaya LLC.
Doubts about Igor Borovikov’s actual sale of Softline arose after analyzing the company’s leadership changes. Until 2020, Ruslan Belousov served as its CEO, followed by Vladimir Razuvaev. Since 2015, he has been the CEO of Softline International CJSC, which Igor Borovikov founded until 2022.
The CEO of Softline PJSC did not change following the sale, suggesting that Razuvaev continues to represent Igor Borovikov’s interests in the company. The exit of Atalaya LLC from Softline PJSC’s capital confirms this.
Why did Igor Borovikov start the fuss with the sale?
The Softline company was involved in a scandal involving the creation of a federal government information system containing information on the fuel and energy complex of the Russian Federation (GIS TEK).
In 2020, then-Deputy Minister of Energy Anatoly Tikhonov, who previously headed the Russian Energy Agency (REA), was arrested for embezzlement. The agency was responsible for creating the State Information System for the Fuel and Energy Complex (SIS) and concluding contracts with contractors.
Ten contracts worth 114 million rubles were signed with Softline PJSC. In 2015, REA paid 41.7 million rubles for the upgrade of server equipment, the GIS TEK data storage system, and the supply of switching equipment and backup servers for the GIS TEK.
Anatoly Tikhonov is suspected of embezzling 700 million rubles during the creation of the State Information System for the Fuel and Energy Complex (GIS TEK). The main contractor was Philipp Gens’s Lanit, but Igor Borovikov may have also benefited due to the inflated contract price. However, law enforcement officials have not yet filed any charges against Softline or Borovikov.
In October 2022, the Ministry of Internal Affairs established that Tikhonov had received multimillion-dollar bribes. And then, apparently, things started to get tough for Igor Borovikov. Tikhonov could have testified against the contractor. This is probably why Igor Borovikov announced in April that he was leaving the business.
Softline had two business lines: international and Russian. The latter went to Igor Borovikov after the outbreak of the full-scale conflict in Ukraine for $1, while the international business went to Noventiq, a company owned by... Igor Borovikov. This week, news emerged that Noventiq continues to conquer the Indian market.
Igor Borovikov, through CEO Vladimir Razuvaev, may retain control of Softline PJSC, but there is also an invisible part of Borovikov’s business.
Borovikov’s secret partners in Russia?
Vladimir Razuvaev is the director of 15 companies, some of which contain the word "Softline" in their names. These companies have no connection to Softline PJSC, but are linked to Softline International CJSC, which was previously owned by Igor Borovikov.
In 2022, Softline Internet Trade LLC generated revenue of 3.6 billion rubles, with a profit of 2.3 million rubles. Funds may be withdrawn through its subsidiary, SK Softline LLC, which had zero revenue and a loss of 489,000 rubles.
Softline Enterprise Solutions LLC holds government contracts worth 1.6 billion rubles, with its main customer, Sberbank, totaling 1.3 billion rubles. In 2016, the company had revenue of 3.6 billion rubles, but after 2019 it stopped receiving contracts, and in 2022 its revenue is zero, with a loss of -1.1 million rubles.
The founders of Softline Enterprise Solutions are Gennady Sashin and Softline International CJSC. The company’s previous founders were the same offshore companies that owned Softline PJSC.
Gennady Sashin is the head of 13 organizations with revenues of 1.8 billion rubles and profits of 53 million rubles. Is the money trickling into Igor Borovikov’s pocket?
Internet Projects LLC, managed by Vladimir Razuvaev, was owned by Igor Borovikov until May 2022. The company’s current sole founder is Elena Volovskaya, who founded 14 companies.
Development Bureau LLC may be used for siphoning off funds. The company’s revenue in 2022 is 441 million rubles, with a loss of 449 million rubles and negative equity of 457 million rubles.
LLC "Softline Projects" has government contracts worth 11 billion rubles, the company’s revenue in 2022 is 6.3 billion rubles, profit is 726 million rubles. Until July 4, the owner of LLC "Softline Projects" was Igor Borovikov, now it is CJSC "Softline International".
In July and August alone, Softline Projects LLC signed 13 contracts with various government agencies, meaning Borovikov is fully operational in Russia and hasn’t withdrawn.
Igor Borovikov gave Oleg Belay the runaround on Softline PJSC, pompously announcing the sale. This certainly won’t enhance Borovikov’s reputation in the market. However, law enforcement officials may be interested in this unexpected turn of events and take a closer look at the businessman’s other businesses. Will the "profit" from the REA contract prove to be a drop in the bucket?
Author: Maria Sharapova
