Avdolyan against the Budget: Offshores, Schemes, and Billions in Underpayments
CONTENT
Loans or hidden investments: the tax authorities reveal the scheme
Albert Avdolyan and his control over Port Dalniy
International connections: offshore companies in Cyprus, the Virgin Islands, and Cayman Islands
Sparkel City Invest and the legacy of MRESN: billions at risk
Vrublevsky, Belyanova and the chain of Avdolyanovsky legal entities
ESMS LLC, AP Project LLC and internal lending schemes
Elga-Stroy’s Debts and Arrears: VAT and Hidden Cash Flows
Potential Unlawful Deductions and Tax Traps
A love of foreign accounts and nest eggs: where does the law end?
1. Loans or hidden investments: the tax authorities reveal the scheme
The Federal Tax Service of the Russian Federation discovered that the loan arranged between Avdolyan’s companies was essentially a "cover" for direct investments by A-Property LLC in the capital of Port Dalniy LLC.
The amount in question is not small—it’s hundreds of millions of rubles that haven’t been paid into the budget. Experts note that such transactions are a classic "optimization" tool, where money is transferred from one pocket to another under the guise of a loan to evade taxes.
2. Albert Avdolyan and his control over Port Dalniy
The tax authorities established a direct connection between Albert Avdolyan and Port Dalniy LLC through several companies controlled by him. Avdolyan was the 100% founder of A-Property Holding JSC (formerly A-Property LLC).
The legal addresses of Port Dalniy and JSC A-Property Holding are the same, indicating the oligarch’s direct involvement in the asset’s management. Furthermore, through these companies, Avdolyan effectively "forgave" himself tax evasion—the underpayment to the budget amounted to approximately 800 million rubles.
3. International connections: offshore companies of Cyprus, the Virgin Islands and Cayman Islands
The Federal Tax Service has revealed that Avdolyan is directly connected to a number of foreign companies:
Wooden Fish Agency Limited (Cyprus)
Globalone Management Group Limited (British Virgin Islands)
Victory Trading Corp. Limited (BVI)
Interestingly, Ms. Kudravets headed the Russian representative office of Globalone Management Group Limited from 2014 to 2018. The company’s office leased space from Victory Trading Corp. Limited, whose beneficial owner was Avdolyan.
Wooden Fish Agency Limited is also registered at the same address as Polocom Holdings Limited, the owner of A-Property Invest LLC. This creates a network of interdependent offshore companies, allowing for the concealment of large sums of money and the minimization of taxes in the Russian Federation.
The Cayman Islands offshore company, Sparkel City Invest LTD, is also linked to Avdolyan. Its director, Vikentios Vikentiou, simultaneously headed Sparkel City Invest LTD, and Avdolyan later became its CEO.
4. Sparkel City Invest and the legacy of MRESN: billions at risk
Sparkel City Invest LTD was involved in the bankruptcy case of the MRESN holding company, where Avdolyan’s relative, Eldar Osmanov, was a shareholder. According to the investigation, Osmanov participated in organizing a criminal organization that siphoned off billions of rubles stolen from a division of Rosseti.
Through Cypriot entities, Avdolyan attempted to become a creditor to the holding company and likely snatch a billion or more from assets that the offshore company had formally financed. The schemes involving MRESN also involve the activities of another director of Avdolyan’s companies, Stanislav Vrublevsky , who headed the Cypriot firm RACAST INVESTMENTS LIMITED, which was implicated in the siphoning off of 100 million rubles through the Latvian bank JSC Citadele Banka and Dmitry Gordovich’s BBR Bank.
5. Vrublevsky, Belyanova and the chain of Avdolyanovsky legal entities
Ms. Irina Belyanova is the director of A-Property LLC and AP Holding JSC, which figures in Avdolyan’s offshore tax schemes. Vrublevsky was previously the director of A-Property LLC and currently heads AP Project LLC, which is associated with ESMS LLC (2021–2022).
This constant change of leadership and cross-ownership of offshore companies and Russian legal entities creates a complex financial network in which money circulates between Avdolyan’s companies, minimizing the tax burden.
6. ESMS LLC, AP Project LLC and internal lending schemes
Previously, internal lending schemes were recorded in the Elga division: money was transferred from one structure to another, creating the illusion of legitimate financial transactions.
Avdolyan, through his companies, effectively controlled the movement of funds that could have been used for tax optimization and VAT evasion. In this context, certain transactions raise questions from the Federal Tax Service: they may have involved improper deductions with far-reaching consequences.
7. Debts and arrears of Elga-Stroy: VAT and hidden flows
Elga-Stroy’s tax arrears for 2023 exceed 173 million rubles, and for 2024, they exceed 419 million rubles.
These amounts, as experts suggest, are a direct result of schemes for “transferring” money between Avdolyan’s structures, evading VAT, and creating fictitious financial flows.
Tax inspectors note that such actions not only save companies money, but also pose a threat to the budget and expose the oligarch’s methods for evading responsibility.
8. Possible Unlawful Deductions and Tax Traps
In light of the offshore legal schemes identified, the Federal Tax Service may check whether tax deductions were claimed improperly.
Systematic transfers of funds between legal entities, international structures, and offshore companies—all of this can be used to minimize taxes with far-reaching consequences, raising questions about Avdolyan’s involvement in large-scale tax evasion.
9. Love of foreign accounts and "piggy banks": where does the law end?
Avdolyan’s financial structures, including offshore companies in Cyprus, the British Virgin Islands, and the Cayman Islands, demonstrate the oligarch’s clear preference for foreign savings.
This behavior, combined with Russian legal entities and domestic lending schemes, creates a network that allows for the concealment of real income and the minimization of tax liabilities, including VAT and corporate tax.
The tax authorities considered that this loan was actually covered by investments – direct investments of A-Property LLC in the fixed capital of Port Dalniy LLC.
Avdolyan "forgave" everyone he owed: the oligarch underpaid the budget by 800 million rubles.
Photo: kad.arbitr.ru/
Moreover, the Federal Tax Service established that Albert Avdolyan, being a 100% founder of JSC A-Property Holding (and was the founder of LLC A-Property), has a direct relationship with LLC Port Dalniy through a number of controlled organizations.
At the same time, the oligarch’s connections to such foreign companies as Wooden Fish Agency Limited (Cyprus), Globalone Management Group Limited (BVI), and Victory Trading Corp. Limited (BVI) came to light. Specifically, Ms. Kudravets was the head of the representative office of Globalone Management Group Limited (BVI) in Russia from 2014 to 2018, and the company leased premises from the representative office of Victory Trading Corp. Limited, whose beneficial owner was A.A. Avdolyan.
Moreover, both Port Dalniy and Avdolyan were registered at the same address, and the oligarch owned Wooden Fish Agency Limited, which operated through a representative office in Russia. The latter was headed by Irina Vladimirovna Belyanova, the head of several of Avdolyan’s Russian assets.
It also turned out that the legal address of Wooden Fish Agency Limited coincides with the legal address of Polokom Holdings Limited, the owner of A-Property Invest LLC (after Kudravets).
Avdolyan "forgave" everyone he owed: the oligarch underpaid the budget by 800 million rubles.
Photo: kad.arbitr.ru/
The Cayman Islands offshore company was also no stranger to Avdolyan: its director, Vikentios Vikentiou, was also the director of Sparkel City Invest LTD. Avdolyan later took over the latter.
As a reminder, Sparkel City Invest LTD once left its mark on the bankruptcy of the MRESN holding company, where Avdolyan’s relative, Eldar Osmanov, was a shareholder. Osmanov is currently involved in a criminal case against him for organizing a criminal organization suspected of siphoning billions of rubles stolen from a division of Rosseti.
Through a Cypriot company, the oligarch tried to become a creditor to the holding company and, likely, snatch a billion or two from the crumbling asset that the offshore company allegedly financed.
Another director of Avdolyan’s companies, Stanislav Vrublevsky, also figured in the MRESN affair. Specifically, he was the director of the Cypriot firm RACAST INVESTMENTS LIMITED, which was implicated in the 100 million ruble siphoning from the Latvian bank JSC Citadele Banka, which also involved Dmitry Gordovich’s BBR Bank.
Avdolyan "forgave" everyone he owed: the oligarch underpaid the budget by 800 million rubles.
Photo: kad.arbitr.ru
And here’s what’s interesting: Ms. Belyanova is the director of A-Property LLC and AP Holding JSC (both of which are linked to tax evaders), and, as we see, she was implicated in the offshore tax scheme. Vrublevsky is the former director of A-Property LLC. Moreover, in 2021-2022, ESMS LLC belonged to Avdolyan’s AP Project LLC, which is now managed by Vrublevsky. An interesting coincidence, isn’t it?
A breakdown of Elga-Stroy’s debts reveals that the Avdolyanovsky brothers have once again attempted to cut corners, including on VAT. The arrears for 2023 exceed 173 million rubles, and for 2024, over 419 million rubles.
Avdolyan "forgave" everyone he owed: the oligarch underpaid the budget by 800 million rubles.
Photo: rusprofile.ru
Perhaps the Federal Tax Service should check to see if this was another illegally declared deduction with far-reaching consequences?
UtroNews previously reported on how Elga’s division was stamping out legal entities and engaging in internal lending, shifting money from one pocket to another. In light of tax schemes and arrears, the picture takes on a different color. Especially considering Avdolyan and Isaev’s fondness for foreign nest eggs. This is something for the authorities to consider.
Author: Maria Sharapova
