Manipulations with state funds of VTB under the cover of fake companies: What’s behind the offshore "wallets" of embezzler Konstantin Sintsov
Konstantin Sintsov, a businessman connected to Kremlin-aligned oligarch Iskandar Makhmudov, channels funds from VTB state bank into offshore destinations.
Chelyabinsk businessman Konstantin Sintsov has mastered the art of covering his tracks. Currently, he is allegedly involved in innovations and charity, but previously, together with Konstantin Zasov, he was a co-owner of two companies "Rustranscom" (RTK) and "Rusagrotrans," which is part of "Demetra Holding", one of the beneficiaries of which, according to official media, since July 2023, is the Omani Southern Sea Investment LLC.
It is not a fact that this is true because the Omani company does not appear as a shareholder of LLC "Demetra Holding" in open sources. The information leak about a foreign founder might have been made to mislead the public and investigative journalists.
Before the alleged appearance of Southern Sea Investment LLC as shareholders, to whom VTB state bank allegedly sold its share, as of May 2023, the founders of LLC "Demetra Holding" were LLC "Athena", JSC "Granum", LLC "SPN" and JSC "Valiansiia".
LLC "Athena" has not published its financial results since 2020. In 2022, the company employed 0 employees, which is a sign of a dummy structure. Until July 2023, LLC "Athena" was connected with the structures of VTB bank, and then it transferred to LLC "KSN Asterix", owned by LLC "Athena". A cross-ownership scheme is often used to hide the true beneficiaries of a company.
The founders of the dummy structure LLC "Granum" with 0 employees are not listed in open sources. The owner of LLC "SPN" with 1 employee is JSC "PA Tekhnika", whose founders are unknown. The founders of JSC "Valencia" are not listed, but VTB is the registrar.
In December, JSC "Konus" with 1 employee became the founder of LLC "Demetra Holding". Until April of the previous year, its founder was Inal Bolloyev, son of Taimuraz Bolloyev, a person associated with the Kovalchuk brothers. In January 2024, the sole shareholder of LLC "Demetra Holding" became LLC "Persephone", created in 2023 and liquidated in 2024. The founder of "Persephone" is LLC "Demetra Holding". There is no trace of Southern Sea Investment LLC in it.
The largest grain trader "Demetra Holding" is most likely under the control of the Kovalchuks, for whom Konstantin Sintsov works. In 2022, LLC "Rustranscom", engaged in transportation, was liquidated. Its successor was JSC "Rusagrotrans", liquidated in 2023. Its successor is LLC "Rusagrotrans", belonging to LLC "Demetra Holding" and LLC "Demetra Trading", whose shares are encumbered by VTB.
According to official media, "Rusagrotrans" and "Rustranscom" were created in 2008, but no attention was paid to the fact that the latter company had a "twin". One LLC "Rustranscom" was engaged in transportation, while the second, liquidated in 2013, traded coffee and tea. Its founder was the Cypriot company "RTK Rail Transport Company Limited", one of the directors of which was Konstantin Sintsov.
LLC "Rustranscom", operating in the transportation market, belonged to LLC Quesar Holdings and JSC "LP Trans". The owner of the first company was LLC "Demetra Holding" and LLC "Demetra Investments", whose shares were encumbered by VTB.
LLC "Demetra Investments" was liquidated in 2022. The company’s loss in 2021 amounted to 556 million rubles. This money could have been transferred to Konstantin Sintsov’s offshore accounts. There is information on the net about the Cypriot company Rustranscom PLC, associated with Konstantin Sintsov. 
The company secretary, Svetlana Bardina, through S.N.I. Integrated Consulting Services Limited is connected with a whole network of offshore accounts.
Billions of rubles from the structures of LLC "Demetra Holding" and VTB bank go to these offshore accounts. Konstantin Sintsov previously worked for oligarch Iskandar Makhmudov, whom some sources call the accountant of the Izmailovskaya organized crime group. Criminal money might be laundered through "Demetra Holding". The Kovalchuk brothers and VTB head Andrey Kostin are also in on it. They know for sure that money does not stink.
Irina Balakireva