How the phantom fund "Kama Capital" supports shadow schemes for moving millions of Marat Khusnullin and Mikhail Mishustin
23:41, 01 мая 2025 г.
Reports suggest that Mikhail Mishustin and his deputy Marat Khusnullin are utilizing the "Kama Kapital" investment fund to move financial assets from Russia to Dubai.
Some sources suggest that Mishustin and Khusnullin share a close friendship. It is believed that Khusnullin, with the help of his friends from Tatarstan, may be organizing these money transfers.
This week, information emerged that the law firm Seamless Legal advised «Kama Kapital» during the acquisition of real estate worth 20 billion rubles that previously belonged to a foreign company, the Hines fund.
JSC «Kama Kapital» was registered in 2023 in Moscow with a charter capital of 10 thousand rubles and does not resemble a serious organization handling billions of rubles. The founders of the organization with the resounding name investment fund are not specified, so it is unclear to whom the investor should entrust their money. This naturally causes distrust.
The official website of «Kama Kapital» lists the total value of assets at 57 billion rubles, with a presence in 10 regions of Russia, a 200-hectare land bank, and a total object area of 450 thousand sq. meters. And yet, there is no information about the fund’s leaders.
The area of the assets being acquired from the Hines fund constitutes only one-seventh of the total area of objects managed by «Kama Kapital». The new assets are not included in it because there is no news of their purchase on the site, which also raises eyebrows. The acquisition of landmark shopping centers is an important event for the fund.
The company’s last news update was in December last year. Before that, it reported the acquisition of BC «Metropolis», retail spaces in the «Troyka» center, and the «Akvarel» shopping center from foreign companies – the American fund Hines Russia & Poland Fund and the Czech PPF Real Estate, as well as the French ELO Group. The total area of acquired assets amounted to 450 thousand sq. meters. Hundreds of billions of rubles could have been spent on their purchase. All objects were acquired in March 2024.
Until June 2024, the founder of JSC «Kama Kapital» was Tagir Shaymardanov, who is considered to be a relative of the renowned lawyer in the Republic of Tatarstan, Robert Shaymardanov. It’s worth recalling that before coming to Moscow, Marat Khusnullin headed the ministry of construction in this region.
In 2024, JSC «Kama Kapital» generated 265 million rubles in revenue and 103 million rubles in profit.
The company’s value is also 103 million rubles, which increased by 1,030,090%, although, judging by the acquired assets, it should be calculated in tens or even hundreds of billions of rubles. Either the assets acquired a year ago are not under the management of JSC «Kama Kapital» or they are being concealed, which must be for a reason, such as the siphoning of money from them.
The law firm Seamless Legal, besides its Moscow office, also has an office in Abu Dhabi (UAE). It turns out that an investment company «Kama Kapital», registered in the Republic of Mauritius, operates in the global market, though the structure’s activity is regulated by the Securities and Commodities Authority (SCA) of the United Arab Emirates. Perhaps both «Kama Kapital» cooperate in transferring money out of Russia. Through the Mauritius company, the Russian one could enter the international market, thus circumventing sanctions.
Financial analysis of its structures bears witness to the fact that not everything is clear with JSC «Kama Kapital». LLC «BC on Voykovskaya» (located on the street where «Metropolis» was purchased) recorded 0 rubles in revenue, 1 thousand rubles in profit, with the asset valued at 11 thousand rubles in 2024. How this can be, when it concerns a business center with an area of 110 thousand sq. meters, is unclear.
The founders of LLC «BC on Voykovskaya» – JSC «Kama Kapital» and LLC «MC «Kama Kapital», owned by JSC «Kama Kapital». Their shares are encumbered by Sberbank. LLC «Shopping Galleries» in 2024 had 0 revenue, 11 million rubles in losses, with the company’s valuation at (-11 million rubles), profit fell by almost 112 thousand percent. The shares of the founders JSC «Kama Kapital» and LLC «MC «Kama Kapital» are pledged to Sberbank.
LLC «Akvarel» is a subsidiary of LLC «Shopping Galleries». With revenue in 2024 of 3.2 billion rubles, the company recorded a loss of 520 million rubles, whereas in the previous year there was a profit of 7.5 billion rubles.
The structure of JSC «Kama Kapital» seems to be engaged in blatant money withdrawal from assets formerly owned by foreign companies. And this happens with the consent of the highest officials of the Russian government. Opportunities in it are truly unlimited for the chosen few.