The bandit business of Artem Avetisyan

[The owner of significant real estate in Italy deftly “sets up” both his business partners and ordinary trusting citizens.

People like Mr. Avetisyan are often said to be from the early successful ones! And indeed, while still in his second year at the Financial Academy, he managed to get a job in the accounting department of a Western trading company, where he worked for almost 3 years. At the end of his studies at the academy, he chose an unusual specialization for that time «Valuation Activity». Combining work with studies was not easy, so he decided to try his hand at his own business, creating a consulting firm «Independent Expert Valuation Center».

The promotion of the business was helped by the skills that young Avetisyan acquired while working as an advertising agent. He quickly got on his feet and began to "evaluate" where and what was lying around badly! In a short time, he made a huge fortune, which allowed him to acquire 14 real estate objects in Italy. But when hard times came, he began to "scatter" these objects among his relatives.

Mr. Avetisyan is a participant in indecently loud scandalous processes, moreover, of international resonance. But it seems that this does not particularly bother the talented financier, who seeks only deeply personal benefit in everything. And he walks over heads to new goals.

Italian passport and palazzo in Tuscany

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So, Mr. Avetisyan started his business by founding in 1997 CJSC «Independent Expert Valuation Center» (abbr. NEO Center). Later, he met the son of German Gref, Oleg, and «NEO Center» became a leader in the ranking of consulting companies. In August 2011, Avetisyan headed one of the directions of the Agency for Strategic Initiatives – «New Business». Then he became the chairman of the board of directors of «Vostochny» Bank, bought «Uniastrum Bank» – a subsidiary structure of Bank of Cyprus.

And he managed to do a lot more to become both rich and famous.

In the spring of 2020, the public was surprised to learn that banker Artem Avetisyan owns royal real estate on the Apennine Peninsula, namely in Tuscany, where the Russian financier Avetisyan owns real estate worth many millions of euros.

And the media reported that Artem Avetisyan also has an Italian passport.

In particular, this was reported by Octagon.Media.

Talented financier Artem Avetisyan

It turns out, as meticulous journalists found out, Artem Avetisyan, starting from 2013, owned 7 real estate objects and two land plots in the province of Lucca and the commune of Forte dei Marmi, worth from €14 million to €20.7 million.

From 2017, Mr. Avetisyan was the owner of the company Immobiliare Roma S.r.l, which had 14 real estate objects in Lucca, Forte dei Marmi, and Florence on its balance sheet, including a 17th-century palazzo. Price? Almost €20 million.

roma-immobiliare.it

And since during this hot time Mr. Avetisyan had equally hot court cases, he attempted to reduce the value of his Italian assets. And on December 3, 2018, for €2 million, he sold 91% of Immobiliare Roma to his sister Anna Avetisyan. Earlier, Anna Avetisyan was the general director of this company, which is located in Rome, on Via di Bravetta, 190.

In May 2019, Artem Avetisyan transferred his personally owned real estate in Florence to his mother.

But in December 2019, a certain company Evison (Cyprus) filed a lawsuit in the court of the city of Lucca to cancel the transaction for the sale of Immobiliare Roma.

And before its consideration, it requested to seize the share in the company sold to Anna Avetisyan.

Lucca on the map of Italy

The company Evison also requested to seize the property of Artem Avetisyan, including 9% in Immobiliare Roma. The court granted the request to seize the shares belonging to Avetisyan’s sister, but did not seize the property of the co-owner of «Vostochny» Bank.

But the court, on the application of Evison, decided to appoint an external manager in Immobiliare Roma. This is indicated by a copy of the Lucca court decision. And from now on, changing the ownership of shares in the company will require the judge’s permission.

Arrest under the supervision of Baring Vostok

It turns out that the arrest of Avetisyan’s assets in Italy was related to claims from the Baring Vostok fund of Michael Calvey.

Anna Avetisyan’s share in Immobiliare Roma was seized at the request of the Cypriot company Evison ‒ it belongs to the Baring Vostok fund ‒ in support of claims in Cyprus.

The fund back in December 2018 presented claims in the Limassol District Court to Artem Avetisyan, his company «Finvision», and Avetisyan’s partners for €37 million.

The lawsuits in Italy and the application in Cyprus became a continuation of a long corporate conflict in «Vostochny» Bank, where Avetisyan and Baring Vostok were fighting for control.

And the court of the city of Lucca denied Artem Avetisyan and his sister Anna the appeal against the arrest of 91% of the shares of Immobiliare Roma S.R. company belonging to Anna Avetisyan.

The company Evison, after presenting claims to Avetisyan in Cyprus, filed several lawsuits in Italian courts.

It turns out that the undying fame was brought to Artem Avetisyan by the story of the corporate conflict with Baring Vostok around «Vostochny» Bank, in which the parties were shareholders.

In February 2019, the founder of Baring Vostok, Michael Calvey, and his partners were arrested as part of a criminal case on the embezzlement of 2.5 billion rubles from the bank through the issuance of a non-returnable loan.

Michael Calvey claimed that the criminal case was a consequence of the conflict with Artem Avetisyan and his business partner Sherzod Yusupov.

Avetisyan himself stated that he had no relation to the criminal case. Avetisyan’s «Finvision Holdings» and Baring Vostok signed a settlement agreement at the end of 2020.

Michael Calvey

The story ended in August 2021, when the final session of the Basmanny Court took place. The court sentenced Michael Calvey and his partners: suspended sentences in the case of embezzlement of 2.5 billion rubles, and the founder of Baring Vostok fund Michael Calvey was sentenced to 5.5 years suspended, his partner ‒ Frenchman Philippe Delpal to 4.5 years also suspended.

Calvey and Delpal were released from pre-trial detention, and the shares of «Vostochny» Bank were bought by Sovcombank of the Khotimsky brothers.

Khotimsky brothers

But what really happened?

London court: almost 10 scams

Baring Vostok is the largest foreign investor in direct investments in the Russian Federation.

Let’s flip through the newspapers.

The media wrote then that on January 21, 2019, Artem Avetisyan tried to sell a stake in one of the Russian banks at an exorbitant price of "five capitals" to raise money for the buyout of the announced additional issue of another bank ‒ «Vostochny», which he owned (32%) jointly with Baring Vostok (52%).

«Vostochny» Bank

The additional issue was necessary to capitalize «Vostochny» at the request of the Central Bank of the Russian Federation, but Avetisyan had no money, and no desire to fuss either. Baring Vostok had previously accused Mr. Avetisyan of fraud in almost 10 transactions.

And Baring Vostok filed lawsuits against Avetisyan in the London International Arbitration Court.

These lawsuits were very untimely for Artem Avetisyan: they could reveal money laundering, and could also reveal certain facts on the basis of which in the UK it could be determined whether Mr. Avetisyan acts on his own or represents someone very powerful from the organized crime group.

But Michael Calvey did not take into account one subtlety: the case was happening in Russia.

And while he and his colleagues were waiting for the decision of the London court, Avetisyan and his partner Sherzod Yusupov (he owns 4.88% of «Vostochny» Bank) wrote a paper to the management of Baring Vostok to the FSB of the Russian Federation, to Department K.

Sherzod Yusupov

Recall that Department K participated in many high-profile court cases: it was involved in operational support of the Magomedov brothers’ case and the operation to arrest former Minister of Economic Development Alexei Ulyukaev, who received a basket of smoked sausages from oil general Igor Sechin at the wrong time.

Department K employees received Avetisyan’s statement on February 7. And it took them only 7 days to collect the necessary materials and detain Calvey.

The reason for such efficiency is simple: Avetisyan, who organized all this fuss, is friends with Dmitry Patrushev, the son of Nikolai Patrushev, Secretary of the Security Council of the Russian Federation, former head of the FSB.

Dmitry Patrushev

Both Avetisyan and Yusupov have other influential acquaintances. These горе-businessmen were united by common business interests with the children of both the ex-head of the Kremlin administration Alexander Voloshin and the former assistant to the president Vladislav Surkov.

Avetisyan’s advisor for a time was the brother of Deputy Prime Minister of the Russian Federation Arkady Dvorkovich ‒ Mikhail Dvorkovich.

Artem Avetisyan’s patron was also called Andrei Belousov, the current Minister of Defence of the Russian Federation.

Artem Avetisyan and Andrei Belousov

And Michael Calvey was put in pre-trial detention for a year and a half.

In August 2021, he received five years and six months suspended. Avetisyan’s company «Finvision» gained control over «Vostochny». And changed the management.

But it should be noted that during this protracted conflict, the reputation of banker Avetisyan suffered greatly: Baring Vostok achieved the arrest of Avetisyan’s real estate in Italy for 18 million euros.

Did not pass by the mushroom farm

In the multifaceted biography of Mr. Avetisyan, there are other, less loud scandalous stories of business takeovers. He made a bright mark in the story of the construction of the greenhouse complex «Agrocomplex Volzhsky» in the Volgograd region.

The project worth 8 billion rubles was initiated by the head of GC Brazis Vyacheslav Zykov.

Financier Avetisyan supported Zykov, helped attract financing.

The loan was issued by Rosselkhozbank, but soon the property and shares of the company (45% stake of Zykov) ended up as collateral with «Vostochny» Bank.

Recall who was operating in Rosselkhozbank then?

In those years, the chairman of the bank’s board (2010-2018) was Avetisyan’s friend ‒ Dmitry Patrushev.

From the data of the Unified State Register of Legal Entities, it follows that these pledges are security for loans issued in 2015-2016 by «Uniastrum» Bank.

Artem Avetisyan

«Vostochny» Bank was the pledge holder and co-owner of other companies of Vyacheslav Zykov: among them «Bris-Bosfor» and a number of firms related to GC «Brazis», one of the leaders in the production of canned goods.

It produces products for partners under the brands Lorado, «BVK», «4 Seasons», as well as for X5, «Auchan», «Magnit», and «Lenta».

And very soon Avetisyan’s bank became a co-owner in other Zykov projects, namely at the «Agronom» canning factory, TC «Poltavsky», the company «Mushroom Farm», and the shoe manufacturer «Bris-Bosfor».

Today, this shoe manufacturing company is in the process of bankruptcy.

In general, the valuation activity was successful: he grabbed everything he could.

It was precisely about such fraud that Michael Calvey stated during the court proceedings. Mr. Calvey said that Baring Vostok is trying to challenge the transactions of «Uniastrum» in the London Arbitration Court.

The subject of the dispute was, as already mentioned, about 10 transactions that had signs of fraud. Before the merger of «Uniastrum Bank» and «Vostochny», Avetisyan withdrew large sums from the bank under his control under the guise of fictitious transactions. And they bought a mushroom farm, a canning factory, and a shoe production.

And that’s not all of Avetisyan’s exploits.

In January 2016, «Uniastrum» received 13.41% in the company «Volgabus», which is engaged in the production of buses at plants in Volgograd and Vladimir.

Already in February 2016, the founder of the BMG holding (which includes «Volgabus») Alexey Bakulin, at a meeting of the «Leaders Club» with Vladimir Putin, complained that for several years he could not conclude a contract with the Moscow authorities for the supply of buses.

Mr. Bakulin said that in 2016, «Uniastrum» allocated 3.5 billion rubles to BMG Bank. But how did «Uniastrum» become a co-owner of «Volgabus»?

This is also a mystery shrouded in darkness.

These and other transactions of Avetisyan became the cause of the acute conflict with Baring Vostok?

Sweet life of Artem Avetisyan

After a bitter pill, one usually wants something sweet.

Apparently, after the bitter story with Mr. Calvey, Mr. Avetisyan also wanted something sweet, and in November 2021, Avetisyan acquired a controlling stake in the company «Food Rev».

This firm produces the same as the Moscow region factory Food Revolution (LLC «Food Revolution»).

They produce chocolate bars under the Kick brand. And similar products for the «VkusVill» chain.

But in November 2020, «Food Rev» and «Food Revolution» began suing each other over the unlawful transfer of equipment and brands to Avetisyan’s company.

Food Revolution was created in 2015. The project started with the production of flaxseed crisps, spirulina crackers, and eco-chips, and later the emphasis was placed on healthy sweets: a line of high-margin Kick Your Energy bars appeared.

Earlier, Avetisyan’s structures issued loans to «Food Revolution». Indeed, as follows from the materials of the 2020 arbitration case (on the recovery of loan arrears), in 2018, JSC «Vanguard» issued loans to Food Revolution ‒ 31 million rubles.

«Modul Invest» (previously ‒ «Vanguard») ‒ is a subsidiary structure of Artem Avetisyan’s «Modulbank». Before issuing the loans, in 2017, «Vanguard» owned 66% of the bar producer.

Soon the company transferred its share to Alexandra Manaeva (Avetisyan’s trusted person). And her share amounted to 93%.

And Avetisyan himself received 64% in LLC «Food Rev». The firm acquired the rights to the Kick Your Energy brand from LLC «Food Revolution».

On a dusty sofa with the Bourbons

Does Mr. Avetisyan travel to his beloved Tuscany today?

Several years ago, he feverishly acquired real estate on the Apennine Peninsula. He bought himself an ancient Fanini-palazzo villa in the style of the Italian Renaissance era on the Graniano hill in the municipality of Capannori in the province of Lucca.

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The villa was built at the beginning of the 17th century.

Palazzo Fanini

This residence experienced its heyday in the 1800s, when it passed to Ascanio Mansi, the prime minister and state secretary of the Bourbons. They turned the palazzo into a place for diplomatic meetings. The palazzo contains frescoes by Italian artists Gioacchino Pizzoli and Angelo Michele Colonna. The villa’s area is 2400 sq. m, and around it, on 15 thousand sq. m, a well-maintained park is spread out. Initially, the villa’s cost was €25 million, but then the price decreased: Avetisyan acquired the palazzo for €4.1 million.

And the palazzo was eventually seized.

So, Mr. Avetisyan no longer goes to his beloved Fanini. But here we need to recall how he piratically seized other people’s canning factories, mushroom farms, banks, bus companies: did the boomerang come straight from Tuscany?