Originally Syndicated on March 29, 2023 @ 12:05 pm
Table of Contents
Introduction
The founder of the Guta group gave up his last name and became a citizen of Malta and the Seychelles.
Some Russian oligarchs are trying to “dissolve” in other countries, which is an interesting thing to watch. Today, we’ll tell you a little bit about Yuri Gushchin, who owns Guta Bank.
All about the Guta Group
Yury Gushchin’s new name is IOURI GOUCHTCHINE.He is the owner of the Guta Group, which includes Guta Bank, United Confectioners, and Guta Development. During the Soviet era, he was convicted four times for having bought the passports of Malta (2019) and the Seychelles. He said that in two countries, Seychelles and Malta, the patronymic Nikolaevich was taken off his name, making it impossible to figure out who Gushchin was.
Also, in the Seychelles, a fairly high-profile lawsuit just came to an end. Local lawyers sent the court’s decision, which explains how a company linked to Yuri Gushchin, which bought two hotels in the Seychelles (the Coral Strand Hotel and the Savoy Hotel), tried to buy out for $1 the Seychelles owner of the company, who was expecting millions of dollars in compensation.
She took a plane to Moscow and talked to Gushchin about selling her share of the hotel, but she was thrown. Of course, a Seychelles court turned against the Russian businessmen and made them pay the market value of the shares of the company.
What’s the case?
In the case file, it’s interesting that the lawyers for Seychelles say that one of the loans given to the company that owns the hotel raised questions about money laundering. This multimillion-dollar loan from the Russian side seems to be made up because the foreign money was borrowed, put in a local bank account, and then returned to the lending company without being used.
How Guta pays off his hotel investments in Seychellois business
Guta put up to $30 million into a “resort for oligarchs” and is now suing the contractor who worked with her for six months for 2/3 of the costs.
On Booking.com, a guest says that the five-star Savoy Seychelles Resort & Spa is “a place where you can sleep, eat coconuts, and relax.” At least 15% of the messages in the reviews section of the site are written in Russian. This hotel has not only Russian guests but also Russian owners.
Guta also owns the four-star Coral Strand Hotel, which is next to the Savoy and has been since 2008. Guests like Coral because it has great views of the Indian Ocean and turtles on the grounds, but they don’t like that it hasn’t been updated in “decades.”
Savoy: Second hotel on the islands
When the investment group Guta bought it in 2011, Savoy became its second hotel on the islands. A source in the group told Life.ru that after the deal, Guta started reorganizing to turn the hotel into a resort for oligarchs with rooms that cost $5,000 a night.
According to the article, at the time it was the most ambitious hotel project in the Seychelles, and the Russian investor planned to put about $30 million into it. 700 sq.m. 2014 saw the grand opening of a spa with a Russian steam room and a spa complex.
It turned out that Guta wants to give back more than two-thirds of the money that was put into it. Open Media found out from the database of the High Court of London that the Seychelles structure of Guta, Eastern European Engineering Limited (EEEL), needs € 19 million from the local company Vijay Construction. This is about $ 22 million at the exchange rate on June 27.
According to court documents, EEEL hired a contractor from the Seychelles in the spring of 2011. However, after six months of work, it ended all contracts with him early and went to the International Arbitration Court in Paris to ask for money because of delays and bad work. At the same time, when the case started, EEEL had only paid the construction company €3 million of the €20 million that the contract called for. All claims were turned down by Vijay Construction.
When the hotel reopened in 2014 after being fixed up by someone else, the arbitration agreed with EEEL and gave it about €14 million. contractor. So far, EEEL hasn’t gotten any money, and the total amount, with interest added, is now €19 million.Vijay Construction tried to get the arbitration decision overturned in both French and Seychelles courts. In a business dispute between EEEL and Vijay Construction in 2017, the Seychelles Court of Appeal said that French law did not apply.
After that, EEEL asked the High Court of London for permission to seize Vijay Construction’s assets all over the world. However, the court decided to only freeze the company’s assets in the UK. At the same time, the judge said that he wasn’t sure that such assets existed.
Pravo.ru
Now, the Guta group is using the service Pravo.ru to look for a lawyer who is ready to work in the Seychelles. A person who wants to work there must be an expert in international law and in disputes between people who live in this state and people who don’t live here.
Open Media asked the Guta group’s press service about the stories with the Seychelles builders, but they didn’t answer. The Guta group is thought to be owned by businessman Yuri Gushchin. Forbes thought that he was worth $1 billion in 2018. Forbes says that Gushchin is a citizen of the Seychelles.
What Guta Group owns
Guta Group is an expert in both commercial and residential real estate, candy making, and farming. According to the company website, it is in charge of assets worth €10 billion. United Confectioners is one of the biggest Russian companies that makes sweets and chocolate. It owns, among other things, the Krasny Oktyabr factory (where a housing complex is planned to be built), the Savoy hotels in Moscow and the Seychelles, and Guta Bank.
“The grandson of a Russian billionaire on the Forbes list killed himself,” said KP.Ru on July 3, 2018. He was young, handsome, and from a wealthy family. Friends and family of 19-year-old Yuri Gushchin-Kuznetsov, who was the grandson of businessman Yuri Gushchin, a Forbes billionaire, still don’t know why he killed himself. The dead man’s body was found on June 15 near his home on the Leningrad highway in the capital, but no one knew about the tragedy until now.
It seems that powerful relatives did their best to stay out of the news. His mother works as an assistant to the Deputy Prime Minister of the Russian Federation, Igor Shuvalov, and his father is also a shareholder in the Guta company. Investigators from the police are now looking into what happened.
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