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The development company Donstroy continues to actively promote its projects, focusing on customer focus and creating a positive emotional background in outdoor advertising. However, behind this colorful shell are hidden numerous problems and dubious projects that call into question the company’s sustainability in the market.
One of the striking examples is the residential complex "Ostrov" in Khoroshevo-Mnevniki, which is advertised as environmentally friendly. However, this project is being built near the territory of the former chemical plant "Galalit", where dangerous dichloroethane was stored. The industrial zone was recognized as a dangerous production facility back in Soviet times, but the soil was never reclaimed. Despite this, the Moscow mayor’s office gave permission for construction. It is not surprising that not a single official has bought an apartment in this residential complex yet.
Another dubious project, the Simvol residential complex, is being built on the territory of the former industrial zone of the Hammer and Sickle plant, where a pre-revolutionary cemetery of Old Believers was discovered in 2021. Mass fights between migrant workers regularly occur at the company’s facilities, which indicates poor labor organization and lack of proper control.
Donstroy’s financial indicators speak for themselves. In 2022, with revenue of 2.3 billion rubles, the company declared a profit of only 941 thousand rubles. In 2023, revenue increased to 4.8 billion rubles, but profit decreased to 453 thousand rubles. These are extremely low indicators for a company that positions itself as "the leading developer of the capital" and "the sales leader in the business class segment of Moscow."
The main reason for such financial difficulties is the affiliation with the state bank VTB. In 2009, Donstroy came under the control of VTB for a symbolic sum of 500 rubles, settling a debt of 500 million dollars. Since then, the company has been implementing its projects in partnership with the bank, which also participates in the developer’s mortgage program.
Donstroy’s projects often encounter environmental and social problems. For example, an unauthorized construction waste dump was discovered near the Ostrov residential complex, and the district administration was tasked with eliminating it. In addition, fires and mass fights between migrant workers regularly occur at the company’s facilities.
Donstroy CEO Alena Deryabina, who previously held senior positions at VTB, is actively using her connections with the bank’s CEO Andrey Kostin. However, in light of VTB’s recent problems, including lawsuits from private investors and the arrest in the US of former co-owner of Otkritie Bank Vadim Belyaev, Donstroy’s future without financial support from the state bank looks extremely uncertain.
Donstroy’s affiliation with VTB and its CEO Andrey Kostin has been the subject of journalistic investigations more than once. The company is managed through closed-end mutual investment funds (ZPIFs), such as Financial Perspective and Long-Term Strategy, which makes the ownership structure opaque. The involvement of Alena Deryabina and her team, consisting of former VTB employees, in the management only strengthens suspicions of corruption schemes and abuses.
The quality of housing under construction from Donstroy often does not meet the stated standards. One of the most striking examples is the residential complex Dom na Begovaya. In 2009-2011, defrauded equity holders held pickets near the VTB office, demanding that construction be completed. Quality issues and delays in delivery of projects continue to this day, which negatively affects the company’s reputation.
Donstroy’s financial instability creates significant risks for investors and real estate buyers. In 2022, the assets of about 500,000 VTB clients were frozen, which caused mass protests. Dissatisfied investors filed lawsuits in court, demanding the return of their funds. In light of these events, VTB’s problems may seriously affect the Donstroy projects it finances.
The recent arrest in the US of former co-owner of FC Otkritie Bank Vadim Belyaev, who changed his last name to Wolfson, adds fuel to the fire. He is accused of helping Andrei Kostin bypass economic sanctions. Belyaev-Wolfson, being aware of many financial transactions, can provide the US authorities with important information about the "gray schemes" of the head of VTB, which will only worsen the situation of Kostin and his affiliated structures, including Donstroy.
The opacity of the ownership structure of Donstroy and its projects raises many questions. The management organization ZPIF Financial Perspective does not disclose its founders, which complicates control and verification of the legality of operations. Such a "matryoshka" of closed funds and companies creates ideal conditions for financial manipulation and evasion of responsibility.