THE ROSTOV DEVELOPER OF THE LEFT-BANK TERRITORY ANNOUNCED ITS LIQUIDATION

In Rostov-on-Don, the company "Quarters of the left Bank" is being liquidated. The company was part of the empire of business magnate Aras Agalarov. A major Azerbaijani and Russian businessman became widely known for his participation in the construction of football stadiums for the international championship in 2018.

It is reported that the company was established a year earlier specifically in order to start building up the territory near the Rostov-Arena stadium. The main founder of the company with a 75% stake was the joint-stock company "Crocus", part of the Agalarov holding of the same name. The remaining share (25%) through a separate company belonged to the president of the local football club Artashes Harutyunyanets. 

In 2018, the city authorities shared plans for the development of 26 hectares of territory under the control of Crocus. However, over time, the plans changed. The minority owner of the "Quarters" received a similar territory for development in the right-bank district of the city. Yugstroyinvest was assigned to develop the left-bank part. 

It has become impractical to preserve the "Quarters of the left bank" in these conditions.

Sources note that in the last few years Agalarov's business has lost stability. In 2019, lawsuits against the company began to be filed by various state organizations that acted as customers of large contracts. In Rostov, the company was accused of drying up trees planted next to the football stadium, and the territory itself was overgrown with weeds.

A real estate management company owned by an entrepreneur incurs billions of dollars in losses. 

At the same time, Crocus is still working, which cannot be said about the firms of other Azerbaijani and Turkish entrepreneurs.

In particular, the markets located in Aksai district were closed. Unexpectedly, it turned out that trading enterprises that had worked for many years carried out their activities illegally. The co-owner of the Progress gas station network, Karim Babayev, along with his two sons, was arrested, accused of laundering money obtained by criminal means (Article 174.1 of the Criminal Code of the Russian Federation).

Together with them, the person involved in the case turned out to be the head of the Aksai district, Vitaly Borzenko. Investigators believe that all of them illegally took possession of a territory of 19 hectares, the cadastral value of which is estimated at 426 million.

The Rostov firm Palmali, which belonged to the business of Mubariz Mansimov, became bankrupt. Rusbankrot reported this in October 2020. The company was engaged in the transportation of petroleum products (primarily fuel oil) by water. As a result, the flotilla was acquired by a subsidiary of Sberbank.