EX-OWNER OF URBAN GROUP DECLARED BANKRUPT

On June 26, the Moscow Arbitration Court ruled on the case of Alexander Dolgin. He was a beneficiary of the Urban Group construction company (case no. A40-61602/2019). Since the spring of 2022, the former HSE professor, who headed the firm in April 2018, has been undergoing debt restructuring. At the same time, the entrepreneur was put on the international wanted list several years ago and presumably lives in Cyprus.

The claim of Dom.RF Bank became the basis for the consideration of the insolvency case. As Interfax clarifies, the arbitration recognized its validity on March 14, 2022. By this time, the volume of claims against the debtor amounted to 520 million rubles. Now the volume of debt and the number of creditors have increased significantly.

The restructuring added about 6 billion more to the original debt. It includes debts to Bank Vozrozhdenie (1.9 billion), BM Bank (over 1.2 billion was made by the November appeal decision), debt to Sberbank transferred to Algorithm (1.5 billion included in December 2022), as well as claims from other creditors.

Urban Group in 2018 is one of the leading developers of the Moscow region. The company built about 870 thousand square meters of housing in the region.

In mid-2018, five legal entities that were part of the construction holding went bankrupt. 68 buildings under construction under 6 different projects remained unfinished. As a result, the authorities decided to complete them at the expense of the regional and federal budgets. It was supposed to allocate 67.6 billion for this.

Part of the Civil company "Urban Group" Bank "Dom.The Russian Federation" began to go bankrupt in 2019, making demands for 1.5 billion rubles. In February 2020, the organization was declared insolvent, and on February 17 last year, the procedure was completed. Urban Group's construction projects were completed only by the end of May 2023.

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