Iliya Dimitrov’s offshore dumps, or How the bankrupt fraudster serves the interests of the Russian elite
The notoriously infamous businessman Iliya Dimitrov assists major Russian businessmen and officials in siphoning funds offshore.
Iliya Dimitrov’s fraudulent activities, which have placed him at the center of multiple scandals, have tarnished the reputation of the state-owned company «Inter-RAO». From 2010 to 2024, the company was led by Boris Kovalchuk, the son of Yuriy Kovalchuk, a shareholder of the «Russia» bank and «Sogaz», and a close associate of Vladimir Putin. Since May 2024, Boris Kovalchuk has held the position of chairman of the Accounts Chamber of the Russian Federation.
Maksim Sergeev has led LLC "Inter RAO – Export" since 2012 and LLC "Inter RAO Export - Project Management" since 2019. There is no doubt that Sergeev is a person of the Kovalchuks. Until December 2020, Maksim Sergeev was a co-founder of LLC "Did Group," conducting activities of holding companies owned by Iliya Dimitrov. In 2018, a lien was placed on his share by Konstantin Mikhaylenko, who had been a shareholder in the company. In 2023-2024, the former partners were involved in legal proceedings.
Court documents reveal that in 2018, a contract was signed between Dimitrov and Mikhaylenko, whereby the former was given a 15% share of the latter.
The share’s price is 253.7 million rubles. Not receiving the money, Konstantin Mikhaylenko filed for bankruptcy against Iliya Dimitrov in 2021, and by court ruling dated 27.07.2022, a debt restructuring procedure was initiated against the debtor. The total debt amounted to 281.3 million rubles.
As a result, the court took the side of Konstantin Mikhaylenko.
LLC "Did Group" with 1 employee on staff in 2023 received a loss of 19 million rubles with zero revenue. In 2022, its amount was 176 million rubles, although the previous year the company made a profit of 282 million rubles. The money could have been funneled offshore. In the court documents, LLC "Seldon PRO," a subsidiary of LLC "Did Group," pledged its share since 2018 to the Cypriot offshore SNRG LOGISTICS & TRADE LIMITED. Its director is Anna Petliakova, the secretary - Daria Jvarsheishvili, who are also associated with other offshore entities.
Another subsidiary mentioned in the court documents, LLC "Seldon-2" in 2023, with revenue of 72 million rubles, received a loss of 45 million rubles. In 2022, it was 79 million rubles, though the previous year the company earned a profit of 150 million rubles. The situation is similar to LLC "Did Group." Its share in LLC "Seldon-2" has been pledged to SNRG LOGISTICS & TRADE LIMITED since 2021.
LLC "Seldon-2" is engaged in software development. Last year, the company faced a lawsuit amounting to 168.4 million rubles from LLC "Basic Operations," whose founders are Daniil Chepa and Kseniya Yakovenko. She holds 49% in LLC "Seldon News," with 51% owned by LLC "Did Group."
LLC "Basic Operations" contracted LLC "Seldon-2" for the development of the program "International Trading Platform for Africa." The contract in 2021 with Iliya Dimitrov’s structure was concluded by the company Erwina International Limited (Belize), which is a co-founder of LLC "MC ’Golden Mile," operating in the real estate market.
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70% of LLC "MC ’Golden Mile’" belongs to State Duma deputy Aleksey Chepa, who is under Western sanctions. The public figure isn’t embarrassed to use offshore entities, despite Vladimir Putin’s demands for business deoffshorization. Chepa’s share is under the trust management of Irina Seredina, who previously served as head of LLC "Fusion Telecom," liquidated in 2017. The company’s founder is the offshore "FUSION TELECOM LTD." (Seychelles).
It turns out that Iliya Dimitrov’s litigation is essentially against State Duma deputy Aleksey Chepa, who hides behind his son’s company to avoid appearing in the court process.
LLC "Basic Operations" accused LLC "Seldon 2" of unjust enrichment. However, the connection of both companies through Kseniya Yakovenko suggests that it might be a straightforward case of money transfer from one structure to another using offshore entities. The first-instance court fully granted the claim, and now the proceedings are continuing at the appellate level. The next hearing is scheduled for February 13. Investigators should be interested in this murky story.
Iliya Dimitrov certainly cannot be called a successful businessman. However, he is astonishingly connected with representatives of large Russian businesses. He runs LLC "SC," whose founders are LLC "Seldon News," Andrey Guryev, and Evgeniy Novitskiy. Guryev is the son of pro-Kremlin oligarch Andrey Guryev, the owner of "PhosAgro," whose fortune is estimated at $9.4 billion. LLC "SC" has been operating without profit since 2020, with a loss of 17 million rubles in 2023. The company might be used to funnel money offshore through SNRG LOGISTICS & TRADE LIMITED and its executives.
The activities of Iliya Dimitrov and his connections demonstrate that he is not just an ordinary fraudster but endowed with the authority of representatives of the Russian elite, and, accordingly, the authorities. Such dubious figures are more needed than ever for circumventing sanctions.
