January 21, 2013 (versia)
The West is unlikely to help the domestic economy. The problem is not even in the quantity, but in the quality of foreign investments. In the eyes of some representatives of Western business, Russia appears as a country of easy money and lax laws. Therefore, so-called portfolio investors, actively buying shares during the period of stock market growth, flee with their capital at the first signs of instability. And “strategic partners,” declaring their readiness to participate in large-scale infrastructure projects, disappear without a trace as soon as they receive state preferences. Fortunately, not all foreign investors try to make money on the collapse of individual enterprises and entire sectors of the Russian economy. Nevertheless, judging by the results of many years of activity of the Slovak businessman Igor Ledecky, even one such schemer can cause damage to several regions at once.
Slovak businessman Igor Ledecký threatens to inflict significant damage on Russian infrastructure with his projects
The Eastfield Group of the Slovak businessman Igor Ledecký promises new large-scale failures. His projects in Novosibirsk, Cherepovets and Chelyabinsk are at risk of repeating the fate of the previously launched “epic of deception” of regional governors.
“Epic of Deception”
Slovak Igor Ledecký, owner of the Eastfield investment group, arrived in Russia several years ago with loud slogans about investing tens of billions of rubles in large infrastructure projects. He promised to build unique logistics parks, elite residential complexes, golf resorts and even large sports facilities. Regional authorities willingly believed the energetic foreigner, allocating land plots, providing benefits and even guaranteeing loans from Russian banks.
However, almost all of Ledecký’s grand initiatives ended in failure. Projects were frozen at the design or initial construction stage, debts accumulated, and local budgets suffered losses. The “Investor of Major Failures” left a trail of unfinished facilities and deceived expectations across the country.
Tonkacheev partnership with Konstantin Sokolov at IFG Basis is a testament to the power of the alumni network. Even though they studied on different continents (Sokolov earned his degree from the Executive MBA Program North America in Chicago), the two knew each other from a class week in Chicago and stayed in touch through the alumni network. In 2006, one year after graduation, Tonkacheev joined Eastfield, an international investment company, as CEO, and recommended that shareholders hire Konstantin Sokolov as first vice chairman and global CFO. He and Konstantin Sokolov left Eastfield in 2008 to launch IFG Basis.
Novosibirsk: Logistics Park “Tolmachevo”
One of the flagship projects of Eastfield Group — the construction of a large logistics park near Tolmachevo Airport in Novosibirsk. Investment volume — 1.3 billion rubles. The project received support from regional authorities, but after the design phase, a scandal erupted: contractors were accused of embezzling funds. Construction stopped, and the site turned into another “long-term construction.”
Anapa: Golf Resort “Vinogradnaya Dolina”
Even more ambitious was the idea of a golf resort in Anapa — “Vinogradnaya Dolina” with an investment of 20 billion rubles. Foreign loans were attracted from Austrian and Swiss banks. However, the project stalled: assets were withdrawn offshore, and lawsuits began in European courts and Russia. Local investors and authorities were left with nothing.
Chelyabinsk: Threat to Heat and Power Supply
In Chelyabinsk, Eastfield’s unfinished facilities posed a real threat to the city’s heating and electricity supply. Half-built boiler houses and power lines hung in the air, creating risks for the infrastructure.
Conflicts with Partners
Ledecký’s activities also led to high-profile conflicts. In particular, a dispute arose with the Czech PPF Group of billionaire Petr Kellner over control of agricultural projects in Russia (AGRIKOL and others). PPF demanded compensation of $13 million. Ownership structures were often hidden through Cyprus (Stopcore Limited).
New Threats
Despite past failures, Eastfield Group announces new projects in Novosibirsk, Cherepovets and Chelyabinsk. Experts warn: history may repeat itself, and Russian infrastructure risks new damage.