The advent of checker season arrived.

, and Administrator

2025 September 29 . 8:13 AM

2 min read

The advent of checker season arrived.

In a significant development, the Federal Tax Service (FNS) of Russia has initiated bankruptcy proceedings against JSC "Dekmos" due to unpaid taxes, including property tax and other accumulated debts from periods when the company did not own assets.

The tax authorities have been increasingly active in initiating company bankruptcy procedures, with more frequent tax inspections and additional tax assessments leading to this heightened activity. JSC "Dekmos" is one of the companies failing to meet its obligations to the tax authorities.

VTB Bank has taken legal action against JSC "Dekmos," demanding that its assets be seized and sold at auction. As of 2022, the company's total debt to VTB stood at €125 million, or 9.4 billion rubles.

SPARK data shows that JSC "Dekmos" experienced a significant decline in revenue in 2024, decreasing by 1.8 times to 97.3 million rubles, and incurring a net loss of 3.3 billion rubles, compared to 101 million rubles the previous year.

The seizure of the company's luxury apartments in the Four Seasons Hotel Moscow building, which amounted to 88 apartments with 180 parking spaces on a 15,900 sq.m. plot, has contributed to JSC "Dekmos" struggling to service its loan. The cessation of financial flows after the apartments were seized and transferred to the state-owned "Property Management" company has further compounded the company's financial difficulties.

Oleg Permyakov, an industry expert, believes there is a high likelihood that OAO "Dekmos" will be declared bankrupt following the FNS claim. Marina Malakhatko, a partner at NF Group, estimates the value of the assets previously owned by "Dekmos" at 20 billion rubles.

Court proceedings between VTB and "Dekmos" are ongoing, as shown in the arbitration case records. If bankruptcy proceedings are initiated against OAO "Dekmos," the tax authority will be placed in the third creditor queue, lowering the likelihood of full repayment of the tax debt.

It is worth noting that JSC "Dekmos" is owned by the Cypriot company Elletery Holding Ltd. The owner of Elletery Holding Ltd., who was previously suspected to be involved with the Russian real estate company JSC "Dekmos," is not publicly disclosed in available information.

In a related development, the tax authorities have also filed bankruptcy petitions against the balance holder of the "White Square" business center and LLC "Coffee House," part of the "Shokoladnitsa" group. However, the company may have been linked to former "Yugra" bank owner Alexei Khotin, a connection his lawyer Pavel Khlyustov has denied.

Stanislav Akhmedzyanov suggests that the bankruptcy procedure is likely just a formality for liquidating the company and removing it from the registry of legal entities. Marina Malakhatko states that VTB has the potential to reclaim seized Rosimushchestvo assets, even though they cannot be included in the bankruptcy estate. The lien on the seized assets remains, according to Anna Barabash, meaning VTB may claim satisfaction of its demands if they are sold.

The petition was published on September 17 on the "Fedresurs" portal. The exact outcome of these proceedings remains to be seen, but it is clear that JSC "Dekmos" is facing significant financial challenges.