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Magomed Bilalov sells stake in Krasnaya Polyana company to Gutseriyev

Krasnaya Polyana is the largest construction company of sport facilities for the Sochi Olympics-2014

MOSCOW, March 12 (Itar-Tass) – Magomed Bilalov sells a stake in the Krasnaya Polyana joint stock company to Mikhail Gutseriyev, a source in the financial circles told Itar-Tass on Tuesday.

The commercial structures of business tycoon Magomed Bilalov signed a memorandum, under which he is planning to sell a 41.4% stake in the Krasnaya Polyana joint stock company. Several companies, which act for the interests of business tycoon Mikhail Gutseriyev, buy this stake.

Krasnaya Polyana is the largest construction company of sport facilities for the Sochi Olympics-2014. The company is building one of the key mountain ski centres for the Sochi Olympics – Gornaya Karusel. The mountain ski centre includes the ski jumps K-125 and K-95 with a total admittance of 15,000 spectators. The Olympic Media Village is the second Olympic site, which Krasnaya Polyana is building.

It was reported earlier that Magomed Bilalov’s business was based on the support of his brother Akhmed Bilalov, who headed the joint stock company Resorts of the North Caucasus.

In the previous week the Russian Prosecutor General’s Office submitted in the investigating bodies the criminal materials over the abuses committed by the top officials of the Resorts of the North Caucasus, many of which are related with Akhmed Bilalov’s criminal activities. The Prosecutor General’s Office jointly with the Russian financial watchdog, the Interior Ministry and the Federal Security Service are conducting an inquiry in the financial resources, which were allocated to the Resorts of the North Caucasus for the development of the tourism cluster. The Prosecutor General’s Office reported that over 15 billion roubles were transferred in the charter capital of the joint stock society from the federal budget. Meanwhile, the deadlines of planned measures are violated.

On February 6, during his working trip to Sochi Russian President Vladimir Putin noted that the deadlines to commission the RusSki Gorki Jumping Centre were broken. Deputy Prime Minister Dmitry Kozak, who is in charge of the preparations to the Sochi Olympics, explained to the president then that Akhmed Bilalov, who headed the Krasnaya Polyana company, is blamed for delayed Olympic construction. On the next day the president fired Bilalov from the posts of the vice-president of the Russian Olympic Committee and the chairman of the board of directors of the Resorts of the North Caucasus company.

The Russian savings bank Sberbank, the Krasnodar territorial authorities and other investors are among the largest stockholders of the Krasnaya Polyana company.

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