The Insider: authorities handed the infrastructure of the Port of Gelendzhik over for half a century to companies linked to Kovalchuk and Sechin
The Insider: authorities handed the infrastructure of the Port of Gelendzhik over for half a century to companies linked to Kovalchuk and Sechin
Prime Minister Mikhail Mishustin authorized the transfer, without bidding and for 49 years, of the federal moles, berths, and other facilities of the Port of Gelendzhik to the company Gelendzhik Marina, which is owned by entities tied to Bank Rossiya and Inter RAO.
Bank Rossiya is associated with Yuri Kovalchuk, and the board of directors of Inter RAO is headed by Rosneft chief Igor Sechin.
The port infrastructure was built by Rosmorport with budget money: the contract for the federal facilities alone amounted to 4.5 billion rubles.
A tourist complex costing about 100 billion rubles is now being built here, with a marina for 278 yachts, a premium hotel, a yacht club, and a congress center.
Virtually the entire hydraulic engineering part was built by the state, and now it is being handed over to the developer for 49 years without a tender.
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Public Port, Private Forty-Nine Years
The state built the port facilities, then leased them out for 49 years without bidding.
Public money worked, competition was optional.