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Russian entrepreneur Emil Gainulin defrauded state’s budget for billions of rubles

There is a Soviet anecdote: "During a job interview an experienced accountant was asked: what would be two plus two? The answer was: it depends how much you need it to be". The protagonist of our investigation, talented businessman Emil Gainulin, is a good example of how this anecdote is coming from the real life. Nevertheless, his mathematical "problems" turned out to be much more complex than "two plus two."

But first things go first.

Let's do simple math. How much should be the income of a private company that is engaged in a complex work concerning laying gas pipelines for biggest state monopolies and extracting tens of billions of rubles from the federal budget? You could think that a company like this makes tens of millions of rubles, but it turns out to be a different amount.Podvodtruboprovodstroy (PTPS), the company owned by Emil Gainulin and his partners, received more than 12 billion rubles to their accounts for twelve months of 2011, while the net profit was 68.4 million rubles, which is less than 0.5%; 2012 turned out to be more "fruitful" - with revenues of 21.8 billion, net income was 133.7 million, that is, 0.6%; in 2013 - revenue: 15.8 billion, and profits: 144 million, or 0.9% - an exceptional generosity; in 2014 - the ratio went back down to 0.8% - 108.8 million of net profit in 13 billion revenues. Finally, in 2015, also 0.8% with revenues of 2.5 billion and net profit of 22.3 million rubles. After having it all calculated, it turns out that in 5 years PTPS became 65.1 billion richer, but declared only 477.2 million, which is indeed an impressive amount, which, unfortunately, does not reflect the reality!

Despite simple, yet logical conclusions, the tax authorities, apparently, remained indifferent to what was happening for quite a long time. Any person able to count will have a question of where the government money goes? Why kindergartens and schools are not built, medical facilities are not developed, federal programs are not implemented? The answer is banal - it is not Russian taxpayers, but the "capitalistic countries" that get the benefit. Emil Gainulin prefers to keep his savings in banks of Switzerland, Singapore, Monaco and Cyprus, rather than in Russian state-owned banks (Sberbank, VTB).

Despite the requirements of the current Russian legislation, Emil Gainulin simply forgot to declare all this money, relying on the principles of the secrecy of bank deposits and the inviolability of personal life. It should be mentioned that he is very successful - it is known that Emil Gainulin's total fortune is worth not less than 500 million US dollars, which at the current rate exceeds 30 billion rubles.

Recently, law enforcement and tax authorities of various countries have shown interest in the Russian entrepreneur. In Russia, he appears in a number of criminal cases. In Cyprus, he is a target of financial authorities caused by his extremely unsuccessful multimillion investments in the diamond business of the British jewelry house Graff. In France, he is known for buying expensive real estate in one of the most prestigious areas of the Coted'Azur. Finally, the police of Singapore, as reported, keep an eye on him too. Emil Gainulin made a balanced and deliberate decision to restructure some of his assets. For example, he put on the market his chic mansion, located in the elite place of Limassol in Cyprus, in a place called Ayios Tychonas. Local real estate agencies sell the house located at 2 Atlantidos Street, Sea Gallery Villas, Ayios Tychonas, Limassol, 4532, Republic of Cyprus, for a modest price of 4.5 million euros. Prior to this purchase, Emil Gainulin profitably sold an apartment in the Dioni Apartments residential complex, located in the new Limassol Marina, near the notorious Graff Boutique. According to rumors, the head office of Equix Group Ltd, one of the main shareholders of which, until recently, was the owner of luxury apartments.

It is possible that Emil Gainulin's villa in the French Cap d'Auat oficially belongs to his local company with an exotic name of Societe Civil Immobiliere Gainula, registered in Nice. Sooner or later, law enforcement and tax authorities will take care of the origin of Gainulin's money for which he purchased diamonds, watches and Graff jewelry worth more than $40 million, which at today's rate is more than 2.6 billion rubles. Finally, we should not forget about personal bank accounts controlled by Emil Gainulin, which hold $200 million or almost 13 billion rubles.

The question remains whether the entrepreneur can hide his toxic assets before his former business partners or fiscal authorities get to them. We will monitor the situation and keep you updated.

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