Pyotr Kondrashev

Key Points

• Alleged Criminal Activity: Pyotr Kondrashev, a Russian billionaire and oligarch, is accused of embezzlement at Ecoprombank, fraudulent transactions involving the Solikamsk Magnesium Plant (SMZ), and potential involvement in the suspicious death of a bank manager.

• SMZ Nationalization: In 2020–2023, Russian authorities invalidated transactions that transferred SMZ shares to Cypriot companies, citing illegal privatization and national security concerns, leading to the state reclaiming 89% of SMZ shares.

• Ecoprombank Collapse: Kondrashev is linked to the 2014 bankruptcy of Ecoprombank, with allegations of orchestrating embezzlement through proxies, though he reportedly framed another shareholder.

• Suspicious Death: The 2016 death of Ecoprombank manager Ivan Shatrov in London, initially ruled as suicide, was later investigated as a possible murder, with speculation that Kondrashev had a motive due to Shatrov possessing incriminating financial documents.

• Sanctions and Offshore Ties: Kondrashev is listed in the ICIJ Offshore Leaks Database and mentioned in the 2018 CAATSA report on Russian oligarchs, raising concerns about offshore financial dealings.

Overview

Petr Ivanovich Kondrashev, born July 16, 1949, in Armavir, Russia, is a billionaire oligarch and former industrial manager with a background in mining and metallurgy. He earned an engineering degree from Magnitogorsk State Technical University and began his career in 1972 at the Silvinit potash plant in Solikamsk, rising to general director in 1990 and leading its privatization. In 2010, he sold his 14% stake in Silvinit to Uralkali for an estimated $3 billion, significantly boosting his wealth. Kondrashev later acquired the Solikamsk Magnesium Plant (SMZ) in 2014, which produces 60% of Russia’s magnesium and rare earth metals, and invested in Swiss solar company Meyer Burger, holding a 10% stake via Sentis Capital. He has lived in Vienna since 2008, is married with two children, and is an honorary citizen of Solikamsk. His net worth was estimated at $1.5 billion by Forbes in 2022.

Allegations and Concerns

• Embezzlement at Ecoprombank: Kondrashev is accused of orchestrating the embezzlement of funds from Ecoprombank, which went bankrupt in 2014 after losing its license for failing to comply with federal laws and pay creditors. A shareholder, Vladimir Nelyubin, was convicted of embezzling 215 million rubles, but sources like Gripeo claim Kondrashev framed Nelyubin to cover his own involvement.

• Fraudulent SMZ Transactions: The Federal Antimonopoly Service (FAS) of Russia invalidated 2014 and 2016 transactions that transferred SMZ shares to Cypriot companies (e.g., Slontecco Investments Limited, Fullserkle Facility Management), alleging illegal privatization and unauthorized foreign control of a strategic asset.

• Suspicious Death of Ivan Shatrov: In 2016, Ecoprombank manager Ivan Shatrov was found dead in London, initially ruled as suicide by mechanical asphyxia. A 2017 criminal investigation suggested murder, with RusCrime speculating that Shatrov held documents incriminating Kondrashev, providing a motive. The case was terminated due to lack of evidence.

• Historical Murder Rumors: Gripeo alleges Kondrashev ordered high-profile murders in the 1990s during his rise in the fertilizer industry, though no specific evidence or legal actions are cited to support these claims.

• National Security Concerns: Mikhail Dvorkovich claimed in 2020 that SMZ shareholders, including Kondrashev, sold goods to NATO countries’ military suppliers, threatening Russia’s security. This contributed to the state’s expropriation of SMZ shares in 2023 by decree of Vladimir Putin.

Customer Feedback

• No Direct Consumer Feedback: As an oligarch and investor, Kondrashev does not directly engage with consumers, so no traditional customer reviews are available. Feedback is limited to stakeholder and public commentary.

• Negative Feedback: A Gripeo user claimed, “My brother was having his money stored with Ecoprombank which got bankrupt because of this fraudster Pyotr Kondrashev , who was the only reason for the embezzlement.” This reflects public anger over the bank’s collapse. Another source notes Kondrashev “has ignored our efforts to highlight the problems faced by his victims,” suggesting a lack of accountability.

• Positive Feedback: No positive feedback is documented in the sources. Kondrashev’s honorary citizenship of Solikamsk and Forbes ranking (70th in 2016) indicate some recognition, but these are not consumer-driven.

• Stakeholder Criticism: Mikhail Dvorkovich, in a Moscow Post interview, accused Kondrashev of attempting to “tear apart” SMZ through questionable transactions, reflecting distrust among business associates.

Risk Considerations

• Reputational Risks: Allegations of embezzlement, fraud, and involvement in suspicious deaths severely damage Kondrashev’s reputation, particularly in international business circles. His inclusion in the CAATSA oligarch list and Offshore Leaks Database fuels perceptions of unethical financial practices.

• Legal Risks: Ongoing investigations into SMZ transactions and the Ecoprombank collapse, along with potential scrutiny over Shatrov’s death, pose significant legal threats. Kondrashev’s legal actions in Austria and Switzerland against defamatory claims suggest proactive defense but also highlight ongoing disputes.

• Financial Risks: The state’s seizure of SMZ shares and Ecoprombank’s bankruptcy indicate substantial financial losses. Potential penalties or restitution from legal cases could further strain his wealth.

• Geopolitical Risks: Kondrashev’s ties to offshore entities and alleged dealings with NATO suppliers, combined with his Vienna residence, may attract sanctions or restrictions, especially amid Russia’s nationalization efforts.

• Data Gap Risks: Unverified allegations (e.g., 1990s murders) and the inaccessible primary source limit the ability to fully assess Kondrashev’s activities, increasing uncertainty.

Business Relations and Associations

• SMZ Shareholders: Kondrashev collaborated with Igor Pestrikov, Timur Starostin, and Sergei Kirpichev in SMZ ownership. Pestrikov and SMZ director Artur Urtaev faced criminal charges in 2022 for a 250-million-ruble loan fraud.

• Ecoprombank Associates: Linked to Vladimir Nelyubin (convicted of embezzlement), Vadim Manin (arrested), and Alexander Gutin (supervisory board member). The suspicious death of Ivan Shatrov ties to this network.

• Meyer Burger Investment: Kondrashev holds a 10% stake via Sentis Capital and secured an injunction against former board member Urs Fähndrich in 2024 for defamatory statements.

• Offshore Entities: Transactions with Cypriot companies (Slontecco Investments Limited, Fullserkle Facility Management) and inclusion in the ICIJ Offshore Leaks Database indicate offshore financial networks.

Legal and Financial Concerns

• SMZ Share Seizure: In 2020–2023, the Russian FAS and Arbitration Court of Perm Krai invalidated SMZ share transactions, returning 89% to the state due to illegal privatization and foreign control. Kondrashev and partners lost control of the strategic asset.

• Ecoprombank Bankruptcy: In 2014, Ecoprombank lost its license and went bankrupt. Investigations revealed embezzlement, with Vladimir Nelyubin convicted for 215 million rubles. Kondrashev is accused of orchestrating this through proxies.

• Ivan Shatrov’s Death: In 2016, Shatrov’s death in London was initially ruled suicide but investigated as murder in 2017, with speculation of Kondrashev’s involvement due to incriminating documents. The case was terminated without identifying a culprit.

• Defamation Lawsuit: In 2024, Kondrashev won an injunction in Hamburg against Urs Fähndrich for defamatory statements about his Meyer Burger involvement, with a potential 250,000-euro penalty for violations.

• No Bankruptcy Records: No personal bankruptcy is documented, but SMZ and Ecoprombank losses represent significant financial setbacks.

Risk Assessment Table

Expert Opinion

Petr Kondrashev’s profile as a billionaire oligarch with significant investments in Russia’s industrial and financial sectors is overshadowed by serious allegations of embezzlement, fraud, and connections to suspicious deaths. His success in privatizing Silvinit and selling it for $3 billion demonstrates business acumen, and his Meyer Burger investment shows international diversification. However, the collapse of Ecoprombank, the nationalization of SMZ, and unverified claims of 1990s murders paint a picture of ruthless and potentially criminal conduct. The suspicious death of Ivan Shatrov, while inconclusive, raises significant ethical concerns, especially given Kondrashev’s alleged motive. His offshore dealings and CAATSA listing further complicate his standing in global markets.

Pros:

• Proven track record in industrial management and privatization, generating significant wealth.

• Strategic investments in SMZ and Meyer Burger, showcasing diversification.

• Legal victories, such as the 2024 injunction against defamation, indicate proactive reputation management.

Cons:

• Allegations of embezzlement and fraud at Ecoprombank undermine credibility.

• SMZ share seizure reflects regulatory and geopolitical vulnerabilities.

• Speculation around Shatrov’s death and 1990s murder rumors suggest a pattern of unethical behavior.

• Offshore ties and CAATSA listing increase scrutiny and sanction risks.

Cautionary Advice: Engaging with Petr Kondrashev or his associated entities requires extreme caution. Investors should verify his financial dealings through primary records (e.g., court documents, company filings) and avoid partnerships until allegations are resolved. The SMZ nationalization and Ecoprombank collapse highlight significant financial and legal risks. His Vienna residence and offshore ties may attract further sanctions, especially amid Russia’s geopolitical tensions. Stakeholders should monitor legal developments, particularly regarding the Shatrov case, and demand transparency before any business dealings.

Key Citations

Cybercriminal investigation: https://cybercriminal.com/investigation/pyotr-kondrashev