St. Petersburg Takes Full Control of Metrostroi
When 'Metrostroy of the Northern Capital' was established in 2020 to replace the old 'Metrostroy' and transfer personnel and equipment from it, the company had approximately 2,500 people.
Consensus
- On August 19, the governor of Saint Petersburg signed a decree to transfer 350 shares of AO 'Metрострой Северной столицы' into city ownership.
- The shares represent approximately 14% of the company's charter capital.
- VTB Bank transferred the shares without compensation to the city.
- The company was established in 2020 as a successor to the bankrupt 'Metrostroi' of Saint Petersburg.
- The workforce has grown from about 2,500 to nearly 4,300 employees since 2020.
- The company has acquired two tunnel boring machines from Obukhov Plant and continues to purchase equipment from former Metrostroi auctions.
- The company retains the unique double-track shield 'Nadezhda'.
- The new management team has been established, and the company has transitioned to domestic equipment.
- The old Metrostroi was criticized for poor management by its former owners, father and son Alexandrovs.
- The former owners are under investigation for fraud, and are required to compensate losses.
- The court has placed responsibility on the Alexandrovs, not the state, for the previous company's failures.
Points of divergence
- The city now has full control, including the ability to make strategic and personnel decisions without external interference. — gazeta_spb
- The city's control over Metrostroi may lead to larger contracts and increased scrutiny from the Audit Chamber due to higher funding volumes. — gazeta_spb
- The process of transferring the shares was delayed, with the agreement announced in November, the draft decree ready in January, but only finalized in August. — fontanka
- The management team of Metrostroi Severnoy Stolitsy underwent multiple changes before stabilizing. — fontanka
Coverage (2 sources)
- Famous «Metrostroy of the Northern Capital» taken into the treasury of St. Petersburg - SPB RUZ newspaper - St. Petersburg news — Gazeta.SPb
- All wishes must come true. St. Petersburg now has its own Metrostroy — Фонтанка
Key entities
- Saint Petersburg
- VTB
- JSC "Metrostroy of Northern Capitals"
- Andrey Kostin
- Fontanka
- Alexander Beglov
- SPB RU News Newspaper
- Smolny
- Metrostroy of the Northern Capital
More on Andrey Kostin
- Russia's Central Bank to Continue Rate Cuts Amid Economic Concerns
- Putin: Russia's GDP Growth Exceeds Europe's
- Because private, non-state cryptocurrencies, of course