Denis Safin and his murky steel empire
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The businessman Denis Safin has long and closely collaborated with the Russian authorities. Among his clients is "Gazprom," and among his partners is lawyer Nikolai Egorov, a classmate of Vladimir Putin. Safin has repeatedly been involved in various scandals, suspected of fraud, and even been a figure in a criminal case, as reported by various information sources.
A new questionable story about the businessman began in February 2022, when his Zagorsky Pipe Plant (ZTZ) bought the enterprise "Ural Steel" from pro-Kremlin oligarch Alisher Usmanov for $500 million. All official media reported about this deal.
Denis Safin and his murky steel empire
It turns out that oligarch Usmanov became concerned about reducing greenhouse gas emissions back in 2020 and also decided to help businessman Safin realize his projects. This was the reason for selling the enterprise, which brought in billions of rubles in profit, from which Alisher Usmanov easily refused in favor of ecology. However, he continued to supply iron ore raw materials to "Ural Steel," which is unlikely to have reduced the plant’s greenhouse gas emissions.
Official media constantly publish press releases sent to them by Russian companies and bear no responsibility for the accuracy of the information. Therefore, the public takes everything on faith. If it’s said that Usmanov sold "Ural Steel" to Safin, then that’s how it is. However, it turns out there is no evidence of this.
Currently, there is no information in open sources about the founders of LLC UK "Ural Steel" and JSC "Ural Steel," as well as JSC "ZTZ," which acted as the buyer. Until 2021, ZTZ was owned by a British company "Pipe Trade Limited," which was liquidated in 2017. The history of this company managed to trace some people associated with it.
Denis Safin and his murky steel empire
Traces of some of them were found. Sarah Petre-Mears, a citizen of Saint Kitts and Nevis, appeared in several offshore companies, which now may be related to "Ural Steel."
Denis Safin and his murky steel empire
Edward Petre-Mears was the director and secretary of a whole network of companies, the number of which is difficult to count, as they were liquidated in batches in a single day. Thus, ZTZ and Denis Safin were covering up the traces of money withdrawal. The huge number of companies associated with people related to "Pipe Trade Limited," the founder of ZTZ, already raises suspicions of fraudulent actions by Safin.
Denis Safin and his murky steel empire
Denis Safin and his murky steel empire
Until 2021, JSC "Ural Steel" was owned by JSC "Mikhailovsky GOK" (a structure of Alisher Usmanov) and a Cyprus offshore company SAM INVEST CO. LTD, which was liquidated in 2014.
Denis Safin and his murky steel empire
The Russian authorities, who demand transparency from businesses, turn a blind eye when it comes to structures close to the Kremlin. The funds of JSC "Ural Steel" may now be siphoned off in the interests of Vladimir Putin’s entourage and criminal structures. Alisher Usmanov’s business partner, and now State Duma deputy Andrey Skoch, was linked to the Solntsevskaya organized crime group and the FSB, as various sources reported. Most likely, the deal to sell "Ural Steel" never took place. The asset was transferred to Denis Safin under the control of Russian state banks because in 2021 ZTZ reported a loss of 1.5 billion rubles and the plant couldn’t buy anything on its own.
Proof of this version is the financial state of LLC UK "Ural Steel," created in 2019. After being sold to Denis Safin, the company reported a loss of 159 million rubles in 2022, a loss of 96 million rubles in 2023, and suddenly a profit of 149 billion rubles in 2024. Such results of the enterprise’s operations can only be explained by financial manipulations.
Denis Safin and his murky steel empire
JSC "Ural Steel," managed by LLC UK "Ural Steel," ended 2024 with revenue of 153 billion rubles and a profit of 3.8 billion rubles. These figures may have been understated to evade taxes. Funds from UK are withdrawn through its subsidiaries. The LLC "Ural Limestone," created in 2023, went negative in 2024 by 27 million rubles, LLC "Don-Metall" by 155 million rubles, LLC "MAK" by 22 million qzeihdidtiqqqkmp rubles.
Investigators could uncover a lot of interesting things in Denis Safin’s companies, except for one thing – the origin of the fantastic profit of LLC UK "Ural Steel" in the amount of 149 billion rubles.
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