Putin will make a fortune from 255 luxury apartments in London that will fund embassy refurbishments before any excess profits are sent to the Kremlin.
- Russia builds 255 flats on the Kensington site it bought in 2006 for £8m
- Vladimir Putin prepares to make hundreds of millions of pounds from development
- He plans to use the proceeds to refurbish his embassy properties in the capital.
- Moscow-based banker convicted of corruption appears to be closely involved in it
vladimir Putin is set to make hundreds of millions of pounds with a luxury development in an exclusive area of London, The Mail on Sunday can reveal.
Russia is building 255 homes on a Kensington site it bought in 2006 for £8m through an offshore company.
He is planning to use the big profits from the scheme to renovate his embassy properties in the capital.
Vladimir Putin is set to make hundreds of millions of pounds with a luxury development in an exclusive area of London, The Mail on Sunday can reveal
Moscow-based banker Elena Kotova, who was convicted of corruption, is named in planning applications to the Kensington and Chelsea Council.
But documents seen by this newspaper show that any ‘remaining surplus’ will go to the Kremlin.
The MoS may also reveal that a Moscow-based banker convicted of corruption appears to have been closely involved in the development.
Elena Kotova is named in planning applications from Kensington and Chelsea Council.
She lost her job at the European Bank for Reconstruction and Development (EBRD) because she was convicted of corruption for seeking a £1 million bribe in Moscow in 2014.
Russia is building 255 flats on a site in Kensington it bought in 2006 for £8m using an offshore company (file image)
The UK’s National Crime Agency also found that Kotova had solicited bribes to greenlight projects at the EBRD between 2005 and 2011 and seized her London apartment worth £1.5m, as well as £230,000. cash sterling. She maintains her innocence.
Land Registry documents show that the Russian Foreign Ministry and a state bank purchased the land to be developed at 245 Warwick Road, Kensington.
It is controlled through a complicated structure. Since 2008, numerous planning applications have been submitted for the site, which was approved by Kensington and Chelsea Council in 2012.
Russia plans to use the big profits from the plan to renovate its embassy properties in the capital.
Based on similar developments, the Kremlin can turn its £8 million investment into hundreds of millions of pounds.
News that Moscow is profiting from property speculation in the UK while waging a costly war in Ukraine will inevitably cause consternation.
This year, oligarchs with close ties to President Putin have been hit with sanctions.
Elsewhere in London, the Kremlin’s holdings include at least 12 flats and houses in central London. His portfolio is estimated at £100 million.
The Russian embassy did not respond to a request for comment.