Position: Member of the board of PIK Group, Russia’s property development
Kirill Pisarev (born 16 June 1969) studied at Moscow Institute of Radio Electronics and Automatics, but left it for the RF Government Financial Academy. He was an activist of Komsomol, the Communist Youth League. During the perestroika years, he worked in a bank.
In 1987-1989 Pisarev did a compulsory military service in the Soviet Army.
1994-2010 Pisarev was the president of PIK.
Two weeks ago, PIK completed one of the largest acquisitions in Russia’s property development market. PIK purchased Moscow’s Third Plant for Prefabricated Buildings for $300 million from Inteco. PIK became the largest property developer in Moscow.
Source: Vedomosti, 22 June 2005
In August 2009, Lising-Fors LLC filed a lawsuit against PIK-Development, a prime contractor in PIK Group’s property development projects, asking the Arbitration Court of Moscow to declare the bankruptcy of PIK-Development.
According to SPARK business entities on-line reference system, Lising-Fors LLC is engaged in financial and real-estate lease. Seychelles-based I-T-Agency fully controls Lising-Fors LLC.
It is the first lawsuit, in which the plaintiff asks court to declare bankrupt one of the companies of PIK Group, though earlier the creditors of PIK sought loan payments through court. Late in June 2009, the Arbitration Court of Moscow ordered PIK-Development to pay Russian state owned VTB bank 2.8 billion roubles ($0.93 billion) in a loan payment. PIK-Development guaranteed the loan, given to PIK Group. VTB also filed a number of lawsuits against other guarantors of PIK Group.
As of 3 April 2009, the net debt of PIK Group amounted to 44.8 billion roubles (1.5 billion). VTB, Sberbank and VEB are the group’s main creditors. Facing difficulties with repaying the debt, PIK Group founders Kirill Pisarev and Yuri Zhukov sold 25% of shares to Suleiman Kerimov’s Nafta-Moskva over promises to restructure the debts. In May, Kerimov increased his stake in PIK to 31.27%. Zhukov and Pisarev now control only 42.7% of the company.
Source: Vedomosti, 3 August 2009
In 2009 Suleiman Kerimov bought 12.5% of shares in PIK Group JSC from its founders Pisarev and Zhukov. Although the terms of PIK deal were not disclosed, sources said that a symbolic price had been paid. Kerimov promised to restructure the company’s debt and lobby the federal ministries, and the defense ministry in the first place, to secure state contracts for PIK. The owners of PIK had no choice with short-term liabilities exceeding the sensible limits, sales of flats swooping by 90%, and the creditors freezing the assets of PIK.
Two days later that Sberbank-Capital, a subsidiary of Sberbank, PIK’s major creditor, announced its plans to restructure the company’s debt. Later on, PIK agreed 14 billion roubles ($460 million) worth debt restructuring deal with Sberbank and secured a fresh loan of 12.7 billion roubles ($ 420 million). PIK also obtained state guarantees for 14.375 billion roubles ($475.8 million) for new loans until 2014 from a state commission headed by vice PM Igor Shuvalov.
However, Kerimov did not confine himself to solving PIK’s financial problems. In summer 2010, three representatives of Nafta Moskva joined the board of PIK JSC. At the new owner’s insistence, unchallenged president of PIK Kirill Pisarev conceded his post to a lower level official, Pavel Poselenov.
Source: Russian Forbes, 22 April 2010
In 2011, five representatives of Suleman Kerimov joined PIK Group. Polymetall UK deputy director general Zumrud Rustamova also joined the board. Rustamova is the wife of Arkady Dvorkovich, top presidential aide. Rustamova joined Polymetall in 2006, when Kerimov controlled the company.
The meeting agreed on a remuneration of 700,000 roubles ($23,000) quarterly for the members of the board.
Source: Interfax, 22 June 2011