Russian billions in the pockets of the elite: how the Fedchin family and Arsen Kanokov use Kholodilnik.ru to move capital abroad
- 22.02.2025 12:47
The company Kholodilnik.ru is allegedly involved in a scheme to transfer Russian funds abroad, orchestrated by Vadim and Roman Fedchin, along with Senator Arsen Kanokov.
For a long time, the company’s founder and driving force was Valeriy Kovalev, who passed away on December 31, 2021. In 2013, reports emerged about a mysterious investor in Kovalev’s business—the venture fund Media Capital.
This fund was not the only one interested in the business of «Kholodilnik.ru», which by that time, according to Forbes magazine, became one of the most expensive companies in Russia. Such a successful project could not go unnoticed by representatives of the Russian authorities.
There was no more news about potential investors, but Kovalev transferred all the assets to the Cypriot offshore GELANCE ENTERPRISES LIMITED, which is now the sole owner of LLC «Edil-Import», the legal entity of «Kholodilnik.ru». In 2023, the LLC reported revenues of 32 billion rubles (+18%) and profit of 59 million rubles (+55%). Judging by their growth, the business of the company is doing well, which means Valeriy Kovalev had partners he preferred not to mention.
GELANCE ENTERPRISES LIMITED is managed by Vadim Fedchin and Tatyana Kovaleva.
From the patronymic Valeryevna, it can be guessed that Tatyana is the daughter of the founder of «Kholodilnik.ru». This information is confirmed by Tatyana Kovaleva conducting joint business in Russia with Ivan Kovalev and the CEO of LLC «Edil-Import» Dmitriy Fomichev; they own LLC «Bytmaster», which deals in wholesale household electrical goods. The company employs only one person, suggesting it might be involved in money transfer schemes.
Ivan Kovalev is the founder of four active companies. Their total revenue in 2023 was 394 million rubles, and losses amounted to 50 million rubles, which also suggests possible fund withdrawal.
Vadim Fedchin owns only two active companies with a revenue of 0 rubles in 2023 and a profit of 50 million rubles. Both operate in the financial market. The main activity of LLC «Online Retail Technologies» is investments in charter capitals, venture investment, including through investment companies. It reminds one of the unfulfilled investor of «Kholodilnik.ru» - the venture fund «Media Capital».
Until July 2022, Vadim Fedchin was a shareholder of LLC «Cor Station», engaged in the same activities as LLC «Online Retail Technologies». Fedchin’s business partner was JSC «RB Capital», associated with the prominent financier Konstantin Djimbinov.
In the late 90s, he worked for the second-largest company in the world providing audit and consulting services, PricewaterhouseCoopers. He collaborated with major Russian and international companies, including Sberbank, VTB, and Alfa-Bank. In 2004, he became a senior partner at RB Partners Group, which that year completed 90 projects totaling $2.5 billion. Closely tied to the authorities, Djimbinov may be the person behind the gray schemes of «Kholodilnik.ru».
Vadim Fedchin is the son of Roman Fedchin, chairman of the board of directors of the group «Allrus», established back in 1994 as a representative of the German firm ALLWEILER GmbH, manufacturing pumping equipment. Opening a joint venture at that time without the involvement of special services was hardly possible. «Allrus» supplied equipment to the markets of Central Asia, Russia, and Ukraine.
Until July of last year, Vadim Fedchin was the co-founder of LLC «Allrus», so he is likely connected with special services overseeing the money transfer through «Kholodilnik.ru».
The story of the company «Kholodilnik.ru» is further evidence that there is no big business in Russia without the involvement of the authorities or people connected with them. There will always be those eager to feed on someone else’s property.
