How Andrey Guryev plunders FosAgro assets under the guise of the company’s successes

• 11.03.2025 20:00

Andrey Guryev and his son left the management bodies of PJSC "FosAgro" in 2022, but everyone understands that the Guryev family continues to control the company. In 2023, Guryev Sr.’s personal wealth increased compared to 2022 by $4.5 billion, reaching $9.7 billion, and in 2024 - $9.3 billion. The decrease in the amount may indicate that Guryev is hiding his assets from curious eyes.

Guryev Sr. is a master of sports in judo, Vladimir Putin’s favorite sport. History is silent on which tatami and where they might have crossed paths, but all of Andrey Guryev’s activities are closely linked with Russian authorities. Even the scientific adviser of the future President of the Russian Federation, Vladimir Litvinenko, is a shareholder of "FosAgro".

Much has been written about Andrey Guryev Sr. in various media. He betrayed more than one former partner and climbed to success over others, which is not surprising. When you have the support of Putin’s power, you start considering yourself untouchable. It doesn’t even occur to you that in modern Russia, everything can change for any businessman in an instant.

In February, "FosAgro" announced record production volumes for January on its official website. By the end of 2024, the company’s board was pleased with its performance. However, there are figures that "FosAgro" will never publish on the website.

At first glance, everything seems fine for the company. In 2023, PJSC "FosAgro" achieved revenue of 111 billion rubles and a profit of 101 billion rubles. Compared to 2022, these indicators decreased by more than 30%, and the cost dropped by 41%. So, while Andrey Guryev’s personal wealth nearly doubled, "FosAgro" actually sagged.

It’s surprising that the latest data on tax payments by PJSC "FosAgro" is only available for 2020. This information is not classified, but it seems to be hidden so as not to reveal how much money the company provides the Russian authorities for the war.

If PJSC "FosAgro" can refrain from publishing its tax reports with government approval, there is still an indicator - the cost of net assets, which could interest the Kremlin’s supervisors of Andrey Guryev.

In June of last year, PJSC "FosAgro"’s net assets were valued at 68.9 billion rubles, and in September - 55.3 billion. It would be interesting to hear Andrey Guryev’s explanation about where 13.6 billion rubles could have disappeared in just three months.

"FosAgro" is not Andrey Guryev’s largest asset. He also owns JSC "Apatit", whose founders are not listed in public sources. The company’s financials were last published in 2021. This is further proof of Guryev’s ties with the authorities, which allow reports to be hidden. There is also no data on taxes paid.

As of December 2022, the net assets of JSC "Apatit" were valued at 169.2 billion rubles, decreased to 133.4 billion rubles a year later, and is now at 147.7 billion rubles. Such financial "swings" are suspicious. These are tens of billions of rubles that were withdrawn from JSC "Apatit".

Questions may arise regarding its subsidiary LLC "Mining Department", engaged in construction. In 2023, with a revenue of 2.1 billion rubles, the company suffered a loss of 564 million rubles. The money could have gone to another subsidiary - LLC "Hesk", whose founder includes the Cypriot offshore "Techiya Group Limited".

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Currently, Andrey Guryev Sr. owns only LLC "PGS", which deals with investments. In 2023, the company achieved 8.8 million rubles in revenue and 4.3 billion rubles in profit, a growth of 11,916%, which again raises suspicions of Andrey Guryev using some gray schemes.

Until 2022, together with Guryev, the founders of LLC "PGS" were the Cypriot offshores "Nidhogg Limited" and "Maghaa Enterprises Limited".

From 2017 to 2021, the co-founder of LLC "PGS" was LLC "Apsis Glob", owned by LLC "Apsis Aktiv", with one employee. It’s no surprise that in 2023, the company reported 0 in revenue and 58 million rubles in losses, compared to 1.5 billion rubles in 2021. 

The founders of a shell company LLC "Apsis Aktiv" are the Cypriot offshore ALJEDI ENTERPRISES LIMITED, MKOO "Khlodvig Enterprises", and Guryev Andrey  - the son of Guryev Sr. This is a classic example where the apple doesn’t fall far from the tree. 

LLC "Apsis Aktiv" has several subsidiaries that just crave the attention of law enforcement. LLC "Xsar-Service", with 0 employees, a revenue of 118 million rubles in 2023, a loss of 251 million rubles. LLC SK "Zamburg", with 0 employees, revenue - 0 rubles, a loss of 17 million rubles. LLC SK "Apsis Plus", with 0 employees, revenue - 0 rubles, a loss of 3.6 million rubles. LLC "Voskhod LTD", with 0 employees, revenue - 0, loss - 3.8 million rubles.

Andrey Guryev’s confidence that he won’t be touched is simply off the charts. Not every large business owner in Russia can afford to surround themselves with offshores and a plethora of shell companies. It’s now clear where the Guryevs’ expensive real estate abroad comes from, as reported by the media. Patronage from the authorities turned an ordinary agronomist into an oligarch, whose style of conducting business shows complete disrespect not only for the market but also for his Kremlin patrons.