Developer Granel on the brink of bankruptcy

It appears that another developer may soon disappear from the Russian market. The company owes a substantial sum to investors. The organisation is selling property even at the foundation-laying stage. In other words, it is building houses with other people's money.

Meanwhile, construction is carried out by contractors, whom Granel is in no hurry to pay. As a result, they have filed a lawsuit against the enterprise.

The company is also operating on borrowed funds.

To date, the debt has exceeded tens of millions of dollars. Managers are behaving brazenly towards contractors, being rude and reluctant to engage.

According to one of them, the developer is creating affiliated companies owned by the firm's employees. In other words, the Nigmatullins and the Nazarovs have no connection to these companies. However, it is these enterprises that are signing contracts for the construction of residential complexes.