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Oleg Boyko - The President of the Investment Holding «Finstar»

Surname: Boyko

Name: Oleg

Fathername: Viktorovich

Position: The President of the Investment Holding «Finstar»


Born on September 28, 1964 in Moscow. He graduated from the Moscow Aviation Institute majoring in electronics. He worked in the computing center in Moscow State University. In the early 1990's he founded the bank "National Credit” and Concern Olbi, he was their chairman, owned a share in the publishing house "Izvestia". He was a member of the board of directors of ORT (Public Russian Television – Channel One), the supervisory board of the Sberbank, was the chairman of the executive committee of the movement “Democratic Choice of Russia".1999-2004 Chairman of the Board of Directors and the co-owner of “Evrazholding”2002 together with partners he created a holding Ritzio Entertainment Group, specializing primarily in the entertainment business (entertainment centers, network gaming halls and casinos)2006 he became the president of the company.Boiko also is the head of the commission on development of Paralympic movement in Russia in the Russian Paralympic Committee.


During his studies, Boyko was a member of the grifters’ group, working near “Beryozka shops” (retail stores that sold goods for hard currency) and deceiving people in the exchange of certificates into currency and U.S. Dollars.Source: Vedomosti, 14.01.2008
In 1988, Boyko began his own business by organizing a cooperative for the development and sale of computer software. Boyko brought equipment from the U.S. through his friends, he brought the old equipment and then selling it at the prices of the new one. Later, using a gap in the legislation, Boyko offered the companies to pay their employees through a network of shops "Olbi-card" by debit cards. The first such store was opened by Boyko together with the Office of Services of the Diplomatic Corps, where his father Victor Boyko worked.On the basis of the shops "Olbi-card" in 1991-1993  Boyko created  ZAO “Concern OLBI”, now consisting of more than 60 companies. The bank "National Credit” became the financial core of the concern. Boyko was the chairman of its board of directors until 1995.
Source: SB Group Database "Most"

Having engaged in the wholesale trade, Boyko used the opportunities of the NPO (i.e. scientific-production association) “Vzlet", the head of which was his father, Victor Boyko. He used its warehouses for maintenance of commercial operations, Boyko’sproducts were transported as the goods of “Vzlet” using the leased aircrafts - and all that for free. Later Boyko joined NPO “Vzlet” to OLBI, its territory was later occupied by the basic structure of AO "OLBI- Diplomat”. Boyko’s father remained only as a formal leader.
Source: Vedomosti, 14.01.2008

Boyko became known not only as a businessman but also as a politicized figure. He actively supported the party “Russia's Choice”, was a deputy chairman of Egor Gaidar.During the events of October 1993, known as a putsch, Boyko mobilized military force groups to protect his commercial structures, as well as Centrobank (the Central Bank) of Russia. He did this by the direction of Egor Gaidar, whom he supported at the time of his resignation from the government, and the representatives of the Solntsevo organized criminal group, who worked in the joint stock bank "National Credit" and "OLBI": Alexey Kim, Vladimir (Vadim) Medvednikov and Igor Vusin. Gaidar also told them to remove 11 billion rubles from the safety vaults of the “National Credit" Bank and to give this money to the gunmen to finance the figureheads allegedly outraged by the putshist’s actions.The money was also spent to procure alcohol for the divisions of the Ministry of Internal Affairs brought into Moscow.
Kim, Medvedkov and Vusin also intimidated and blackmailed the members of the “National Credit” and "OLBI" who disagreed with Boyko’s policy. Thus, the head of the currency management of the bank, whose name is unknown, several days had been tortured, and was later visited in the hospital (when he after being tortured fell in the hospital), was continued to be intimidated. The officer had not addressed the law enforcement.
Source: SB Group Database "Most"

Boyko also used Solntsevo representatives to intimidate the Director of JSC "Russian Birch" Shichkov in order to persuade him to sell his company. They also intimidated the owners of the privatized shops, which made it possible for Boyko to create the network of “Olbi-Diplomat” in Moscow.Everyone was afraid to complain about Boyko to the law enforcement, but once residents of the Leninsky Prospekt in Moscow wrote a collective complaint on the fact that instead of the necessary stores Boyko opened "valyutki” shops (those which sold goods for hard currency) everywhere, but this claim has remained unheeded.
Source: Vedomosti, 14.01.2008

In November 1993, Boyko was in a list of candidates to the Duma from the block "August" from the Party of Economic Freedom of Konstantin Borovoy and the Party of Constitutional Democrats Victor Zolotarev. However, the unit did not collect the required number of signatures and was not acceptedto the participation in the elections.In 1994 by the suggestion of Egor Gaidar, Boyko was elected a chairman of the executive committee of the party “Democratic Choice of Russia" (DCR). However, subsequently Boyko parted with Gaidar. The official reason was the disagreement on the issue of the Chechen war. Boyko supported the president in this issue. In 1995 he resigned from his post of a chairman of the executive committee of DCR.In addition, Boyko helped to build the party "Stability", aimed at maintaining the authority of President Boris Yeltsin.JSCB “National credit" was in a close relationship with a Ukrainian commercial bank “Interbank”, whose owners were Boyko’s close relatives.In 1994 "Interbank" had problems and its management asked for financial support. "National Credit" decided to send in aid to the Ukraine 500 thousand U.S. dollars. It was decided to removecurrency illegally. It was cashed in several ways, including the issuing of money in the form of subsistence money to the bank employees. The basic part of the money was agreed to transfer by the transport company "Moscow-Auto”. Eldar Urmancheev was the executor of the operation. But it wasn’t fulfilled as the money was detained at customs. Because of this, the management of the “National credit" had to urgently draw up backdated documents in order to deflect suspicion. Investbank issued refusal of money. But there still were no documents that would confirm the formal passage of funds abroad. “National credit" pretended that they were lost and the guilty officers were allegedly punished for it.However, the money still reached the Ukraine. This is evidenced by the fact that Urmancheev, under a warrant, handed them in only two months after the arrest. Simultaneously, a number of citizens - Pavel Alexeev, Elena Malycheva, Urmancheev and Oleg Sultanbekov - received large foreign currency loans in the Bank, just amounting to 500 000 dollars.Similarly Boyko and his partner Salamandra transferred money to the Western countries, mainly to the U.S. and Switzerland for “windmilling”. Thus, the “National credit" bought ATMs in the U.S. at $ 40 million. In fact, they were broken and gathered dust in a warehouse.
Source: SB Group Database "Most"

In 1993, the bank "National Credit” became the sponsor of the newspaper "Segodnya" (Today), but in 1994 renounced its financing, and acquired a stake in “Izvestia”. Together with “Logovaz” of Boris Berezovsky and the “Alfa-Bank” of Pyotr Aven, Boyko sponsored magazine “Ogonyok”. In 1994, the “National Credit” became an authorized bank of the Moscow government.
Source: "Kto est Kto" (Who is Who) N106 from 05.1995

Boiko also was a sponsor of the NTV channel, but has issued sponsorship in the form of a credit, fearing to become the founder of this innovation.
Source: "Kommersant-Vlast" from 04.08.2000

In 1995, Boyko told the mass media that 7-8 major business groups will provide help to the executive authority in the postponement of the parliamentary and presidential elections. He hinted at the “National Credit”, “Menatep”, “Imperial”, Capital savings Bank, Alfa-Bank, LogoVAZ, Gazprom, Mikrodin, which together with the "National Credit” bank entered the founders of ORT.Since 1994 the Boyko’s relations with the leader of the group "Most" Vladimir Gusinsky worsened. Boyko accused him of slander and the campaign against him in the mass media.By contrast Boyko  was on friendly terms with Berezovsky. According to some reports, together they had also organized a campaign against Moscow Mayor Yuri Luzhkov.
Source: "Kto est Kto" (Who is Who) N106 from 05.1995

Berezovsky did not like Gusinsky's speech to the media too, so he wanted to unite with Boyko. Together they made plans on how to make Gusinsky give official denials.
Source: “Moskovsky Komsomolets” from 21.06.2006

In July 1995 the media reported about a possible lawsuit of the bank "National Credit” to the newspaper "Segodnya" because of the publication, which stated that some banks refuse their confidence. According to Boiko, it was initiated by "Most-bank" and Gusinsky. The reason for the desire to discredit the bank "National Credit” was believed that he had been recently close to the federal government, which could have caused dissatisfaction.Boyko insisted on publishing a rebuttal article but hecould not give the arguments against the views expressed in it. Since Boyko didn’t  appeal in court, it was possible that he took advantage of the situation in order to promote himself and once again to accent his commitment to the federal government and at the same time to blacken his competitors.
Source: “Arguments and Facts” from the 18.1.1995

In 1997, some association of independent journalists "Soglasie" distributed a message by fax that Boyko together with the first deputy finance minister Andrey Vavilov created a "National Reserve Bank” to run large financial fraud. According to them in February 1995 Vavilov signed an Agreement with Boyko on transferring 92 million dollars to "National Credit” for financing foreign institutions. Vavilov also sent $ 45 million without obligation of the ruble cover from “Vnesheconombank” accounts to Boyko’s bank allegedly for the residential construction. Allegedly Vavilov received in return from Boyko the home in Los Angeles and a penthouse in New York. As for the version of "Soglasie", Vavilov withdrew the company "OLBI" and bank "National Credit” from the bank's shareholders when Boyko’s relations with Gusinsky worsened.
Source: "Litsa" on 03/15/1997

When Vavilov was the Deputy Minister of Finance in 1995 there was a juicy scandal when Sberbank exchanged 100 bills with Boiko’s bank "National Credit”, which had already ruined by that time. In fact, it was given more than $ 100 million. More than half of the bills immediately went to the British company "OLBI USA», the rest - to Thailand. The chairman of the Sberbank Oleg Yashin was resigned. After that Boyko resigned, the actual owner of the bank was "The National Sports Foundation”, and the chairman of the board and the supervisory board chairman became its representative - Boris Fedorov.
Source: FreeLance Bureau of 26.12.1999

We had to take emergency measures to help the "National Credit" at least partially pay off its debt. Fedorov, on behalf of the bank appealed to the Centrobank asking for funds. The new chairman of the Centrobank Dubinin approved his appeal, despite the fact that no major bank had never been provided with such a service. However, Dubinin was unable to convince the staff of the Centrobank in the appropriateness of the allocation of funds. After that Fedorov learned that a significant portion of Sberbank promissory notes were owned by Vavilov. He decided to publicize it, and it ended sadly for him - the arrest and dismissal of the head of the “National Reserve”. Vavilov was charged with abuse of his authorities but in 2001 prosecutors closed the criminal case, not finding his actions constituting a crime.
Source: "Obshaya Gazeta" dated 12/20/2001

In 2004, Boyko decided to return to the banking business by acquiring controlling stakes in the Federal Industrial Bank and Etalonbank. But this time, Boyko, as he said, did not want to participate in operational management, becoming the only strategic investor. In 2003, he had already acquired the Latvian bank Baltijas Tranzitu Banka, which he planned to make the core bank of the group, which the Federal Industrial Bank and Etalonbank were supposed to enter. As for Boiko’s plans this banking group would include the network of slot machines "Volcano", which he co-owned, ATMs and exchange bureaux, as well as the  issuing of express loans in the gambling halls. 
Source: Kommersant № 207 (3046) from 04.11.2004

However, in 2005, both banks had been denied in admission to the deposit insurance system, and Boyko sold Etalonbank and then, in 2006 the Federal Industrial Bank. Informal reason for refusal to the Federal Industrial Bank in acceptance to the deposit insurance system were just the rumors of Boyko’s intentions to launch a system of express-loans in the gambling halls.
Source: Kommersant № 153 (3484) from 19/08/2006

Boyko’s holding Ritzio Entertainment Group owned  nine casinos in Russia, it included slot machines "Volcano" and other famous brands.
Source: "Izvestia" form 11/16/2006

Once it became known that since the summer of 2009, all casinos will have to be moved to the periphery, gambling holding of Boyko Ritzio Entertainment Group began to diversify its business by opening a chain of grocery stores and grill bars.
Source: Kommersant (Voronezh) № 106 (3682) on 06/21/2007

In April 2007, Boyko began to create a network of grocery stores "Smack" in the Moscow region and in the Ukraine. He bought the right to brand from Andrey Makarevich. But by the end of 2008 the network was closed. In Togliatti Boiko acquired a network "Mindal", and in Syzran - "Syzran-product." They stayed afloat. But JSC “Roznitsa M” (Retail M) managing the Moscow shop "Smack" declared itself a bankrupt.
Source: Kommersant № 5 (4060) from 01.15.2009

In 2007, the Investment Company Finstar, managing Boyko’s business, gained control over the St. Petersburg's largest network of perfumery and cosmetics shops "Rive Gauche". It acquired part of the premises occupied by the gaming clubs "Volcano."
Source: Kommersant № 238 (3814) from 25.12.2007

Within the reorientation of gambling business in 2007 Boyko also thought about opening the floral pavilions on the territory of the gambling clubs.
Source: Kommersant № 161 (3737) from 06.09.2007

In 2007, Boyko’s holding Ritzio Entertainment Group entered the German market by acquiring 80 stores with gaming machines in 23 cities.
Kommersant № 226 (3802) from 07.12.2007

In 2008, law enforcement authorities have suspended the activities of a casino "Volcano" in Voronezh, which was included in Ritzio Entertainment Group. The report was drawn up on an administrative offense but the officials failed to formulate the claims. This was not the first test – the casino was tried to be closed before, allegedly due to incompatibility to the regulations of the metric area, but the owners failed to prove the opposite.
Source: Kommersant (Voronezh) № 126 (3943) from 22.07.2008

In early 2008, Boiko together with Oleg Zhuravsky and Yuri Krasovsky established a betting company “Oscar Yard". But in 2009 he resigned from the structure of its founders. Businessmen did not agree on the course of the company development.
Source: Kommersant № 41 / (4096) from 10.03.2009

In the same year another Boiko’s company “Sportbet” received the license for sports betting business.
Source: Kommersant »№ 122 (4177) from 09.07.2009   

In 2008, Boyko together with Elmurod Rasulmuhamedov bought lottery "Russian Lotto". Rasulmuhamedov was a temporary partner and a managing director. In 2010, he went out of the business, taking off its share to Boiko. It was not excluded that the businessmen disagreed on the company tactics and strategy.
Source: Kommersant № 155 (4455) from 25.08.2010.  

In 2010, the Finance Ministry has entrusted Boyko to hold 12 state lotteries in support of the Sochi Olympics. Boyko’s competitor in the contest was the unknown company "Lotter" which had enrolled wrong documents.
Source: Kommersant № 175 (4475) from 22.09.2010   

Among Boyko’s personal friends are Boris Berezovsky, Alexey Golovkin, Alexander Korzhakov, Pyotr Aven, Sergei Blagovolin, some experts also believe that Boyko is close to Oleg Soskovets.


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