Handful of wealthy Russians own $60 million worth of NZ real estate

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PHOTO: Former Waiwera Thermal Resort owner Mikhail Khimich, left, and steel magnate Alexander Abramov are among Russians who have had business dealings in Aotearoa. Photo: Supplied / AFP

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Public records show a handful of wealthy Russians own $60 million worth of land and real estate in New Zealand, about 50 percent more than the prime minister previously said.

Several private businesses are also owned by these men, the values of which are unknown.

Prime Minister Jacinda Ardern said on Monday investment in New Zealand by Russian nationals was “limited: up to $40 million”.

The Prime Minister’s Office has since said that figure was from the Ministry of Foreign Affairs, which said they received it from Statistics New Zealand, which RNZ has contacted for clarity.

Russian oligarch’s lodge in Northland

While investment is not markedly more than that, it appears to be over $60m, with the value of some other interests unknown, including an apartment building in Auckland.

RNZ is not saying the following people have done anything wrong, or will be sanctioned. In fact none of the following people are on the travel ban list released by the Ministry of Foreign Affairs.

This is a look at the publicly available ownership records of Russians who have assets in New Zealand.

Alexander Abramov

The steel magnate is 63 years old and worth about $6 billion. According to Bloomberg, the steel magnate’s net worth has dropped 33 percent since Russia invaded Ukraine. It was over $9b earlier in the year. His major shareholding (about 20 percent) is in steel making company Evraz, which has lost around 85 percent of its value in 2022.

Leonid Kiryakov

Leonid Kiryakov owns property in Matakana, in North Auckland, a wealthy semi-rural area near Warkworth.

He bought the property in 2016 for just under $5 million. It is now council valued at $6.7 million.

His Overseas Investment Office application was granted under the test that he intended to live here indefinitely.

It doesn’t appear he has any business interests here.

Porters ski field owners

Yury Zelvenskiy and three other Russians invested in part of the South Island’s Porters Ski Field through PSA Capital Limited in 2011, when it was set to undergo a major development and expansion.

The expansion and development had been delayed for some years.

Two other Russian investors who had shares since 2011, Yuri Koropachinskiy and Oleg Kirillov, abruptly sold all their shares on 15 February, nine days before Russia invaded Ukraine.