Moldovan President’s Brother Buys Into Russian Property Business

President Dodon’s brother, Alexandru, has bought a 15-per-cent share of a Russian real estate company that has close ties to the Kremlin.

Moldovan President Igor Dodon (left) and Russian businessman Igor Chaika met at the Economic Forum held on June 6 in St Petersburg, Russia. Photo: Moldovan Presidential Administration website

The younger brother of Moldovan President Igor Dodon has bought 15 per cent of the Russian real estate company Archpley Development, mainly owned by Igor Chaika, son of the Russian General Prosecutor, Yuri Chaika.

Igor Chaika established the company in 2017 together with Alexander Ponomarev. Initially, 60 per cent of the company was owned by Chaika and 40 per cent by Inspire LLC, owned by Ponomarev.

Today, Chaika retains 45 per cent of the company, Ponomarev holds 40 per cent and Dodon has the other 15 per cent.

Dodon reportedly has the mission of overseeing the Russian construction projects of the company, which has won several important contracts with the Russian state.

Chaika is the business ambassador of the Russian Business Association in Moldova and its breakaway region of Transnistria. He also supervises the Russia-Moldava Economic Council.

Chaika confirmed to RBK news agency that Dodon is now part of his business, but did not reveal any details. He will take care of some luxury real estate construction projects in Russia, but not in Moldova, he said.

Russian media have reported that Archpley Development plans to build a million square meters of luxury apartments and business offices in Moscow and the Moscow region.

Igor Dodon and Chaika have a close personal relationship. The Moldovan President lobbied for Chaika to be allowed to tap the potential of the crypto currency business in the breakaway region of Transnistria. Chaika confirmed his interests in crypto-mining in the secessionist region and helped formulate a framework for it that was adopted immediately in regional capital, Tiraspol.

On June 6, President Dodon and Igor Chaika held a meeting at the Economic Forum taking place in St Petersburg, Russia, and talked about business prospects. Dodon was there with his brother, Alexandru.

“We discussed the current state and prospects of developing trade and economic cooperation between Moldova and Russia, as well as the conditions for attracting Russian investors and guaranteeing their investments in our country,” Dodon wrote on his Facebook page.

In the run-up to parliamentary elections held in Moldova on February 24, a humanitarian foundation run by Chaika helped assist the rescue of two Moldovan helicopter pilots who had been kept prisoner by the Taliban in Afghanistan since their helicopter crashed there in 2015.

Dodon took credit for the rescue mission, flying to Moscow to escort them home. However, Chaika was accused of trying to boost the chances of Dodon and his Socialist Party in the last days of the election campaign.