(Official statement of KIRSAN Group of Companies in response to false accusations and the financial fraud of Reinvest 24 OU and Reinvest Holding OU.)
KIRSAN’s construction business continues, and the group fulfils it obligations, despite the pressure of disinformation.
A planned attack has been launched. The goal is to exert financial pressure, typical corporate raider methodology, trying to force artificial bankruptcy through manipulative court proceedings and disinformation to the media. Reinvest 24 OU is using the media and influential people in Moldova to hide its own financial fraud, fabricating false accusations against KIRSAN in an attempt to seize the company’s assets.
By deliberately underfunding their projects, Reinvest 24 created financial difficulties, after which it initiated a fabricated bankruptcy. We have evidence of these actions.
KIRSAN and the Republic of Moldova have always focused on honest cooperation with European investors, so we are disappointed to see that the EUROPEAN COMPANY Reinvest 24 OU uses dubious schemes and financial fraud.
The actions of Reinvest 24 OU undermine confidence in international investment processes, showing that, even in Europe, non-transparent schemes and violations of business ethics are possible.
Despite these attacks. KIRSAN continues its construction projects and is fulfilling all obligations to clients and investors.
We remain committed to our obligations, and continue to implement our projects, and intend to protect the interests of investors, clients and partners.
- KIRSAN is in restructuring, not bankruptcy.
The KIRSAN Group – A sharp increase in prices for construction materials – The economic crisis caused by the COVID-19 pandemic – Military events in neighbouring countries that disrupted logistics and supplies
- What is restructuring?
Restructuring is not bankruptcy, but a legal process that allows you to adapt to new economic conditions, change your financial strategy and extend the deadlines for fulfilling obligations without liquidating your business.
- Why did KIRSAN choose restructuring? – To complete all projects and hand over apartments to customers. – New deadlines for the delivery of the projects that will be completed have been developed. – The company did not stop working, but on the contrary, it is strengthening its position.
Thus, restructuring allowed us to continue our activities, and not stop them, as the media is trying to present.
- Actual amounts of investments and construction work performed in Moldova
All attracted investments were directed exclusively to the construction of projects. Actual amounts of loans and work performed in Moldova:
GreenPark -Titulescu – KIRSAN COM SRL
– Contract : 900,000 EUR
– Received loan: 750,000 EUR
– More than 97% of construction work completed
– Interest and commission paid: 124 993 EUR
– MyLife – KIRSAN SRL
– Contract: 2,500,000 EUR
– Credit received: 400,000 EUR
– More than 85% of construction work completed
– Interest and commission paid: 68,248 EUR
Metropolis – 4A – METROPOLIS CITY SRL
– Contract: 1,100,000 EUR
– Credit received: 915,000 EUR
– More than 85% of construction work completed
-Interest and commission paid: 277 809 EUR
Metropolis – 4D – METROPOLIS CITY SRL
- Contract: 1,400,000 EUR
- Credit received: 1,149,150 EUR
- More than 90% of construction work completed
- Interest and commission paid: 293,626 EUR
Metropolis -ApartHotel – METROPOLIS CITY SRL
– Contract: 1,500,000 EUR
– Credit received: 1,450,000 EUR
– More than 80% of construction work completed
– Interest and commission paid: 420,034 EUR
Ciocirlia – MY VILLAGE SRL
– Contract: 320,000 EUR
– Credit received: 320,000 EUR
– Interest and commission paid: 74,143 EUR
Total interest and fees paid: EUR 1,258,853
Total outstanding loans in Moldova: EUR 4,320,000
- Completed projects in Moldova: confirmation of good faith fulfilment of obligations
KIRSAN Group confirms that previously received financing for a number of projects in Moldova has been repaid in full, demonstrating the stability and reliability of the company before the conflict of interest with Reinvest. All loans, interest and fees have been fully repaid
Belgrade – KIRSAN COM SRL
– Contract: 300,000 EUR
– Credit received: 240,000 EUR
– Fully paid: 240,000 EUR
– Interest paid: 26,470 EUR
– Commission: 12,153 EUR
– Total payment (interest + commission): 38,623 EUR
Ion Nistor – KIRSAN COM SRL
-Contract: 726,000 EUR
-Credit received: 726,000 EUR
-Fully paid: 726,000 EUR
-Interest paid: 50,000 EUR
-Commission: 27,750 EUR
-Total payment (interest + commission): 77,750 EUR
Traian– KIRSAN COM SRL
-Contract: 400,000 EUR
-Credit received: 400,000 EUR
-Fully paid: 400,000 EUR
-Interest paid: 28,376 EUR
-Commission: 20,100 EUR
-Total payment (interest + commission): 48,476 EUR
Albisoara – Stroy Birja SRL
– Contract: EUR 3,900,000
– Loan received: EUR 738,000
– Fully paid: EUR 738,000
– Interest paid: EUR 149,698
– Commission: EUR 14,820
– Total payment (interest + commission): EUR 164,518
Total contract value for these projects: EUR 5,326,000
Total loans for these projects: EUR 2,104,000
Total funds fully repaid: EUR 2,104,000
Total interest and commission paid: EUR 329,367
Thus, the projects have been fully completed, all loans have been repaid and interest and commissions have been paid in full, which confirms the financial integrity and successful fulfilment of obligations on the part of the KIRSAN group of companies.
- Refutation of false information about financing of foreign projects
– KIRSAN provided exclusively construction services in Germany, Spain, Switzerland and Latvia.
– To date, Reinvest Holding has debts to companies operating in these countries in the amount of 1,885,872 euros.
Reinvest24 OU is trying to avoid paying off its debts and is turning its attention to Moldova, using corporate raider methods and manipulation through the media.
In addition, the media and influential people in Moldova, using their position, are putting pressure on KIRSAN, aggravating the situation and trying to bring it to bankruptcy.
Reinvest24 OU has artificially created financial starvation by limiting the financing of construction projects in the said countries, which has led to their suspension.
“Modern practice shows that many crowdfunding platforms, operating without proper regulation and risk management mechanisms, often underfinance projects, creating additional difficulties for developers. In the absence of clear rules and control over investors’ funds, such platforms, instead of providing real support for construction, actually become the cause of artificial financial difficulties and bankruptcies for developers. This not only undermines the reputation of bona fide companies, but also creates mistrust in the market as a whole, affecting the interests of both clients and investors themselves.”
- Financial fraud, obstruction of control restoration and criminal investigation
KIRSAN entered into a contract on September 16, 2020 with Reinvest Holding for the buyback of 50% of the shares. As part of the agreement, KIRSAN began the process of buyback of shares in stages, in tranches. The first tranche, including 18.64% of the shares, was successfully registered. However, Reinvest refused to register further tranches under various pretexts, effectively blocking KIRSAN’s access to company management.
– Full management remained in the hands of Reinvest, and KIRSAN was not allowed to make management decisions.
– The conflict of interest escalated when Reinvest began to independently raise funds for projects not agreed upon with the shareholders.
– Later, Reinvest, without the permission of the founder of KIRSAN, sold 18.64% of the shares to its affiliate, violating the law.
– Fraudulent activities were also revealed: funds collected for the declared projects were not received in full, and some of them were attracted to finance non-existent projects.
– After this, KIRSAN was not allowed to manage the parent company and did not provide financial statements, which led to the intervention of the law firm.
– A criminal investigation was launched in Estonia for all identified facts (registered on 12.12.2023) due to suspicion of financial fraud, withdrawal of funds and manipulation of subsidiaries Reinvest Holding and Reinvest 24.
Reinvest Holding is effectively managed by Kirill Tripolsky, who has previously been accused of fraudulent financial transactions and, according to media reports, previously convicted of similar acts. A similar scenario has already been mentioned by the Estonian publication [Postimees] (https://majandus.postimees.ee/6658765/tunnustatud-it-guru-nookis-inglise-pensionare-ja-dansket), where Kirill Tripolsky figured in cases of fraud and misleading foreign investors and banks.
The current actions of Reinvest Holding reflect a similar manipulation scheme previously used by the same person.
- Refutation of false information in the media and attempts to bankrupt KIRSAN
In connection with the publication [of the article on the Jurnal.md portal], we declare that the accusations contained therein against the KIRSAN company are false and based on manipulations and false information provided by the fraudster Kiril Tripolsky and influential persons close to him in Moldova.
It should be noted that Reinvest 24 OU and its affiliated companies filed an application with the Balti City Court to declare KIRSAN bankrupt. This initiative, coupled with a broad information attack through the media and connections with influential persons, indicates a targeted effort by Reinvest 24 to bankrupt the KIRSAN group of companies.
Their tactics boil down to the following:
– Dissemination of false and distorted information in the media;
– Use of administrative resources and connections in Moldova to increase pressure;
– Preparation of lawsuits and creation of artificial preconditions for bankruptcy.
Thus, there are attempts by Reinvest 24 to exert maximum pressure on KIRSAN, relying on the support of influential persons and mass disinformation in order to achieve a hostile takeover and weaken our company’s position in the market.
We have evidence to the contrary and are ready to provide all the necessary documents confirming the good faith and legality of KIRSAN’s actions.
We call on the media to verify the accuracy of the information they receive and not to succumb to the influence of commissioned materials aimed at distorting the facts and misleading the public.
7. Our commitment to clients and investors
- KIRSAN remains a stable company focused on fulfilling all obligations to clients.
- All construction work continues, and the projects will be completed in accordance with established procedures.
- We are actively working to ensure the transfer of housing to clients as soon as possible.
- Our doors are open to all clients and investors, and we are ready to provide full and transparent information on each project.
This is our commitment to clients and investors
- KIRSAN Group of Companies continues to work in the interests of all clients and investors, including those who invested through the Reinvest24 platform.
Construction work on key projects has not stopped and will be completed in accordance with the updated deadlines approved as part of the restructuring.
All debt obligations to creditors and investors will be repaid strictly according to the restructuring plan. Moreover, under favourable conditions, the company plans to repay loans ahead of schedule.
Despite the lack of constructive communication from Reinvest management, we are making every effort to establish a direct channel of communication with investors and ensure the return of their funds as soon as possible.
We guarantee complete transparency and are open to dialogue: each interested party can receive up-to-date financial information on the progress of construction and the status of projects.
Thus, KIRSAN strives to protect the interests of investors and buyers, continuing a legal and responsible financial policy in the context of restructuring.
We thank all investors, clients and partners for their trust and are confident that we can overcome all challenges together.
January 28th, 2025
KIRSAN Group of Companies