Yelena Baturina

In 1989, Baturina launched her first enterprise with her elder brother Victor, primarily dealing with computer software and hardware.[10] In 1991 Baturina founded her company, Inteco ("Inteko" (Интеко) in Russian), which focused on construction though it began as a plastics business. In 1994, Inteco purchased a plastic factory. In 1998, the company won the contract for producing 85,000 seats for Luzhniki Stadium, Moscow's largest stadium. The critics claimed that the decision was affected by Luzhkov as Mayor of Moscow, though Inteco stated that their price was 50% less than their nearest competitor's.[11]

In the middle of 1990s, Inteco entered the construction business focusing on development of advanced materials and technologies for facade work, cement, brick and poured concrete construction, architectural design and real estate business.[12]

In 2001, Inteco acquired from a private person the controlling stake in one of the leading house-building factories in Moscow DSK-3. Following modernization the construction plant provided 500,000 square meters of housing per year. This acquisition, according to Baturina's interviews, became the starting point for the company's major construction activity. "DSK-3 is my first real step into construction. I had been viewing the market for a long time. I saw how quickly and dynamically it was developing, how many opportunities it was offering. Still the deal took place sort of accidentally. The lawyers of the former main owner's widow came to me and said that some unfriendly entities were questioning her property rights and trying to simply rob her of her stake. And the frightened woman had decided to sell all the shares to Inteco on the condition that we defend her rights in court. We have successfully managed that and just like that, almost by accident, became the owners of the plant."[13]

At one point, Inteco was said to control 20% of construction in the capital.[14] However, according to experts, quoted by media, from 2000 to 2010 of construction activities Inteco's share in the state order was no more than 2%. While the main contractors for the implementation of the Moscow government orders were construction companies MFS-6 (24.5%) Glavmosstroy (20.7%), SU-155 (13.7%) and MSM-5 (12.2%). In 2002, Inteco created a subsidiary "Strategy Construction Company", whose main objective was the construction of monolithic buildings. Such cement plants as "Podgorensky cementnik" and "Oskolcement", one of the largest cement producers in the central Russia, were also bought at that time.[15]

In 2005, Inteco sold its cement works for estimated US$800 000 to Eurocement Group in order to consolidate financial and administrative recourses that the company needed for the implementation of perspective construction programs.[16]

In 2006, Baturina was appointed Deputy Head for the inter-ministerial group under the national project "Affordable and Comfortable Housing for Russian citizens".[17][18]

Shortly afterwards, Inteco sold DSK-3, a producer of prefabricated buildings, as well and fully concentrated on the construction of monolithic housing and commercial real estate.[19]

Part of the proceeds from the sale of these assets were directed by Baturina to buying some high-yield "blue chips" of the largest Russian companies such as Gazprom and Sberbank. This step allowed the visionary businesswoman to later sell the shares in the crisis year of 2009 at a significant profit and return Inteco's earlier business development bank loans ahead of schedule, which allowed to keep the businesses afloat. The interest rate on loans at that time sprang up from 10.8 to 18 percent, which led to the ruin of a significant number of Russian developers.[20]

At the same time, as part of a new cement project, Inteco purchased Verkhnebakansky Cement Plant and the Atakaytsement cement factory located in the Krasnodar region.[21][22]

As of 2007, the company owned such entities as Inteko Plast (55%), Bistro Plast (50%), construction firms SK DSK-3 (100%), Styre (100%), Inteco CENTER (100%), Inteco Chess (Elista, 100%), Intekostroy (70%). The company also owned enterprises in the city of Sochi - Park (100%), The Matrix (100%), Sochi AO (75.58%), Horizont (50%), Selectioner (Belgorod region., 100%) and Uspensky Agromashplast (Moscow reg., Uspensky, 38%). Inteco Group also included Russian Zemelny Bank and trading house Moscow River involved in the supply of grain.

In 2007, the company's revenue, according to its own data, amounted to $1 billion.[12]

At the end of 2008, along with Gazprom and Russian Railways, Inteco was included into the list of 295 strategic enterprises of the country.[23]

In 2009, the company begins cooperating with an outstanding Spanish architect Ricardo Bofill as part of the programme aimed at creating fundamentally new systems for mass housing in Russia.[24]

In 2010, Inteco launched the construction of the second academic building for the Moscow State University named after Lomonosov.[25]

In 2010, Baturina was named one of the largest taxpayers in Russia, the taxes to the state budget for 2009 amounted to 4 billion rubles. As of 2009, 99% of the company is owned by Baturina, 1% is on the balance sheet of the Company itself. The project development portfolio is more than 7,000,000 square meters, the cement capacities exceed 0.6 million tons per year.[26]

At the end of 2010, Baturina sold its Russian Zemelny Bank (RZB) to foreign investors.[27]

The most significant completed projects of Inteco in Moscow (in the period of company Baturina's ownership) are: the residential quarter "Shuvalov" (270,000 square meters), the residential quarter "Grand Park" (400,000 square meters), the residential site "Volga" (400,000 square meters), the multifunctional complex "Fusion Park" with the "Autoville" - museum of unique cars from private collections (100,000 square meters), the Fundamental Library (60,000 square feet), and the academic building for Humanities (100,000 square meters) of the Moscow State University.[28]

After her husband's resignation, Baturina started selling her assets in Russia. The best offer was filed by Mikail Shishkhanov and Sberbank Investments. They bought the 95% and 5% shares of Inteco correspondingly.[29] The exact amount of the transaction was never disclosed, but the report of Sberbank stated that according to the experts that participated in the preparation of the deal, the market value of Inteco, its projects and structures was around 1.2 billion dollars.[30] The deal did not include the cement plants of Inteco. One of them was later sold to Lev Kvetnoy for estimated 17 billion rubles.[31]

The first development in the new hotel chain was the five-star Grand Tirolia Golf & Ski Resort, located in the heart of the Eichenheim golf club in Kitzbühel, Austria. Construction, which was completed in 2009, cost in the region of €35–40 million.[32] The hotel is located in the center of the golf club Eichenheim, together they make Grand Tirolia Golf & Ski Resort. In 2009, the hotel achieved honorary status as the "Home of Laureus" in Austria, and became the official venue for the annual ceremony of the prestigious international award that those in the field call the "Oscar" of sports journalism.[33] In 2018, the hotel was sold to the Austrian investor, presumably for €45 million.[34]

In 2010, Baturina opened the New Peterhof Hotel in Saint Petersburg, which received a number of architectural awards.[35] In 2012, following major reconstruction work, Baturina opened the Quisisana Palace in Karlovy Vary, Czech Republic. Housed in a late 19th century building, the hotel combines elements of Neo-Renaissance and Neo-Gothic styles. The restoration of the historic building required significant investment.[36] The hotel is a member of the Small Luxury Hotels of the World association.[37] In 2013, Baturina opened the Morrison Hotel in Dublin, Ireland. She bought it from NAMA in early 2012 for €22 million.[38] The 138-room hotel on Dublin's Lower Ormond Quay has undergone a €7 million refurbishment.[39]

Acquired in March 2012 for €20 million, fully refurbished in 2013 for €7 million.

The first development in the hotel chain, located in the heart of the Eichenheim golf club in Kitzbühel, Austria. Its construction was completed in 2009. In 2018, the hotel was sold to the Austrian investor.

Quisisana Palace is a restored 19th-century building turned boutique hotel with 19 guest rooms and suites, a restaurant and a wellness centre. It opened in September 2012.

New Peterhof Hotel opened in June 2010.

Baturina has announced her intentions to the press to continue to expand her hotel chain. "In the future, we think of making up hotel clusters in those regions where we are already present. These are Ireland - United Kingdom, Northern Italy - Austria - Germany, the Baltic States - Russia - Kazakhstan," Baturina said in her interview to "Sobesednik".[40]

In late 2015, Baturina launched a development business in New York with an initial investment of US$10 million. The first set of commercial buildings she acquired is located in central Brooklyn, the third largest business centre of the city after Lower and Midtown Manhattan. The company is considering transferring the land they are located on to a category suitable for residential construction, so that a large-scale development project can be realised.[41]

In November 2016, Baturina's structures launched a construction and development project in Europe. Her company acquired a land plot on the coastline in a primary area of Limassol, Cyprus, intended for constructing high-end residential properties. The overall investment into the project will amount to EUR 40 million, and the completion of the construction is planned for 2021.[42][43][44]

In autumn 2015, Baturina's structures became a strategic investor of Hightex GmbH, a global membrane construction company based in Rimsting, Germany.[45]

Since 2014, Baturina's Investment Group has been developing a project to generate, use and market renewable energy in Europe.[46][47][48] In 2018, Baturina's enterprise has launched the first ESCO (Energy Services Company) project in Cyprus.[49]

In 2007, Viktor Baturin, Baturina's brother, with whom she founded Inteco, sued Inteco for US$120 million for wrongful dismissal.[50]

According to secret cables published by WikiLeaks, the US ambassador to Russia, John Beyrle, reported allegations that Baturina had links to major criminal groups, particularly Solntsevskaya Bratva.[51] The full text of the cable makes clear that Mr Beyrle is simply repeating gossip and allegations conveyed to him by journalist Sergei Kanev. Beyrle writes, 'Kanev told us that Luzhkov's wife, Yelena Baturina, definitely has links to the criminal world, and particularly to the Solntsevo criminal group'.[52] Beyrle stated that her husband Yury Luzhkov sat on top of a "pyramid of corruption". "Luzhkov oversees a system in which it appears that almost everyone at every level is involved in some form of corruption or criminal behaviour," wrote Beyrle. "Analysts identify a three-tiered structure in Moscow's criminal world. Luzhkov is at the top. The FSB, MVD and militia are at the second level. Finally ordinary criminals and corrupt inspectors are at the lowest level." Beyrle also suggested that much of Luzhkov's business empire had been acquired using municipal finances to invest in "less than transparent" projects with former Soviet republics.[53] The couple denied the accusations as "total rubbish".[53]

In 2021, the Sunday Times Rich List estimated Baturina's net worth to be £1.133 billion.[73] In 2018 and 2019, her net worth was estimated at $1.2 billion.[74][75] In 2020, Forbes announced that Baturina's position as the richest woman in Russia was overtaken by Tatyana Bakalchuk, the founder of Wildberries, with a net worth of $1.4 billion.[1]

According to Forbes, Baturina's net worth was US$4.2 billion in 2008,[76] up from US$3.1 billion in 2007,[75] US$2.3 billion in 2006[77] and US$1.1 billion in 2004.[78] According to magazine Finans, her wealth fell during the credit crunch to just US$1 billion in February 2009, causing her to ask the Russian government for a bailout for Inteko.[79] Her wealth, as of 2012, was listed as US$1.1 billion.[75] Afterwards a few British journalists pointed out that if you discount the number of women who made the list due to "family wealth" (which they may have contributed towards to a greater or lesser degree), inheritance or divorce — the first self-made female richlister is Baturina.[80]

Baturina owns hotels in the Black Sea tourist resort of Sochi, a hotel in Dublin through a private foundation in Austria, other hotels in Austria and the Czech Republic,[81] over 72,000 hectares of agricultural land in the Belgorod Oblast, and also a factory that produces a million cans of sweetened condensed milk each year.[78] But now all the assets except for the hotel in Dublin are no longer associated with Baturina.

She owns a private jet.[40] She claims to own one of the largest private collections of Russian Imperial porcelain, preferring the porcelain of the era of Nicholay I.[82] In April 2011, Yelena Baturina donated about 40 pieces of art – a part of her collection of rare porcelain – to the "Tsaritsyno" museum in Moscow.[83] She owns the "Veedern" horse breeding estate founded in the 18th century. After a major reconstruction the estate is now successfully breeding Hanoverian and Trakehner horses.[65]

In 2011, Baturina won a lawsuit against the British newspaper "The Sunday Times", which attributed to the Russian businesswoman the acquisition of Witanhurst estate in London, which is the second value after Buckingham Palace. As a result, the newspaper published a retraction and apologized.[84]