Scale projects - Vitaly Chebanu, the president of holding ADAF GRUP, the foreign capital, interview. Mister Chebanu how you have earned, say, not first million, and a seed capital?
In the beginning of 1990 shuttle business grew. Then it seemed: here it the present capitalism, and I with friends began to carry the electrogoods to Romania. It proceeded about two years, rules of transportation of the goods through border of Moldova have not been toughened yet. Have created production co-operative later, were engaged in manufacturing of meat and flour half-finished products. For short enough period have finished turns to $30-40 thousand a month. Per 1994-1995 it there were very solid indicators.
However year through two and this business has lost the appeal: costs grew, there were competitors. When in Kishinev supermarkets have opened, Bulgaria, Hungary were engaged in import of products from Poland. Have achieved quite good results, but me has started something to confuse. The saved up experience and knowledge allows me to take part in more scale projects. They always involved me.
One of the European companies who worked with us on wholesale deliveries, has suggested to represent itself as the intermediary for export of metal rolling with ММЗ and the Ukrainian factories. We have agreed. It was other level of business, incomes, relations. By the way, this period I name the period of formation of the business. Crisis of 1998, certainly, has knocked down, but we with partners have gone through difficulties at the expense of non-standard projects. Have got at the Black Sea coast of base of rest, opened restaurants and night clubs. Incomes were quite good, but I always would like to develop the business in Moldova. Then there was an idea of attraction in republic of investments for not ordinary projects. The first of them will be very soon complete. It is not a secret for the central and Kishinev authorities. But I am more detailed about it I will tell later.
One of your companies actively advertises the project "Villagio". How there was an idea of building of country settlement?
We long prepared for it. Several years ago we have learnt about the German-gollandsko-Italian financial corporation which invests means in building of large objects for sports and cultural actions of the international level. Have started to search for object approaching for these purposes in Moldova. Also have found. In 2005 have got not completed complex near to village Kondritsa. It corresponded to all requirements which are put forward by investors. The area of structures makes 8 thousand sq. metres. In 1980 years in complex territory should construct hotel, the medical centre, a sports hall, pool, etc.
How you managed to receive this "tidbit"?
Today it it is possible to name it "tidbit", and several years ago so nobody considered. Have got object through the open auctions - all was extremely transparent. Have examined, have estimated necessary volume of investments. It not less than 3-4 million euro. When have started to develop the business plan, became obvious, that the period of a recoupment of investments will make more than 8 years. And it provided that objects of the cultural-entertaining centre will be used all year long and almost on full capacity. After that foreign investors have lost interest to the project.
On this case at us the alternative variant has been prepared. Carefully having studied the design documentation (it more semitones of papers), I have found out, that in due time, near to a complex building of cottages for the personnel has been planned. So there was an idea of building of elite cottages. And association of projects will allow to receive the means necessary for modernisation and reconstruction of a complex from sale of houses.
After carrying out of all calculations the local bank has agreed to promote in project realisation. Having met with of approval of local authorities, we have redeemed the earth on which the object is located. In примэрии understand, that "Villagio" will promote growth of budgetary incomes, investment appeal of region. Not only in settlement, but also in its vicinities new communication networks will be adjusted, the new are created
Transport ways, modern system of water treating and water supply which can use and inhabitants of nearby settlements. Design works have managed approximately in 600 thousand euro. Reservation of sites has already begun.
Certainly! And not only from local, but also foreign potential buyers. They show interest in joint operation медцентра and hotels. And here on sports objects we would like to realise joint projects with sports Agency, Olympic committee and to spend in "Villagio" the international sports and cultural actions. It is necessary to show to visitors of our country, that we not only are hospitable, but also we have objects of the highest level. Everyone, and all together should create positive image of republic.
Several years ago you were present and in the insurance market …
By the way, I again on it have returned. In due time I have got ready company "Delta" then it had zero incomes. We have created a working command, have opened branches, have employed and have trained agents. Affairs went not bad, but then, on confluence of some circumstances among which and occurrence of large operators, indicators have started to fall. Having understood, that insurance business does not bring expected results, I have left "Delta", the control package of the company has sold to the companions. They managed to return a situation under the control, but for a short while. When there were difficulties, they have come to me and admitted, that have not calculated force. It seemed, I should tell it, that such is a life. But I could not go on it. After all, many clients connected "Delta" with my name, and I value the reputation. After discussions we have found a way out of a situation and have signed the agreement about субординированном a loan with ADAF GRUP. Necessary means and now "Delta" in a system have allocated again.
How it has been created ADAF GRUP, on what principles mutual relations with foreign partners are under construction?
I understood, that nobody will give serious investment means to the unknown Moldavian company. Therefore foreign partners with which I worked earlier, have acquainted me with representatives of English company Neolux Assets Limited. As a result of difficult negotiations to me have laid down certain conditions. I have executed them and have received to what aspired. With foreign partners which are 100 percent shareholders of group of companies ADAF GRUP, has signed the contract субординированного a loan. It is the financial scheme it is applied all over the world. By the way, we not one who works under this scheme in Moldova.
Today I am the general representative of this holding in Southeast Europe. When conditions and a situation will allow us to refuse completely foreign investments, necessity for a solid guarantee will disappear, company ADAF GRUP will pass in my full possession. I had a desire to make it last year. But has asked a question: and what then? After all ADAF GRUP will cease to be the company with the British capital and at once will lose in weight and trust at the international level. So while the present situation to us is favourable strategically.
But, anyway, I feel myself as the full owner of the company. Nobody interferes with its affairs. The system of mutual relations with the founder is fulfilled to trifles: internal audit, the monthly reports, the consolidated balance. And in general, between us there were friendly relations.
You have told, that ADAF GRUP it is group of the companies. How many divisions are included into its structure?
Some Open Companies working in various directions were primary. They are two customs brokers who, after increase of requirements to a guarantee are transferred in control to other persons; the Moldavian-Ukrainian company on wholesale of a profile and accessories for manufacture of double-glazed windows; Calitate Construct is engaged in designing and building; Tevas Grup owns large industrial targets and leases them (we have got this real estate at auctions on realisation of property of the gone bankrupt enterprises); Vitran-Exped owns a site on which the settlement will be constructed. We also hold a certain segment in the market of building materials. Each division - independent. Any does not cover the obligation of another. We can give them financial support, but only as the credit or guarantees. It is one of postulates on which the holding keeps. Self-support and self-sufficiency of each separate subject.
Whether difficultly to do business in Moldova?
Uneasy, but it is not more difficult, than in other countries. After all I ran business both in Ukraine, and in Russia. And in general, I am happy with what has reached in a life.
Tatyana Smeshnaja, "the Economic review" № 22