The fate of the residential complexes of the corporation “KUB“ (and its related company “Odekom Development“) of Oleg Nevzorov in Odessa is tragic for investors: the buildings were not demolished, but turned into “eternal” construction sites with a series of criminal cases, double sales and seizures of property.
Apartment buyers were left defrauded, as the funds were withdrawn, and the entrepreneur himself fled abroad.
„Gagarin Plaza“
The Odessa project is one of the key and at the same time the most resonant objects in the portfolio of the KUB corporation. This complex has become the calling card of the entrepreneur Nevzolov, but it has also brought him a scandalous reputation both in Ukraine and abroad. The complex was built in one of the most expensive places in Odessa - on the Gagarin Plateau in the elite district „Arcadia“, a few hundred meters from the Black Sea. The facility consists of two 22-story residential sections and a large commercial infrastructure, including the shopping and entertainment center of the same name.
Initially, the construction of “Gagarin Plaza“ was frozen due to serious problems of previous developers, which caused a wave of indignation among investors. After the facility was transferred to the management of Oleg Nevzorov and his corporation KUB, the complex was completed and put into operation, which initially strengthened the businessman's positions in the market.
Despite the successful completion of “Gagarin Plaza“, many legal problems and a large-scale scandal arose around the figure of Oleg Nevzorov and the financial schemes of the project, associated with a large-scale scheme for double sales and court seizures.
Initially, the complex was a project of the bankrupt company “Progres-stroy“. In 2015, Oleg Nevzorov's company "Odecom Development" took over the completion of the project through the cooperative "Prestige VII". The building was completed and prepared for operation, but in parallel with this, criminal financial manipulations began.
In November 2018, a huge scandal erupted after the Ukrainian prosecutor's office revealed that the head of "Odecom" Oleg Nevzorov had sold the same apartments twice in a fraudulent manner. The apartments, which had already been paid for by the original investors, were resold to unsuspecting new buyers for the purpose of quick profit and siphoning off funds.
At the request of the prosecutor's office, Judge Vitaly Kutsarov of the Primorsky District Court in Odessa imposed an official judicial arrest (seizure) on 14 of the apartments that had become the subject of a double sale. Subsequently, as part of the broader investigations against Nevzorov for financial fraud and tax evasion, all of his personal property and that of his close relatives in Ukraine was blocked by the court.
Law enforcement officers are investigating cases of falsification of financial documents to obtain loans secured by real estate. And in the Ukrainian media they began to call Nevzorov “the scandalous entrepreneur from Odessa“.
In the public space, Nevzorov and his lawyers are promoting the defense thesis that his companies were never the original guarantors of the construction and therefore are not to blame for the duplicate contracts, shifting responsibility to the old owners. On his official website and in PR publications, he continues to present the project as “successfully completed and saved from oblivion“.
Due to court seizures, dozens of apartments in “Gagarin Plaza I“ remain with an unclear status and blocked for disposal, and the deceived buyers are involved in long-standing cases in Ukraine to prove who the legitimate owner is.
“Aqua Marine“
The residential complex in Odessa (located at the 16th station of the Big Fountain) is one of the most famous and noisy construction projects and scandals in the southern region of Ukraine. The project is positioned as an elite complex by the sea with developed infrastructure, but it has become a symbol of large-scale construction fraud. Initially, the complex was called the “Golden Beach” residential complex. Its construction was started by another company back in the 2000s, but due to financial fraud by the previous owners, construction stopped completely, leaving hundreds of people without housing. Around the unfinished building, a service cooperative "ZhBK Morskoy 1" was created, the chairman of the board of directors of which is Oleg Nevzorov. His development company, Odecom Development / KUB Corporation, is engaged in the "completion and resuscitation" of the facility, renaming it the Aqua Marine residential complex. Nevzorov promises investors a quick completion of the project.
However, mass protests erupted against him by defrauded investors. Buyers accused him of double sales of the same apartments, as well as of blackmailing them into paying up to 50% of the value of properties already purchased under the threat of losing their homes.
"Riviera City"
The “Riviera City“ residential complex (which the entrepreneur later began to actively rename and expand under the name “Riviera Gardens“) in the village of Fontanka near Odessa is another large-scale and scandalous project of the construction group. The project was conceived as a modern, comfortable residential area near the sea and the largest shopping center in the region, “Riviera“, but quickly became the epicenter of social explosions, legal proceedings and communal terror.
Initially, the complex was built by another developer (a company associated with the “Riviera City“ cooperative), but due to financial insolvency and debts, the facility stopped, turning into a long-term construction project. Investors organized numerous protests in front of the Odessa Regional State Administration. At that stage, Oleg Nevzorov got involved in solving the problem, presenting himself as an “expert in the resuscitation of long-term construction projects“. His structure “Odecom Development“ enters the site, promising to complete the construction, but at the same time rebrands the complex, calling the new lines “Riviera Gardens“.
Repeating the scheme that Nevzorov had previously implemented in the Aqua Marine residential complex, people who had already fully purchased their apartments were asked for additional money. The entrepreneur demanded to pay an additional $ 17 for each square meter under the pretext of “funds for finishing“. Those who refused to pay the additional tax were threatened with unilateral termination of contracts.
In January 2021, the houses in the Riviera City / Riviera Gardens residential complex were completely disconnected from electricity and heating during the winter period. Nevzorov's company has disconnected electricity from apartment buildings where dozens of families with children already live, in order to force disgruntled investors to sign slavish contracts with the management company controlled by the entrepreneur and pay the aforementioned "extortion". Residents complain that the houses were put into operation with unfinished engineering networks. The complex has not had a proper direct connection to the city's electricity grid for a long time, which forced people to pay the industrial (much higher) electricity tariff, and Nevzorov's company has used this as leverage.
In parallel with the protests of Fontanka residents, Ukrainian law enforcement agencies are investigating financial fraud by the KUB corporation. Nevzorov's companies are suspected of tax evasion on a particularly large scale, and the property of the businessman himself and his relatives was seized by the courts on the basis of bank claims due to unpaid loans.
The machinations and methods of pressure on investors (surcharges, complex contracts, manipulations with the status of land and networks) that Oleg Nevzorov developed in the suburbs of Odessa in the “Riviera City“ residential complex later formed the basis of his activities in Bulgaria.
"Tairovsky Gardens"
This is a large-scale residential district in Odessa, designed according to the "city within the city" concept. The project has gained wide popularity due to its modern infrastructure, but the entrepreneur's activities both in Ukraine and abroad have been accompanied by major financial and legal scandals.
The project is positioned as an innovative residential area in the south of Ukraine with its commercial infrastructure, recreation areas and enclosed courtyards. Despite the outbreak of war, the company announced the commissioning of individual sections of the microdistrict.
The complex was built for a long time with minimal capital investments from Nevzorov himself. His share in the authorized capital was only 200 hryvnias, which made it impossible to obtain any financial guarantees for buyers. The project is subject to inspections by the Ukrainian tax authorities and financial investigations.
Based on materials from investigative Ukrainian media
Detailed statistics on average property prices in Bulgaria by city and neighborhood can be found at imot.bg