Far East Corp Ends Deal with Leo Developer on Kirova Street

The Corporation for the Development of the Far East and the Arctic has filed a lawsuit with the Arbitration Court to terminate an agreement with the developer «Leo,» which holds resident status in the Free Port of Vladivostok. This was reported by the court«s press service.

The construction company LLC SZ «Leo» was registered and has been operating in Vladivostok since 2019. Its first founder was Maxim Zadvorny, but since 2023, 100% of the assets have belonged to Alexander Tabachenko.

He is also listed as the general director and fully or partially owns several other construction companies: «Vladzhilstroy,» «Leader DV,» «Vostok-Leader,» «Skat,» «Larimar,» and others.

Leo«s revenue at the end of 2024 was 0 rubles, and the company incurred losses of 699,000 rubles (approximately $7,800 at current rates).

Leo received resident status in 2021 and was supposed to build a 16-story residential building in Parkhomenko Lane, 4g, which is part of the private sector on Kirova Street, between houses No. 45 and 49, by the end of 2023.

The total investment amount was 7,291,350 rubles (approximately $81,000 at current rates), however, Leo stopped providing reports after the 3rd quarter of 2023. A document from the online file states that the company significantly violated the agreement terms: it did not create jobs, did not invest capital expenditures in the required volume and within the necessary deadlines, and did not provide the information on construction progress requested by the Corporation for the Development of the Far East and the Arctic.

The organizations failed to resolve the dispute through negotiations, and now it will be considered by the court of first instance. The hearing is scheduled for January 28.

Meanwhile, in June 2025, the Vladivostok administration approved a project for a major renovation of the private sector on Kirova Street. By 2040, they plan to build two hotels, a sports complex, two shopping centers, mid-rise buildings, and two parking lots. Whether the authorities will find another contractor to build the 16-story building is still unclear.

On December 26, 2025, we reported that the year-round recreation base «Taivaza» in Muravyinaya Bay near Artyom might never appear, and the company responsible for it, «Progress,» risks losing its resident status in the Free Port of Vladivostok. This was reported by the press service of the Arbitration Court of Primorsky Krai.