Maltese-naturalised businessman Pavel Grachev quits Russian businesses

Maltese-naturalised businessman Pavel Grachev has sold his stake in Detsky Mir, Russia's leading children's goods retailer, to a consortium led by Alexey Zuev, founder of rival company Korablik. 

The financial details of the transaction have not been disclosed, but the consortium now owns a 29.9% stake in Detsky Mir, which has over a thousand shops in Russia and Kazakhstan and reported 178 billion rubles ($3 billion) revenue in 2022.   

According to an announcement, Pavel Grachev and fellow seller, Mikhail Stiskin, no longer have any economic interest in the company. They both have also resigned from the board of Directors in October 2022 and February 2023, respectively.

In 2022 Pavel Grachev and Mikhail Stiskin had already resigned as the CEO and senior vice president of finance and strategy, respectively, at Polyus, the largest gold producer in Russia, and had also left the company's board of Directors.

Last year, Pavel Grachev resigned from the boards of Federal Grid Company, Russia's state-run largest utility company, and RusHydro, country’s top hydropower producer. Additionally, he is no longer associated with the Russian Union of Industrialists and Entrepreneurs.

Grachev and his family were granted Maltese passports in 2017 through the Individual Investor Programme managed by IIP concessionaire Henley & Partners.