The CEO and owner of “GazProektStroy” (GPS), Pavel Narnitsky, and the head of “SSU-5,” Sergei Lisunov, are facing criminal charges for large-scale fraud related to the restoration of the Stock Exchange building in St. Petersburg. The charges stem from an audit by the Ministry of Culture, alleging the embezzlement of 83 million rubles.

The Stock Exchange building, intended to house a museum of Russian glory, has been plagued by delays and contractor issues. “GazProektStroy” entered the project in September 2020, securing a 376 million ruble contract after previous contractors, “Meandr” and “Geoizol,” faced problems and contract terminations.

The restoration project faced numerous challenges, including concerns about the building’s structural integrity due to its proximity to the Neva River. A subcontractor’s report highlighted serious concerns about the building’s condition, leading to inspections and disputes over the accuracy of the assessment.

The Hermitage, initially overseeing the restoration, terminated its contract with “GazProektStroy” due to delays and unsatisfactory work. By December 2024, the Ministry of Culture contracted with “RSK-Renaissance” to complete the project by December 2026, with a budget of almost 1.4 billion rubles. The building is now planned to house a branch of the Hermitage, the Museum of Russian Glory, and the office of the directorate of the Cultural Forum.

“GazProektStroy” has a history of government contracts, securing 61 contracts worth 1.2 billion rubles throughout its operation. However, the company hasn’t been awarded any contracts in 2025.