Internet holding VK decided to sell its gaming division My.Games back in the fall of 2022, but has still not received tens of billions of rubles as a result of the deal made then.
Tempest Rising (Image source: Knights Peak)
Let us recall that the buyer of My.Games was the founder and managing partner of the venture company Leta Capital, Alexander Chachava. The agreement amounted to $642 million (37.24 billion rubles at the Central Bank exchange rate at that time).
As noted by the CNews publication, in the March financial report for 2024, VK increased the reserve for expected credit losses in relation to other (i.e. non-trade) accounts receivable by 38.15 billion rubles.
For comparison: the total size of VK’s reserve for expected credit losses at the end of 2024 was 46.65 billion rubles, although 12 months before that it was almost eight times more modest (5.9 billion rubles).
Image source: My.Games
VK cited the update of the debt repayment forecast as part of the agreement to sell “subsidiaries in 2022” as the reason for such a significant increase in the reserve.
At the same time, in 2024 and 2023, VK received profit from the sale of subsidiaries (3.7 billion and 8.8 billion rubles, respectively), so it can be assumed that payments for My.Games are not standing still.
In a statement to CNews, VK representatives added that despite the creation of additional reserves, the company expects to fulfill its obligations in full. Alexander Chachava declined to comment on the situation.