Board of Directors

Sergey Egorov
Non-Executive Director
BIOGRAPHY
Sergey Egorov is a highly experienced professional in private equity, corporate finance, leveraged finance and debt restructuring. Since June 2015, he has held the role of Director of Special Projects at Sistema PJSFC, where he is responsible for seeking out new investment opportunities, structuring and execution, and for developing and executing assets strategy. Sergey also sits on the boards of directors of Sistema’s portfolio companies. Before joining Sistema, Sergey was Vice President of Intellect Telecom and has significant experience at companies including Sberbank Capital, United Capital Partners and EY, among others. Sergey holds a Diploma in Finance from Kyrgyz State National University.
EDUCATION
- Kyrgyz State National University, Diploma in Finance
EXPERIENCE AND AWARDS
- Sergey has experience in private equity, corporate finance, leveraged finance and debt restructuring

Oleg Mubarakshin
BIOGRAPHY
Oleg Mubarakshin has more than 20 years of experience in corporate law and investment management. Since 2013 he has worked at Sistema, currently as a Managing Partner and before that as Senior Vice President and Head of the Legal Function. Before joining Sistema he was head of legal at EastOne Investment and Consulting Group, and before that spent more than a decade at InBev FMCG Group, ending up as Vice President for Legal Affairs for Western Europe. He holds a degree in law from Moscow State Academy of Law and a degree in finance from the Finance Academy under the Government of the Russian Federation.
EDUCATION
- Moscow State Academy of Law
- Finance Academy under the Government of the Russian Federation
EXPERIENCE AND AWARDS
- More than 20 years of experience in corporate law and investment management

Maxim Berlovich
Executive Director
BIOGRAPHY
Before joining Etalon Group in 2014, Maxim was deputy CEO of one of the largest power grid construction companies in Russia. Since 2017, he served as the head of the construction and maintenance division of Etalon Group. In 2019 Maxim became the Head of Moscow Operations.
EDUCATION
- Peter the Great St Petersburg Polytechnic University
- Maxim holds an MBA from Vlerick Business School
EXPERIENCE AND AWARDS
- Maxim Berlovich has over 10 years of experience in the construction industry

Marina Ogloblina
BIOGRAPHY
Marina Ogloblina has many years of experience in the administrations of the city and region of Moscow. Most recently, she has served as Minister for Construction and Residential and Utility Sector of Moscow Region, before being appointed advisor for construction (with ministerial rank) to regional governor. Previously she worked for 20 years in economic planning roles in the Moscow city administration, eventually becoming Minister and Head of the Economic Planning and Development Department, and also heading the city’s Main Supervision Department. Marina began her career at the State Bank of the USSR before being appointed senior auditor for two districts of Moscow at the Russian SFSR Finance Ministry’s Audit Directorate. She holds a degree from Moscow Finance University, and served as professor and head of the Department of Finance, Accounting and Audit at the Moscow government’s Moscow State University of Administration.
EDUCATION
- Moscow Finance University
EXPERIENCE AND AWARDS
- Many years of experience in the administrations of the city and region of Moscow

Ganna Homenko
BIOGRAPHY
Ganna Homenko has nearly 20 years of experience in management, consultancy and strategy positions in the legal and finance fields. She currently acts as a consultant providing services in trust and corporate administration, accounting and financial management, and international tax planning, and also sits on the boards of Ros Agro and Interpipe. Ganna previously held a number of senior legal and management positions. She holds a degree in law and international politics from Keele University, and also completed a Legal Practice Course at the College of Law in Chester, UK.
EDUCATION
- Keele University, degree in law and international politics
- College of Law in Chester, UK (completed a Legal Practice Course)
EXPERIENCE AND AWARDS
- 20 years of experience in management, consultancy and strategy positions in the legal and finance fields

Martin Cocker
BIOGRAPHY
Martin Cocker has 22 years of experience in audit, and nine years' experience in the construction industry. He runs his own development business in Portugal, and previously worked at Deloitte & Touche, KPMG and Ernst & Young in Russia, Kazakhstan and UK. He graduated from the University of Keele.
EDUCATION
- University of Keele
EXPERIENCE AND AWARDS
- 22 years of experience in audit, 9 years in construction industry
- Runs his own development business in Portugal

Boris Svetlichny
BIOGRAPHY
Mr Svetlichny brings to the Company 29 years of international financial and senior management experience and has held various senior finance positions at Orange Business Services in Russia, VimpelCom and Golden Telecom. From March 2014 to August 2016 Mr. Svetlichny served as CFO of Etalon Group.
EDUCATION
- University of Massachusetts (BBA in Accounting)
- Carnegie-Mellon University (MBA)
EXPERIENCE AND AWARDS
- Over 29 years experience in finance and senior management with international and Russian companies
- Recent experience included CFO position at Orange Business Services in Russia, VP for Finance at Vimpelcom and CFO at Golden Telecom
- From March 2014 to August 2016 Mr. Svetlichny served as CFO of Etalon Group

Dennis Vinokourov
BIOGRAPHY
Dennis is an experienced private equity and corporate law professional. Most recently, as Investment Director at Vi Holding Development, he was instrumental to closing a landmark real estate transaction funded by a consortium of sovereign wealth funds. Prior to that, Dennis held senior investment positions with Russian Direct Investment Fund (RDIF) and East Capital. Dennis started his career as a corporate lawyer with White & Case and is admitted to the New York Bar.
EDUCATION
- Stern Business School (MBA)
- NYU Law School (LL.M, Hauser Scholar)
- Central European University (LL.М)
- Moscow State Institute of International Relations (Diploma in Law, Highest Honors)
EXPERIENCE AND AWARDS
- Over 20 years of experience in private equity, corporate law and real estate in Moscow, Stockholm and New York
- Held senior investment roles at VI Holding Development, Russian Direct Investment Fund and East Capital
- Practiced corporate law with White & Case and is a member of the New York Bar

Charalampos Avgousti
BIOGRAPHY
Charalampos Avgousti is an experienced legal professional in the real estate, corporate and banking sectors. He is the Founder and Managing Director of Ch. Avgousti & Partners LLC (Advocates & legal consultants). Previously he worked at several law firms, including E&G Economides LLC – Totalserve Group and Nasos A. Kyriakides & Partners Advocates. Mr Avgousti is a board member at CYTA - Cyprus Telecommunication Authority, member of the Advisory council of Limassol for the Central Cooperative Bank, and until February 2016 he was a board member of Periferiaki Cooperative Credit Society Nicosia Limited.
EDUCATION
- Northumbria University Newcastle (LLM in International Commercial Law)
- Democritus University of Thrace
EXPERIENCE AND AWARDS
- 10 years of legal experience in the real estate, corporate and banking sectors

Maxim Berlovich
Executive Director
BIOGRAPHY
Before joining Etalon Group in 2014, Maxim was deputy CEO of one of the largest power grid construction companies in Russia. Since 2017, he served as the head of the construction and maintenance division of Etalon Group. In 2019 Maxim became the Head of Moscow Operations.
EDUCATION
- Peter the Great St Petersburg Polytechnic University
- Maxim holds an MBA from Vlerick Business School
EXPERIENCE AND AWARDS
- Maxim Berlovich has over 10 years of experience in the construction industry

Sergey Egorov
Non-Executive Director
BIOGRAPHY
Sergey Egorov is a highly experienced professional in private equity, corporate finance, leveraged finance and debt restructuring. Since June 2015, he has held the role of Director of Special Projects at PJSFC Sistema, where he is responsible for seeking out new investment opportunities, structuring and execution, and for developing and executing assets strategy. Sergey also sits on the boards of directors of Sistema’s portfolio companies. Before joining Sistema, Sergey was Vice President of Intellect Telecom and has significant experience at companies including Sberbank Capital, United Capital Partners and EY, among others. Sergey holds a Diploma in Finance from Kyrgyz State National University.
EDUCATION
- Kyrgyz State National University, Diploma in Finance
EXPERIENCE AND AWARDS
- Sergey has experience in private equity, corporate finance, leveraged finance and debt restructuring

Oleg Mubarakshin
BIOGRAPHY
Oleg Mubarakshin has more than 20 years of experience in corporate law and investment management. Since 2013 he has worked at Sistema, currently as a Managing Partner and before that as Senior Vice President and Head of the Legal Function. Before joining Sistema he was head of legal at EastOne Investment and Consulting Group, and before that spent more than a decade at InBev FMCG Group, ending up as Vice President for Legal Affairs for Western Europe. He holds a degree in law from Moscow State Academy of Law and a degree in finance from the Finance Academy under the Government of the Russian Federation.
EDUCATION
- Moscow State Academy of Law
- Finance Academy under the Government of the Russian Federation
EXPERIENCE AND AWARDS
- More than 20 years of experience in corporate law and investment management

Artyom Zasursky
Head of Strategy at Sistema PJSFC
BIOGRAPHY
Artyom has more than 15 years of experience in senior positions at Sistema PJSFC, including various positions in portfolio companies. Since 2016, Artyom has been a Vice President and Head of Strategy at Sistema PJSFC. Artyom graduated from the Lomonosov Moscow State University in 2001 and has a Ph.D.
EDUCATION
- Lomonosov Moscow State University
EXPERIENCE AND AWARDS
- More than 15 years of experience in senior positions at Sistema PJSFC

Gennadiy Shcherbina
BIOGRAPHY
Gennadiy Shcherbina has 14 years of construction industry experience, having started his career with Etalon Group in 2003. He has been in charge of Etalon Group’s St Petersburg operations since 2007. Gennadiy holds a PhD in Economics, and graduated from the Marshal A. A. Grechko Naval Academy and St Petersburg State University for Architecture and Construction.
EDUCATION
- St Petersburg State University for Architecture and Construction (graduate degrees in industrial and civic construction, finance and management of construction business; PhD in Economics)
- Marshal A. A. Grechko Naval Academy (graduate degree in military sciences)
EXPERIENCE AND AWARDS
- 14 years of experience in the construction industry
- Certificate of Honour of the Ministry of Regional Development, Badge of Honour and the Order of Merit for Construction

Marina Ogloblina
BIOGRAPHY
Marina Ogloblina has many years of experience in the administrations of the city and region of Moscow. Most recently, she has served as Minister for Construction and Residential and Utility Sector of Moscow Region, before being appointed advisor for construction (with ministerial rank) to regional governor. Previously she worked for 20 years in economic planning roles in the Moscow city administration, eventually becoming Minister and Head of the Economic Planning and Development Department, and also heading the city’s Main Supervision Department. Marina began her career at the State Bank of the USSR before being appointed senior auditor for two districts of Moscow at the Russian SFSR Finance Ministry’s Audit Directorate. She holds a degree from Moscow Finance University, and served as professor and head of the Department of Finance, Accounting and Audit at the Moscow government’s Moscow State University of Administration.
EDUCATION
- Moscow Finance University
EXPERIENCE AND AWARDS
- Many years of experience in the administrations of the city and region of Moscow

Dennis Vinokourov
BIOGRAPHY
Dennis is an experienced private equity and corporate law professional. Most recently, as Investment Director at Vi Holding Development, he was instrumental to closing a landmark real estate transaction funded by a consortium of sovereign wealth funds. Prior to that, Dennis held senior investment positions with Russian Direct Investment Fund (RDIF) and East Capital. Dennis started his career as a corporate lawyer with White & Case and is admitted to the New York Bar.
EDUCATION
- Stern Business School (MBA)
- NYU Law School (LL.M, Hauser Scholar)
- Central European University (LL.М)
- Moscow State Institute of International Relations (Diploma in Law, Highest Honors)
EXPERIENCE AND AWARDS
- Over 20 years of experience in private equity, corporate law and real estate in Moscow, Stockholm and New York
- Held senior investment roles at VI Holding Development, Russian Direct Investment Fund and East Capital
- Practiced corporate law with White & Case and is a member of the New York Bar

Martin Cocker
BIOGRAPHY
Martin Cocker has 22 years of experience in audit, and nine years' experience in the construction industry. He runs his own development business in Portugal, and previously worked at Deloitte & Touche, KPMG and Ernst & Young in Russia, Kazakhstan and UK. He graduated from the University of Keele.
EDUCATION
- University of Keele
EXPERIENCE AND AWARDS
- 22 years of experience in audit, 9 years in construction industry
- Runs his own development business in Portugal

Boris Svetlichny
BIOGRAPHY
Mr Svetlichny brings to the Company 29 years of international financial and senior management experience and has held various senior finance positions at Orange Business Services in Russia, VimpelCom and Golden Telecom. From March 2014 to August 2016 Mr. Svetlichny served as CFO of Etalon Group.
EDUCATION
- University of Massachusetts (BBA in Accounting)
- Carnegie-Mellon University (MBA)
EXPERIENCE AND AWARDS
- Over 29 years experience in finance and senior management with international and Russian companies
- Recent experience included CFO position at Orange Business Services in Russia, VP for Finance at Vimpelcom and CFO at Golden Telecom
- From March 2014 to August 2016 Mr. Svetlichny served as CFO of Etalon Group

Ganna Homenko
BIOGRAPHY
Ganna Homenko has nearly 20 years of experience in management, consultancy and strategy positions in the legal and finance fields. She currently acts as a consultant providing services in trust and corporate administration, accounting and financial management, and international tax planning, and also sits on the boards of Ros Agro and Interpipe. Ganna previously held a number of senior legal and management positions. She holds a degree in law and international politics from Keele University, and also completed a Legal Practice Course at the College of Law in Chester, UK.
EDUCATION
- Keele University, degree in law and international politics
- College of Law in Chester, UK (completed a Legal Practice Course)
EXPERIENCE AND AWARDS
- 20 years of experience in management, consultancy and strategy positions in the legal and finance fields

Sergey Egorov
Non-Executive Director
BIOGRAPHY
Sergey Egorov is a highly experienced professional in private equity, corporate finance, leveraged finance and debt restructuring. Since June 2015, he has held the role of Director of Special Projects at PJSFC Sistema, where he is responsible for seeking out new investment opportunities, structuring and execution, and for developing and executing assets strategy. Sergey also sits on the boards of directors of Sistema’s portfolio companies. Before joining Sistema, Sergey was Vice President of Intellect Telecom and has significant experience at companies including Sberbank Capital, United Capital Partners and EY, among others. Sergey holds a Diploma in Finance from Kyrgyz State National University.
EDUCATION
- Kyrgyz State National University, Diploma in Finance
EXPERIENCE AND AWARDS
- Sergey has experience in private equity, corporate finance, leveraged finance and debt restructuring

Oleg Mubarakshin
BIOGRAPHY
Oleg Mubarakshin has more than 20 years of experience in corporate law and investment management. Since 2013 he has worked at Sistema, currently as a Managing Partner and before that as Senior Vice President and Head of the Legal Function. Before joining Sistema he was head of legal at EastOne Investment and Consulting Group, and before that spent more than a decade at InBev FMCG Group, ending up as Vice President for Legal Affairs for Western Europe. He holds a degree in law from Moscow State Academy of Law and a degree in finance from the Finance Academy under the Government of the Russian Federation.
EDUCATION
- Moscow State Academy of Law
- Finance Academy under the Government of the Russian Federation
EXPERIENCE AND AWARDS
- More than 20 years of experience in corporate law and investment management

Ganna Homenko
BIOGRAPHY
Ganna Homenko has nearly 20 years of experience in management, consultancy and strategy positions in the legal and finance fields. She currently acts as a consultant providing services in trust and corporate administration, accounting and financial management, and international tax planning, and also sits on the boards of Ros Agro and Interpipe. Ganna previously held a number of senior legal and management positions. She holds a degree in law and international politics from Keele University, and also completed a Legal Practice Course at the College of Law in Chester, UK.
EDUCATION
- Keele University, degree in law and international politics
- College of Law in Chester, UK (completed a Legal Practice Course)
EXPERIENCE AND AWARDS
- 20 years of experience in management, consultancy and strategy positions in the legal and finance fields

Martin Cocker
BIOGRAPHY
Martin Cocker has 22 years of experience in audit, and nine years' experience in the construction industry. He runs his own development business in Portugal, and previously worked at Deloitte & Touche, KPMG and Ernst & Young in Russia, Kazakhstan and UK. He graduated from the University of Keele.
EDUCATION
- University of Keele
EXPERIENCE AND AWARDS
- 22 years of experience in audit, 9 years in construction industry
- Runs his own development business in Portugal

Charalampos Avgousti
BIOGRAPHY
Charalampos Avgousti is an experienced legal professional in the real estate, corporate and banking sectors. He is the Founder and Managing Director of Ch. Avgousti & Partners LLC (Advocates & legal consultants). Previously he worked at several law firms, including E&G Economides LLC – Totalserve Group and Nasos A. Kyriakides & Partners Advocates. Mr Avgousti is a board member at CYTA - Cyprus Telecommunication Authority, member of the Advisory council of Limassol for the Central Cooperative Bank, and until February 2016 he was a board member of Periferiaki Cooperative Credit Society Nicosia Limited.
EDUCATION
- Northumbria University Newcastle (LLM in International Commercial Law)
- Democritus University of Thrace
EXPERIENCE AND AWARDS
- 10 years of legal experience in the real estate, corporate and banking sectors

Petr Kryuchkov
BIOGRAPHY
Petr has 10 years of experience in the field of corporate finance and capital markets. Petr has been the Director of Corporate Investments at Etalon Group since 2018. Prior to that, he worked for two years as the head of the Company’s capital markets division. Before joining Etalon Group, Petr was involved in project finance activities, as well as developing a strategy for the implementation of large projects in the shipbuilding industry. Petr has bachelor’s and master’s degrees with honours in corporate finance from the St Petersburg State University of Economics and Finance, and also has a diploma in Law.
EDUCATION
- St. Petersburg State University of Economics and Finance, master’s degrees with honours in corporate finance and a diploma in Law
EXPERIENCE AND AWARDS
- Over 10 years’ experience in corporate finance and capital markets

Dennis Vinokourov
BIOGRAPHY
Dennis is an experienced private equity and corporate law professional. Most recently, as Investment Director at Vi Holding Development, he was instrumental to closing a landmark real estate transaction funded by a consortium of sovereign wealth funds. Prior to that, Dennis held senior investment positions with Russian Direct Investment Fund (RDIF) and East Capital. Dennis started his career as a corporate lawyer with White & Case and is admitted to the New York Bar.
EDUCATION
- Stern Business School (MBA)
- NYU Law School (LL.M, Hauser Scholar)
- Central European University (LL.М)
- Moscow State Institute of International Relations (Diploma in Law, Highest Honors)
EXPERIENCE AND AWARDS
- Over 20 years of experience in private equity, corporate law and real estate in Moscow, Stockholm and New York
- Held senior investment roles at VI Holding Development, Russian Direct Investment Fund and East Capital
- Practiced corporate law with White & Case and is a member of the New York Bar

Nikolai Minashin
BIOGRAPHY
Nikolai has many years of experience in the field of investor relations, including management positions at DOM.RF, OKEY Group and MTS. He has worked at Sistema PJSFC since 2018, where he is currently the managing director for investor relations. Nikolai graduated from the Moscow State Institute of International Relations (MGIMO) in 2005.
EDUCATION
- Moscow State Institute of International Relations (MGIMO)
EXPERIENCE AND AWARDS
- Many years of experience in the field of investor relations
- Held management positions at DOM.RF, OKEY Group and MTS