Nazareth capital

History

2023: CEO did not pay salaries for six months and asked employees to apply for loans

In early June 2023, it became known that the Russian IT company Nazareth Capital owed tens of millions of rubles of wages to its employees. Moreover, the general director of this organization Vadim Nazareth has repeatedly appealed to employees with requests to apply for loans in the interests of business.

Nazareth Capital is developing a digital ecosystem that "has no analogues in the world" and "will combine the functions of a marketplace, social network and messenger." It is assumed that the platform will combine the capabilities of YouTube, Telegram, Yandex, Wildberries and VKontakte. However, according to CNews, the project has been implemented only by 30% and has not reached the MVP (Minimum Viable Product) stage, that is, it does not even exist as a minimum viable product.

Russian IT company Nazareth Capital owes its employees tens of millions of rubles in wages

According to statements by Nazareth Capital employees and documents sent to the Ministry of Internal Affairs (MVD), Vadim Nazareth offered employees to take loans secured by personal property, in particular cars. Some also complain that the manager had a psychological impact on them and said that whoever leaves the team will not receive any payments.

As a result, for the period from January 2022 to August of the same year, the amount of wage arrears reached 58.5 million rubles for all employees of the company (44 people). At the same time, in terms of per employee, debts range from 120 thousand to 8 million rubles. According to one of the former Nazareth Capital lawyers, no one from the state officially received wages. At the same time, the company continued to rent new premises in good business centers, creating the appearance of financial well-being. CNews also has documents on loans to Nazareth Capital from Melagro LLC for a total amount of at least 85 million rubles: these funds were not fully returned.^[1]

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