Foreign investors had lead “Intourist” to bancrupcy

So much for “efficient owners”

Famous “Intourist” tour operator was bought by Turkish company Anex Tour. This deal was conducted after previous owner announced its bankrupcy. Once biggest tour company in Soviet Union became hostage to volatile market conditions.

“Inturist” was founded in 1929 in order to organise tourism of foreign visitors into USSR. In 1980 only more than 5 million people used their services in Soviet Union. At the moment of destruction of Soviet Union “Inturist” owned 107 tourist enterprises with 54 thousand workers. Later it was privatised and bought by AFK “Systema”. Now “Systema” ownes such giants in their niche as MTS and “Detsky Mir”. But in 2011 it sold “Intourist” to British Thomas Cook Group, which bought 51% of shares, and in the late 2018 they bought remaining 49%. But suddenly in september 2019 Thomas Cook Group announced bancrupcy, and after liquidation of the holding their actives were sold off. Turkish Anex Tour aquired “Intourist” shortly after.

Having such strong potential to grow, “Intourist” was destroyed by consequtive steps of owners into a bankrupcy. According to open sources, revenue of the company droppedfrom 234,9 mln roubles in 2016 to 2,7mln in 2018, and final financial reports shows higher losses – from 629,6mln in 2016 to 1491,6 in 2018

What is now happening with “Intourist” is unknown, but this situation clearly shows hypocricy of capitalist propaganda, claiming that only “efficient owners” are the ones who create prosperity for their enterprises. But in real life, every owner is only cares about increasing rate of profits. If such profits can be achieved not by development but from destruction or sale, owner will destroy and sale without remorse, which is only natural for capitalism – system, where private profits of a few stays above the public interests.