Alexander Shackutin is the subject of the BIC investigation "A Truly Talented Businessman." How the confiscation of Amkodor became a golden parachute for Shackutin. In early 2025, his business empire was split in two: the state now controls the JSK Amkodor holding managing company, which was driven to financial ruin, while the other portion remained in the hands of the businessman and his family, allowing them to continue profiting from the brand. Alexander Shackutin, his son and his wife own at least four plants that supply Amkodor with spare parts and critical components, as well as at least nine companies that sell and service Amkodor machinery in Russia. In total, the Shackutins own or are linked to 24 legal entities that continue to make money off the Amkodor holding company.

A tiny stakeholder

Igor Kuley: Good afternoon, my name is Igor Kuley, ... I'm writing a major analytical piece on Amkodor. We are piecing together the story of what has happened to the company over the past two years.

Alexander Shackutin: Igor, I'm not going to answer a single question. 

Igor Kuley: Why not?

Alexander Shackutin: Read BelTA, it's all there... . All the answers are there. 

Igor Kuley: You know, not all the answers are there. I know that [Aliaksandr] Yafimau [the new CEO of the Amkodor holding's managing company] issued an order to negotiate with Spamash (the company is owned by the Shaсkutin family: the businessman holds 26%, his son Alexandr 50% and his wife Marija 24% — ed.) [*] [*] regarding the transfer of shares in Amkodor and the buyout of your Russian [dealer] network. [*] And that's exactly where the answer is missing: have you exchanged shares, are they buying out your Russian network?

Alexander Shackutin: You need to go to the primary source. If it's Yafimau, call Yafimau, Yafimau will answer all your questions.

Igor Kuley: Yes, I'm going to call him too. But I wanted to ask you as well.

Alexander Shackutin: Why? He knows everything. I don't know anything, but he knows everything, he'll answer everything. He's the head of Amkodor. He's a smart man.

Igor Kuley: But you are the head and, for the time being, the owner of the Russian [dealer] network, split fifty-fifty with your wife. By the way, why did you transfer part of your Russian distribution network to her in December [2025]?

Alexander Shackutin: I am not the sole owner of the network. That is absolutely not true. I am merely a co-owner of individual companies.

Igor Kuley: Before December 2025, you were the sole owner [of the Russian dealer network]. And now, as I understand it, you transferred Amkodor-Bel to her (his wife — ed.) (The journalist made an error: the businessman's wife, Marija Shakutina, became the sole owner of Amkodor-Center LLC, a different company within the Russian dealer network. Amkodor-Center, in turn, owns two more companies — OOO Amkodor-Yug  and OOO Itam Ramash — Ed.).

Alexander Shackutin: To be clear: the network was and remains under Amkodor's management. Amkodor managed the network then and manages it now, so I don't know anything... . I'm not the only owner, there are [other] owners. So anyone who says [I'm] the owner is not being entirely accurate. Today the network belongs to private individuals. Not just to me. I only hold a tiny stake.

Rebuttal: This is partially true; Alexander Shackutin and his wife hold shares in at least nine Russian companies involved in the production, sales and servicing of Amkodor machinery, but they own some of these firms outright.

"I'm Out of the Loop"

Igor Kuley: Tell me about Amkodor-Pinsk. I know that after shares in the holding's managing company [Amkodor] were transferred to the state [from the Shackutin family's private ownership] in early 2025, Amkodor-Pinsk (one of the largest plants under the Amkodor brand — ed.) still remained under Navanep (TAA Navanep is 50.2% owned by Alexander Shackutin, with 48.8% split equally between the businessman's wife and son, and another 1% held by PMI Engineering LLC — ed.). Apparently it was only in November — correct me if I'm wrong — that they (the shares — ed.) were transferred to the Ministry of Industry (BIC learned this during a phone call with Amkodor-Pinsk Deputy Director Siarhei Kukhnavets — ed.).

Alexander Shackutin: Pinsk is operating the way it always has — successfully, expanding its product lineup and increasing production output. It's a great enterprise. One of the best in the country... . Terrific machinery, excellent, top-notch quality, and a magnificent enterprise.

Igor Kuley: But you still haven't answered my question about the fact that it (Amkodor-Pinsk — ed.) was handed over to the state a bit later [than the rest of the holding]. As a result of what? 

Alexander Shackutin: To be honest, I'm out of the loop, I'm not up to speed on these matters. 

Igor Kuley: So you don't know how the exchange involving Navanep went? You are the owner of Navanep.

Alexander Shackutin: I don't know. That's Navanep's problem. No, I am not the owner of Navanep. 

Rebuttal: This is not true; Alexander Shackutin is the majority owner of TAA Navanep, holding a controlling 50.2% stake.

Schrödinger's Detention

Igor Kuley: There was information that you were detained for 72 hours last October. Is that true? (Nasha Niva reported this on October 10, 2025. An anonymous source told the outlet: "For now, the only thing that can be said is that the case is being handled by the Department of Financial Investigations." On October 11, 2025, Nasha Niva updated its report with information that Shackutin had been detained on October 7 but was released after 72 hours. — Ed.)

Alexander Shackutin: You even counted the hours?

Igor Kuley: Yes, there was information that you were detained for 72 hours and then released. 

Alexander Shackutin: I haven't heard about that.

Igor Kuley: Right around the time you were in a pretrial detention center, the director of OOO Amkodor-Onego was replaced. (OOO Amkodor-Onego is a Russian machine-building enterprise in Karelia that manufactures forestry equipment. After the Amkodor holding was placed under state control, Amkodor-Onego came to be owned in equal shares by Alexander Shackutin and the Belarusian state. Under this ownership structure, replacing the director would, in theory, require the signatures of both owners. — Ed.)

Alexander Shackutin: You're talking about something based on unconfirmed information, you understand. So it's hard for me to say. I can't confirm information that I myself don't know. I can neither deny nor confirm something I don't know... . I've been accused several times over things supposedly involving my son, yes, that, you know ... my son did something. Then, when I started looking into it, it turns out there are people with the same surname. I have a namesake in Minsk, also Shackutin A.V. 

Igor Kuley: So you're still not going to comment on the detention? You can't comment on this in any way? 

Alexander Shackutin: I haven't heard about it, to be honest. 

Igor Kuley: But you've seen it in the press?

Alexander Shackutin: I work, I don't read the press.

Igor Kuley: It's just that I'm even curious — can you imagine, the press writes that you were detained? 

Alexander Shackutin: I don't even know which outlet.

Igor Kuley: And you come out and say: "Nobody detained me. I'm right here, here I am."

Alexander Shackutin: I don't know what you're talking about, what detention.

Igor Kuley: I get it now. I ask you questions and you dodge them... You won't give me a straight answer about transferring part of the Russian network to your wife. And yet the documents make it plain — she became the owner. 

Alexander Shackutin: I don't know where my wife found those shares. It's hard for me to say. I have absolutely no idea. If she owns something, she doesn't tell me. She keeps it from me. An absolutely modest woman. See, it turns out she owns something. I didn't know about it. I'll ask her today what she owns.

Igor Kuley: You could check with her on that.

Alexander Shackutin: You know the one about the Babruysk Jew? They come to search a Jew's house. Near the doghouse they find a three-liter jar full of jewels. "Yours?" "I don't know," he says, "where the dog brought them from and buried them. Ask the dog." (The BIC editorial team considers this joke antisemitic and perpetuating stereotypes. Nevertheless, we have kept it in the text to preserve the context and authenticity of the conversation with Alexander Shackutin. — Ed.)

Editor's note: BIC reached Marija Shakutina by phone; she declined to comment and asked that all questions be directed to her husband.

Golden Parachute

Igor Kuley: Many people believe you got lucky, ... that you came out of this whole Amkodor saga pretty well, that the holding was placed under state control while you kept part of the dealer network and the companies that supply Amkodor, including Saleo, PRODI, Elastomer ... (The Saleo holding comprises two enterprises producing hydraulic components installed on most Amkodor machines. STAA PRODI manufactures plastic cabin and exterior elements for them. ZAT Amkador-Elastamer (Amkodor-Elastomer CJSC) produces rubber products, including for Amkodor machinery. — Ed.)

Alexander Shackutin: I'm not involved in any of those. You're naming companies I have nothing to do with. 

Igor Kuley: And since when have you had nothing to do with them?

Alexander Shackutin: I never was.

Rebuttal: This is not true; controlling stakes in all three firms are in the hands of Alexander Shackutin and his family: Amkodor-Elastomer — through TAA Spamash; STAA PRODI — through Amkodor-Elastomer and Amkodor-Spamash; Saleo LLC — Holding managing company, through TAA Navanep.

Igor Kuley: What I mean is, not you personally. I know it's not you personally, but through your ...

Alexander Shackutin: You mean by wire transfer or something?

Igor Kuley: Through your other firms. Through your other companies, you were involved.

Alexander Shackutin: Igor, these are questions where I don't even know what you're talking about. Where did you dig up this bogus information? I don't understand.

Igor Kuley: It's all in the documents. I'm calling you to verify it.

Alexander Shackutin: Who said what, I don't know — people say all sorts of things at the bazaar... . Igor, whoever says that is the biggest fool. Amkodor is one of the most successful companies in our country. A company that carried out a complete modernization of all its plants. A company that today produces a marketable product that meets global standards. And if you put in a little more brainpower and effort, it will produce products that are competitive in both quality and cost. It is one of the most successful enterprises. So whoever is saying whatever — you know, they can shove it.

Igor Kuley: I'm not disputing that it produces good, in-demand products. If there are customers, that means there's demand. But then how did it come to the point where the shares had to be handed over to the state?

Alexander Shackutin: Igor, I don't know anything about what you're saying, but I can just say one thing. You know what Mayakovsky said? If the stars are being lit, it means somebody needs them. You know that famous saying?

Igor Kuley: Well, in this particular case, who needs it? Because you answered with a quote, and I don't quite understand who needs it then.

Alexander Shackutin: Everything that happens, happens for the best.

Igor Kuley: And did things turn out better for you as a result of this whole story?

Alexander Shackutin: I'm always doing fine. I work for the president and I work for the country. So whatever I do, I was and remain someone who works for the future of our country. And I continue to work successfully, building new plants, creating new products in the interests of the state.

Igor Kuley: And what are these new plants? Can you tell me about them? I'm curious. I'd write about it.

Alexander Shackutin: Oh, no. I don't want rumors — otherwise someone will say something again.

Igor Kuley: Well, it would be interesting to know. 

Alexander Shackutin: Call me at the end of the year and I'll tell you. Then you'll see... I'm not sitting on my hands; regardless of my age, I work for the benefit of the president and the Belarusian economy.

Igor Kuley: Is that heavy industry? Roughly the same profile as Amkodor?

Alexander Shackutin: Just so you understand: I don't understand commerce. I don't work for money. I work so that new products appear in Belarus... These are plants that manufacture products for our country. Import-replacing, export-oriented, knowledge-intensive. Where you need intellect. That's what interests me. Creating something new for the Republic of Belarus.

Igor Kuley: Are you building this enterprise with borrowed funds? 

Alexander Shackutin: Well, if I had my own, it would be easier. So I have to use borrowed funds. If you have money, by all means, you're welcome — let's build something together.

"The Whole World Is in Turmoil.  But Our Belarus Keeps Growing ..."

Igor Kuley: And still, those who follow the economic news in our country say that Alexander Shackutin landed very softly. Like cats — when they fall, they land gently on all fours. Although there is a history of Amkodor's loans and discontent from those who issued them, perhaps from the state. And people say Chyzh, Muraviev — they did time, they had everything taken away. Their story isn't as happy as Alexander Shackutin's. Do you believe your story ended with a happy ending, unlike the major businessmen I just named? Or not?

Editor's note: Yury Chyzh was one of the most influential business figures close to the Belarusian authorities in the 2000s. His key assets were the Triple group of companies, which dealt in oil, construction, logistics, retail, pharmaceuticals and the restaurant business. In 2016 he was detained and became the subject of criminal cases, after which — through court proceedings, debt claims and bankruptcies — he lost control of the Triple business empire and was stripped of his key assets.

Alexander Muraviev was a major Belarusian entrepreneur known as the "glass king" of Belarus. His key assets were the Motovelo plant and the Yelizovo glass factory. In 2015 he came under investigation on economic charges. As a result, Muraviev lost control of Motovelo and other assets and was sentenced to 11 years.

Alexander Shackutin: Just so you understand: Amkodor has built five new plants in our country over the past year and a half. If anyone else has built five plants, show them to me — point your finger. If someone thinks the debt burden has increased  — when you're building a new enterprise, naturally the volume of credit goes up; it happens automatically. Who said what — you know, I don't even listen to rumors. And even your questions, I don't take them as serious questions. Who said what, where? ...These people should stop watching and start working. Everyone's watching, but nobody's working. You need to roll up your sleeves and work for the economy and for the good of the country. As for watching — there are other agencies for that. Too many watchers and free riders. Very few actually want to do something. You understand? So you need to change people's mindset so they think about work. Today they're immersed in gossip and rumors instead of immersing themselves in real, productive work... . What am I supposed to do — comment on rumors?

Igor Kuley: But you're also not giving a straight answer. I ask you about the 72-hour detention, and you say, "I haven't heard about it." You don't openly say, "No, that didn't happen, I wasn't detained" — you say you haven't heard about it. 

Alexander Shackutin: I'm telling you how it actually is. I haven't heard of such a thing. How else can I answer that question?

Igor Kuley: "No, that didn't happen, I wasn't detained."

Alexander Shackutin: I'm a diplomat. I even served five years as a diplomat, as a consul, so my work is diplomatic, and accordingly, I still maintain a diplomatic status. Diplomacy above all.

Editor's note: Alexander Shackutin was honorary consul of Bangladesh in Belarus. In 2022, BIC, together with the International Consortium of Investigative Journalists (ICIJ), included Shackutin on the Shadow Diplomats list — a roster of individuals who exploit the institution of honorary consul in various countries for personal enrichment, evading law enforcement and advancing political agendas.  The Amkodor holding, which the businessman ran until 2025, had economic interests in Bangladesh. In 2016 the company fulfilled a $50 million supply contract with the country, and in 2020 it negotiated new deliveries worth $117 million. In 2021, new Amkodor contracts with Bangladesh came to light, but their value was not disclosed.

Igor Kuley: Thank you very much for the conversation, Alexander Vasilyevich. We'll be in touch toward the end of the year, as we agreed.

Alexander Shackutin: Call me. I'll be happy to chat in December... And believe me, there will be plenty to show — oh, so much. At a time when the global economy, as you know, is in a state of stagnation. The whole world is in turmoil. But our Belarus keeps growing and will keep growing. I will do everything I can to make sure our economy and our country keep developing. As long as I'm standing on this earth — and even when I'm crawling — I'll still be building the economy.