US bank Goldman Sachs Group (NYSE:GS) has transferred a number of assets in Russia to former top managers of Russian businesses, the Financial Times writes, citing informed sources.

According to the sources, Goldman’s stakes in HeadHunter (MCX:HHRUDR) and Cian were sold to Maxim Klimov and Anton Shrader. They previously worked as managing directors of the bank in Russia, but left the company in July last year.

The terms of the deal were not disclosed, but the source said that the assets were sold at a discount. The transfer of the assets was agreed last year.

Cian, which owns the online real estate classifieds service Cian, posted a net profit of RUB 380 million in Q3 2022 against a loss of RUB 299 million in the same period a year earlier.

Recruiting service HeadHunter, which is actively used by about 28.5 million customers, in October-December made a profit of 1.4 billion rubles, the figure decreased by 20% in annual terms.

Shrader, as well as representatives of HeadHunter and Cian did not respond to FT requests, Klimov declined a request for comment.

Goldman Sachs announced it was winding down its business in Russia “in accordance with regulatory and licensing requirements” in March last year, the first of Wall Street’s leading banks to announce plans to end its operations in Russia.

Goldman’s loan portfolio in Russia at the end of Q3 2022 shrank to $205 million from $650 million at the end of 2021.