After the dissolution of the Soviet Union and beginning of privatization, many large plants and factories, such as the Krasnoyarsk Aluminum Plant, became owned by alleged criminal authorities and oligarchs, while others were declared bankrupt. The economic transition resulted in a dramatic rise in unemployment and numerous strikes.
The best known financial scandal of the second half of 1990s happened when ownership of the Krasnoyarsk Aluminum Plant by a known Krasnoyarsk businessman Anatoliy Bykov had been canceled after he was accused of murdering his partner, Vilor Struganov. The accusation eventually turned out to be false. The Krasnoyarsk plants ownership problems continue through the early 21st century since nearly all of them are owned either by monopolistic financial groups or by oligarchs.
Since the election of Pyotr Pimashkov as the mayor of Krasnoyarsk in 1996, the appearance of the city gradually improved: the old historical buildings were restored, the asphalt walkways were replaced with paving-stone, and numerous squares and recreation areas with fountains were either restored or constructed from scratch. Now the majority of the city keeps only a few traces of its former, drab, post-collapse look
