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Inteco-Sochi bankruptcy case to be heard on March 13

18:00 03/02/2012

MOSCOW, February 3 - RAPSI. A court will hear on March 13 the tax service's bankruptcy petition for the Inteco-Sochi development company, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com).

Media earlier reported that Inteco-Sochi is owned by businessman Viktor Baturin, the brother of Russia's richest woman, Yelena Baturina, who is also the wife of former Moscow Mayor Yuri Luzkov.

The petition was filed in January 2011. However, the proceedings in the case were postponed until the tax inspectorate's decision approving the company's debt came into force.

Baturina and her elder brother established Inteco in 1991 on a parity basis. Their relations went sour in 2005 when the company gained substantial profits from selling its cement assets to the EuroCement Group for $800 million and the DSK-2 developer to the PIK Group for $300 million.

The division of assets was accompanied by litigations. Under the second settlement agreement dated February 2007, Yelena held 99 percent of Inteco. One percent remained with the company. Viktor received unencumbered assets worth no less than $500 million.

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Inteco-Sochi bankruptcy case to be heard on March 13

18:00 03/02/2012 A court will hear on March 13 the tax service's bankruptcy petition for the Inteco-Sochi development company.
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