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Baturina's former companies engage in legal battle

15:39 02/08/2012

MOSCOW, August 2 - RAPSI. The Moscow Commercial Court has registered Inteco's lawsuit against TD Ramenskaya, the court spokesperson told the Russian Legal Information Agency on Wednesday.

Both companies were previously owned by Russia's richest woman Yelena Baturina, who is also the wife of former Moscow Mayor Yuri Luzhkov.

"The lawsuit centers on the implemented portion of an investment contract entered into by TD Ramenskaya and Inteco in 2007, whereby the first stage of the Champion-Park residential complex was completed and commissioned in 2011," Inteco said.

The statement of claim reads that Inteco, as the investor, entered into share interest contracts with individuals during the construction.

Inteco aims to force TD Ramenskaya to sign a report on the contract's partial implementation.

Inteco also seeks a share in kind relative to its contribution to the project, i.e. 100 percent financing. This would protect the rights of the housing purchasers, who have so far been unable to acquire titles to their apartments, as TD Ramenskaya has evaded signing the report.

Inteco is a multiprofile company and one of Russia's top development firms. Businessman Mikhail Shishkhanov and Sberbank Investments acquired Inteco from Baturina in autumn 2011.

Shishkhanov owns 95 percent of the shares in Inteco. According to Forbes, he is one of the country's richest 200 businessmen.

Sberbank Investments is a 100 percent Sberbank subsidiary. It was established in 2010 to manage investment assets.

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Baturina's former companies engage in legal battle

15:39 02/08/2012 The Moscow Commercial Court has registered Inteco's lawsuit against TD Ramenskaya.
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