Sverdlovsk Region Court of Arbitration says Hydrospetsstroy has to pay the plaintiffs over 54m RUR

20 April 2006 (09:20)

According to the decision of Sverdlovsk Region Court of Arbitration, Hydrospetsstroy Ltd. (general contractor of Noviy Grad Managing Company) has to pay the plaintiffs over 54m RUR. The claim had been laid on the grounds of the defendant not meeting its liabilities in terms of putting up a number of dwellings in Yekaterinburg. The firm had received some prepayment from the investors yet never did what it had to. The court returned the verdict of ‘guilty’ and imposed a fine of 54m.

Noviy Grad CJSC is actually notorious for its failing to deliver the goods and is on the black list complied by Yekaterinburg Administration; it’s also reported that Hydrospetsstroy Ltd. is being controlled by the CEO of Noviy Grad Yuriy Repeta.

Noviy Grad building holding has recently been brought into the limelight owing to the protest actions held by the deceived individual and business investors. On March 13 and April 15, 2006, Right to a Dwelling organization and Unprincipled Contractors Opposition Fund posted pickets aimed at showing the offending company’s management that the community was not going to accept their marketing methods as well as at drawing the attention of the federal, regional, and municipal authorities to the problem.

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