Court states Mayak Corporation Real Estate Management Ltd. must pay shareholder 1m RUR forfeit

11 October 2006 (12:54)

The first court sitting concerning Mayak Corporation Real Estate Management Ltd. took place on October 5, 2006. The members of Yekaterinburg Municipal Council Consumers’ Rights Committee attended the sitting as well as the parties. According to their report, the Court of Ordzhonikidzevskiy District of Yekaterinburg considered the case of the plaintiff, who had signed an apartment construction agreement with the company, on September 12. Mayak Corporation Real Estate Management Ltd. had promised to build, to have and to hold the plaintiff a two-room apartment on the 16th floor of a block located in Radischev St. before June 30, 2004. The builder failed to meet the deadline even though by the time the court hearing began the apartment had already been built (yet the plaintiff had no property rights over it).

The court stated that the plaintiff must be compensated and paid 1m RUR in terms of forfeit and 20,000 RUR in compensation for the spiritual injury; the builder is supposed to pay a 510,000 RUR fine and the duty.

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