‘Yesterday, the court of arbitration decided that apartments located at 72 Khokhryakova St. should be arrested,’ Elena Ivanova, the Chief Accountant of Ural State Economic University, said to UrBC.

‘These apartments have already been decorated and furbished the sale ads have already been placed online, so HydroSpetsStroy Ltd. (the general contractor of Noviy Grad, the builder) might have sold some of them. We intend to fight this company’s illegal policies and protect the public property,’ Ms Ivanova said.

Ural State Economic University was given a land allotment by the mayor as early as October 7, 1993. The land was meant for putting up a building for the university. SPEC Ltd., founded by the university representatives, Noviy Grad, HydroSpetsStroy Ltd., and a public utility services provider, was set up to facilitate the construction process. The university provided the land and was therefore supposed to get at least 7%, or 2,139.5 square meters of the dwellings built. Later on, HydroSpetsStroy tried to question the university’s right to this share, as a state organization was not allowed to get involved in construction business. Yet the decision of the court made on March 22, 2006 nullifying the rights of Ural State Economic University was annulled, and the case will now have to be considered further.