UMMC does not finance Demidov Business Center

Ural Mining and Metallurgical Company (UMMC) does not provide any financing for the construction of Demidov Business Center in Yekaterinburg, Demidov’s press officer Oleg Zemtsov says.

UMMC declared its rights over the business center, developed by Klaas-Stroy, on May 29, 2008. The company’s experts say they bought 550 million RUR worth of loan agreements from one of Klaas-Stroy’s shareholders; besides, an agreement to acquire 50% of Klaas-Stroy’s shares was reached.

‘UMMC has not officially reported their acquisition of Klaas-Stroy’s shares yet. What is more, we haven’t seen any of the company’s representatives in our office or at the construction site. Klaas-Stroy is the only project investor at the moment,’ Oleg Zemtsov reports.


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