The Board of Directors of TGK-9, the heat and power supplier, met on December 24, 2009 to close down some of the company’s subsidiaries, namely, Permteplosbyt, Sverdlovteplosbyt, Syktyvkarskiye Teploviye Seti, and Ukhtinskiye Teploviye Seti. In fact, Sverdlovteplosbyt was set up at the time to facilitate the purchase of heat energy from all the suppliers connected to the heating networks and the sale of this energy to end users at a fixed price.

Sverdlovsk Region Arbitration Court resumed the hearing of the claim laid by the Bank of Russia’s Main Division in Sverdlovsk Region (on behalf of the Central Bank of Russia as a whole) against Ural Innovational Commercial Bank (UIC Bank) and Alexei Bagaryakov, Galina Devonina, and Nadezhda Zykova on December 28, 2009. The claim is related to how the defendants applied the consequences stemming from the invalidity of some legal transactions. The plaintiff insists that the transaction through which Alexei Bagaryakov sold UIC Bank’s 19.9% and 5.1% shareholdings to Galina Devonina and Nadezhda

The Russian Federation Federal Financial Market Service decided to annul the licenses of some professional securities market players, including that of Ufa-based Center-Invest Investment Company (the license allowed the company to perform brokerage and dealing operations and handle securities management) and that of Yekaterinburg-based Bank24.ru (the license allowed the bank to perform depositary transactions).

‘The Urals’ real estate management market is still non-existent due to lack of demand. All of Yekaterinburg’s management companies were set up by the builders themselves at the time. So the management companies’ activity is not even a business as such, it’s just that the recession has forced many developers to halt their construction projects and to switch to making money through the management of the buildings they already have,’ R-management Management Company’s General Director Alexei Maltsev said to UrBC. In the meantime, the Czech OKIN FACILITY RU that deals in real estate maintenance