A developer company called 73 Malyshev St Society is going to start reconstructing Passage department store in the nearest future, the company’s co-owner Igor Zavodovsky said at a press conference. The company made a presentation on the reconstruction project for the Yekaterinburg-based department store Passage today. ‘The reconstruction jobs will start very soon. I believe this work will be finished in eighteen months, so the remodeled Passage will welcome customers again at the end of 2013,’ Zavodovsky added. After the reconstruction, the shopping center’s total area will come to 64,600 sq

Sverdlovsk Region Arbitration Court started the hearing of the claim laid by Avtosan against Beta Motors. The case has to do with a 15.57m RUR debt resulting from the unpaid rent. The court hearing has been set for March 27, 2012.

Bank CIT Finance closed down its offices in Kazan, Nizhniy Novgorod, and Surgut on March 7, the bank’s press release states. Customers whose needs have not been met will be serviced through contractor banks. VTB24 will be accepting all the payments, while Bank Uralsib will be paying back the deposits and the interest rates, CIT Finance’s release says. Once these three offices have been closed, the bank will be running outlets in six Russian cities: Moscow, Saint Petersburg, Rostov-on-Don, Yekaterinburg, Ufa, and Novosibirsk, Interfax-AFI reports.

Russia’s Federal Financial Markets Service decided to annul the license entitling Moscow-based Deutsche Bank to acting as a specialized depositary of investment funds, share investment funds and non-state pension funds. The decision was taken after the organization had submitted an application to this effect and provided proof of having no unmet obligations relating to its professional activity.

Accounts Chamber of the Russian Federation intends to investigate the efficiency of tax relief schemes offered to RUSAL, says the chamber’s head Sergey Stepashin. ‘We’ll just look at the preferential terms they enjoy, if any, as well as at tax relief and and how efficiently they are using these tax relief schemes in the operation of their Irkutsk-based enterprise,’ Prime quotes Stepashin as saying. Now Deputy Andrei Krutov pointed out at the State Duma Budget & Tax Committee meeting (dedicated to the Accounts Chamber’s performance in 2011) on Tuesday that tax revenues coming from RUSAL’s