Uralstroy-1 CEO under recognizance

‘Uralstroy-1 application for the start of bankruptcy proceedings was placed with the court by Uraltverdosplav, to whom the former owes about 4.5 million RUR. The company was assigned a trustee in bankruptcy for six months, which is the longest period provided by the law for the proceedings of such sort. However, these six months should be enough for us to finish our latest housing project known as Vysokiy Bereg,’ the General Director of Verdict Debt Collector Agency Eduard Demyanov explained to UrBC.

‘I found out that head of Uralstroy-1 Sergey Sorokin has a villa in Canada (which he was planning to leave for but was unable to do so after being put under recognizance not to leave). This man is still involved in the criminal lawsuit,’ Demyanov said.

The legal action against the company was taken in March 2009, following the investigation of their activity that indicated some violations of the current legislation. The investigation resulted in a criminal lawsuit, with charges based on Article 159 (part 4) of the Russian Federation Criminal Code (large-scale fraud).

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