Russia’s Samolet may abandon plans to buy developer Inteco

MOSCOW, Nov 26 (PRIME) -- Russian real estate developer Samolet Group may abandon its decision to acquire developer Inteco, if Bank Trust restarts the sale, Samolet CEO Anton Yelistratov told PRIME on Friday.

When asked whether the company would participate in an auction after Bank Trust solves all legal problems, he said, “The situation is uncertain, this is why it is difficult to answer this question with unambiguity, but the most probable answer is ‘no’ even if they relaunch the auction.”

Bank Trust earlier set up an auction for 100% in Inteco for 29.6 billion rubles plus 7.8 billion rubles of debt claims against the company. But Morden Finance Limited, which calls itself Inteco’s beneficiary, filed a suit to the Moscow Arbitration Court asking it to ensure its ownership interest in the developer.

Morden Finance Limited, registered in the British Virgin Islands, said that the bank received control in Inteco with violations of the Russian and Cyprus laws, and the Nicosia District Court demanded that the Moscow Arbitration Court cancel the auction. Bank Trust suspended the auction until the case is settled even though the Moscow Arbitration Court did not arrest Inteco shares.

(74.6004 rubles – U.S. $1)

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