Ruric Team Reveals and Fixes Non-Authorized Servitude, Prepares Filing for Mismanagement

(Thomson Reuters ONE) -


PRESS RELEASE / July 23, 2012



Ruric Team Reveals and Fixes Non-Authorized Servitude, Prepares Filing for
Mismanagement

Ruric discovered that a portion of its land plot pertaining to Gustav business
center was encumbered by the 100 years servitude in favor of the company being
the owner of the neighbor business center. The servitude which was obviously
granted by the prior management of Ruric in the middle of 2011 without proper
authorization allows Ruric to receive only app. 170 USD per year, which is far
below the fair market price.

Ruric CFO, Denis Savinkin has commented as follows: "Currently we have a well
working system of internal control and corporate governance, I cannot imagine
that such non-authorized operations with Ruric property are possible now. Taking
into account the facts revealed, we hired a group of top-rank forensic
specialists to review the company's head office operations in 2008-2011. The
results will be evaluated, and in case of serious negative findings, we will try
to recover some funds using Ruric corporate insurance."

Russian Real Estate Investment Company AB (publ)

For additional information
Ingvar Ljungqvist, CEO
Phone   +46 8 509 001 01
EMail           iljungqvist(at)ruric.com

Denis Savinkin, CFO
EMail           dsavinkin(at)ruric.com


Web             www.ruric.com

ABOUT RURIC

Ruric's business strategy is to manage real estate in the center of St
Petersburg. In addition Ruric shall also acquire real estate and implement value
creating additional investments at attractive conditions. Through professional
management and good tenant relations spaces of high class are offered to tenants
looking for possible spaces in central locations willing to pay for it. Ruric

offers primarily office- and retail premises.

Ruric's Certified Advisor at First North is Erik Penser Bankaktiebolag.





This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Russian Real Estate Investment Company via Thomson Reuters ONE
[HUG#1628598]

Weitere Infos zu dieser Pressemeldung:
Unternehmensinformation / Kurzprofil:
Bereitgestellt von Benutzer: hugin
Datum: 23.07.2012 - 14:52 Uhr
Sprache: Deutsch
News-ID 167649
Anzahl Zeichen: 2758

contact information:
Town:

Stockholm

Kategorie:

Business News

Diese Pressemitteilung wurde bisher 230 mal aufgerufen.


Die Pressemitteilung mit dem Titel:
"Ruric Team Reveals and Fixes Non-Authorized Servitude, Prepares Filing for Mismanagement"
steht unter der journalistisch-redaktionellen Verantwortung von

Russian Real Estate Investment Company (Nachricht senden)

Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).

The reorganization in Ruric continues ...

At the creditors meeting today, the District court of Stockholm ruled that the reorganization of Ruric shall continue. The company and the administrator will now work out a detailed reorganization plan to be presented to the creditors. Russian Real ...

A preliminary reorganization plan is now made public and to be presented on the ...

The administrator that has been appointed by the City court of Stockholm, has today presented the preliminary reorganization plan, in which he recommends that the reorganization may continue. The City court will base their decision on whether to cont ...

Information regarding Ruric's reorganisation process ...

The reorganising process is processing satisfactorily and according to plan. As a direct consequence of the reorganisation process, Ruric has been informed by ÿhman Fondkommission as being the agent for the bonds, that the current terms of the bond ...

Alle Meldungen von Russian Real Estate Investment Company