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 if any, 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.




Ruric Reveals Non-Authorized Servitude:
http://hugin.info/141656/R/1628710/521590.pdf



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Source: Russian Real Estate Investment Company via Thomson Reuters ONE
[HUG#1628710]

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Datum: 23.07.2012 - 18:57 Uhr
Sprache: Deutsch
News-ID 167734
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