Friday, October 1, 2010

Yelena Baturina: position weakens in moscow, new opportunities for construction market

After her husband Yury Luzhkov lost his job as mayor of moscow, a sigh of relieve seems to go through hundreds of moscow builders. Maybe the market will become less corrupt. Yelena Baturins company ZAO Inteco has always been focus of rumors of being favored in bids by moscows town hall when it came to building city infrastructure and residential and office buildings.

As a reaction to Luzhkov's dismissal by Medvedev, Russias VEB-Bank has dropped first credits to Baturins empire according to "Spiegel", a german news magazine. Furthermore, Moscows own Bank has received a less favorible rating by Fitch New York now "rating watch negative". Why? Moscow Bank is Baturins "housebank" and covers for much of what she does. Fitch fears that the relationship between the Bank and Moscow will turn rougher now and put the Bank into a bad position...

Since the rest of russia is very much depending on moscow, one could hope now for less corruption in all of russia as well.

More in-depth articles about the incident can be found here, here and here (the last link to moscow time is a little older, but the article says a lot. scroll down a bit or search for baturina)

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