The London Stock Exchange has stopped trade in depositary notes of housing developer PIK Group on the orders of the British Financial Services Authority, and trading will not resume until the whereabouts is established of 8.6 percent of the group's shares frozen at the request of Nomos Bank.
Commercial Real Estate publishes commentary by Ekaterina Medeyko and Yuri Nadezhin on the peculiarities of shopping centers lease agreement
Out of 280 shopping centers in Moscow, only 78 meet all the requirements for a modern shopping mall. Considering the shortage of quality areas and no new facilities being commissioned in the capital city, the owners of older shopping centers will be forced to redevelop their commercial facilities, or at least create new concepts for them. The main criteria for success of shopping centers today are not limited to their owner's competent marketing policy; these are also a clear concept, strong positioning, as well as accountability and responsibility to the tenants.
The American Lawyer Specail Report publishes commentary by Irina Skidan on new privatization program in Russia
The Russian Government has introduced a radical new privatization program to invigorate the country’s economy. Although foreign investment is clearly an objective, the protection of property interests held by foreigners remains a concern for lawyers in Moscow.
Volatility of the Russian market - which saw its gross domestic product (GDP)contract by as much as 7.9% in 2009 but spring back to a growth of 5.4% this year – has seen it become both adversary and temptress for the law firms practicing in the market.
Commercial Real Estate features Elena Pristanskova commentary on legal requirements for facilities that use hazardous substances
Russia now has virtually no speculative projects in the segment of refrigerated warehouses. They are typically expensive to build, there are fewer chances to lease them, while they beget many specific requirements. Experts say this segment of warehouses will come back to the market as soon as the market stabilizes.
Commercial Real Estate publishes Igor Serebryakov commentary on Russia's Government support housing program
One of the recent actions of Russia's Government to support the housing program was to make VneshEconomBank issue a 40-billion-ruble credit for the Agency for Housing Mortgage Lending. According to the Stimulus Program, 2 million sq m of economy class residential real estate will be built. The program mainly targets projects in Russia's regions, as well as some projects near Moscow.
The Moscow Times features Dmitry Stepanov comments on a draft legislation against Russian-style corporate raiders
Kremlin-drafted legislation aimed against Russian-style corporate raiders — unscrupulous businesspeople who seize property through dubious registrations and share emissions — will come up for a first reading in the State Duma. But the legislation, which introduces harsh penalties for raiders, might also backfire and hurt rightful shareholders because of deep-rooted corruption, legal experts said.
The Moscow Times features Grigory Chernyshov comments on a bill that would fight circular ownership structures by depriving a company's subsidiaries of voting rights and dividends from owning shares in the parent firm
State Duma deputies have introduced a bill that would fight circular ownership structures by depriving a company's subsidiaries of voting rights and dividends from owning shares in the parent firm, although experts said the proposals went too far. The amendments limiting the use of cross holdings were submitted by four Duma committee chairmen from United Russia. When subsidiaries buy the parent company's shares, managers are able to control the firm to shareholders' detriment and the company becomes less transparent, the deputies wrote in explanatory notes to the bill. There are also risks of conflicts of interests, Viktor Pleskachevsky, a co-author of the bill and chairman of the Property Committee said.
The Moscow Times: Natalia Korostelyova comments on the FAS decision to sue over strategic sector violations
The Federal Anti-Monopoly Service on Monday accused several Russian and foreign companies of flouting the law for investing in strategic industries and said it would retaliate in court for the first time since the rules took effect almost two years ago.
Dmitry Stepanov commented for the Moscow Times on recognition of the Supreme Arbitration Court’s right to set legal guidelines
The Constitutional Court has decided that the Supreme Arbitration Court has the right to set legal guidelines, not just follow the law — a move that lawyers say is the first step toward a precedent-based system of law.