‘The criminal suit proceedings that involve Noviy Grad, a construction holding, are still in progress,’ Maxim Kasatkin, the Director of Economic Offenses Department of Yekaterinburg Internal Affairs Administration, said to UrBC representative.

‘The offices and apartments of the executives of the holding and its general contractor (HydroSpetsStroy) have been searched recently in order to withdraw all the accounting records and place them with the committee of experts,’ Mr Kasatkin said.

Former head of the holding Yuri Repeta is now under investigation and is involved in a criminal suit after being charged with fraud.