Sverdlovsk Region Court of Arbitration considers arresting parking lot and offices in building constructed by Noviy Grad

‘A meeting of Sverdlovsk Region Court of Arbitration committee took place on February 5, 2007. This meeting resulted in the decision to arrest the flats that are currently being sold by HydroSpetsStroy (Noviy Grad’s general contractor) illegally,’ Elena Ivanova, the Chief Accountant of Ural State Economic University, said to UrBC.

‘The court has been trying to decide whether to arrest the parking lot and the offices located in the building put up by this developer. The next hearing has been postponed indefinitely,’ Ms Ivanova noted.

Ural State Economic University was given a land allotment by the mayor as early as October 7, 1993. The land was meant for putting up a building for the university. SPEC Ltd., founded by the university representatives, Noviy Grad, HydroSpetsStroy Ltd., and a public utility services provider, was set up to facilitate the construction process. The university provided the land and was therefore supposed to get at least 7%, or 2,139.5 square meters of the dwellings built. Later on, HydroSpetsStroy tried to question the university’s right to this share, as a state organization was not allowed to get involved in construction business. Yet the decision of the court made on March 22, 2006 nullifying the rights of Ural State Economic University was annulled, and the case will now have to be re-considered.

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