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Duped investors from Eight Russian Cities Sent a Message to the Authorities

Cheated investors from eight Russian cities signed on August, 25th , a resolution, which is planned to be submitted to  the Reception Office of the President of the Russian Federation, as well as to other state agencies, such as Ministry for Construction, Investigation Committee, to head of major regions, including those of Moscow and Moscow region, according to the information provided to the RIA News Agency by Mila Ryabova, a representative of the organization committee of the Cheated Investors’ Group.

She pointed out that the this resolution document has one of its main demands that ‘’road maps’’ to develop and implement real steps be adopted in order to secure legal and financial measure focused on protecting the legal and human rights of those individuals who lost their property due to fraudulent schemes employee by construction developers. Those investors’ demands also include one such a demand that banks be legally obliged to provide cheated investors with a grace period prior to mortgage loan interest payment, a moratorium on mortgage loan interest payments be also imposed in the case if a construction site and its developer are found insolvent prior to renewal of the construction, Mila Ryabova is quoted as saying.

The Russian cheated investors have already appealed to Russian President several times.

According to various sources, there are four or five major construction sites in Russia, where the developers have neither fulfilled their obligations nor returned the funds to the small investors.

Among them are the SU-155 company, that undertook a few years ago the construct a big residential area called Severnoye Chertanovo in Moscow (the SU-155 owners first started to sell apartments in the new houses through cooperatives but then they stopped to provide those apartments to the investors and then the construction was frozen). The investors don’t believe now that they will see their new apartments due to them at the end of 2018.

In Saint Petersburg, another developer company, LenSpetsStroy, one of the biggest in Russia, has also left dozens of small investors high and dry, the company managers having been accused of embezzling the investors’ money. 

According to the Russian Investors’ Movement, similar problems are reported in at least sixty three Russian regions, despite the attempts made recently by the Federal and local governments to settle the situation and arrests of corrupted officials and developers.

The problem of cheated co-investors is one of the acutest social problems in today’s Russia.

On September, 16, a group of cheated investors staged a protest action in Saint Petersburg.

More than 250 people gathered in a small garden not far away from the city center in order to claim that their housing rights had been violated and demand that those guilty be punished.

Then, suddenly, several hundreds of people, not investors, turned up on the place and joined the protestors.

Those people had been involved in another action protesting the ongoing pension reform and been chased away by the police from the place of the action.

The originally investors’ meeting turned into a joint action of frustrated people, who were protesting both the ongoing pension reform, investors’ plight and other causes, so numerous in today’s Russia.

The police made some arrests, and a woman arrested was fought back in the scuffle from the policemen by the protestors.

Several other people were reported to have been arrested on Nevsky prospect on this day.


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