15:00, 9 October 2010

In Rostov Region, head of building company is accused of embezzling 150 million roubles from shareholders

The Oktiabrskiy District Court of Rostov-on-Don has sanctioned the arrest of the director of the construction company "Monolith", suspected of deceiving about 400 real estate shareholders to the sum of 150 million roubles, the press service of the GUVD (Chief Interior Department) of the Rostov Region reports.

According to the GUVD, the "Monolith" Company appeared in the construction market in 2005 and within five years in the business has not commissioned a single object. In the beginning of its activities announcement appeared on the Internet about construction of two multi-storey apartment blocks, where a square meter of housing floor area was sold at prices ranging from 14,000 to 27,000 roubles, while in 2008 the usual cost reached 50,000 roubles. The commissioning of the high-rises was promised by the end of 2008.

In 2005-2008, director of the company managed to sign contracts of shared participation in construction with about 400 citizens who invested 150 million roubles, the RIA "Novosti" reports.

Meanwhile, according to law enforcement agencies, the company had no building permit whatsoever.