Moscow authorities sell shares of "Mospromstroy" to Gutseriev's company

The Moscow authorities have sold 24.5 percent of the "Mospromstroy" to the company of Mikail Shishkhanov, the head of Binbank, and his uncle Mikhail Gutseriev, the head and co-owner of the "Russneft". Mikhail Gutseriev's companies already control more than 75 percent of the shares of this company.

Let us remind you that Gutseriev headed the "Russneft" in June 2010. Prior to that, after the initiation of criminal proceedings against him, he spent several years abroad.

Yuri Luzhkov, the ex-Mayor, considered the "Mospromstroy" which built the Cathedral of Christ the Saviour and the Ostankino TV Tower, to be strategically important asset, and strictly refused to sell it. But the city needs money to build roads, therefore the city mayoralty is ready to sell its assets, the "Kommersant" writes with reference to its sources.

In 1992 Gutseriev founded the industrial finance Corporation BIN (Bank for Investments and Innovations), which incorporated industrial enterprises, retail companies, financial institutions. The BIN Corporation still operates Gutseriev's assets in real estate, including 75 percent of the shares of the "Mospromstroy", acquired in 2005. In 1993 Gutseriev established Binbank.

The Closed Joint-Stock Company (CJSC) "Mospromstroy" was founded in 1991 on the basis of the General Department of Industrial Engineering in Moscow (operated since 1972). The company was a contractor involved in the construction of the Ostankino Tower, the Cathedral of Christ the Saviour, the Ice Palace, the Victory Memorial on the Poklonnaya Hill. The "Mospromstroy" owns about 150 real estate objects, including the biggest hotel complex: "Hilton Moscow Leningradskaya", "Marriot Royal Aurora", and "Marriot Grand Hotel" in Tverskaya Street.