Inteco
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Inteco (Интеко in Russian, "Inteko") is a Russian construction company, 99% of which is owned by Yelena Baturina, Russia's richest woman and wife of Moscow city mayor, Yuriy Luzhkov.
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[edit] Early years
Inteco was founded by Baturina along with her brother Viktor Baturin, in 1991. Originally it was a plastics company.[1] It was awarded the contract to produce seats for Luzhniki Stadium, Moscow's largest stadium, in 1995.[2] This produced allegations of corruption since Baturina's husband, Yuriy Luzhkov, became Moscow city mayor in 1992 - a position he still holds. Also in 1995 Inteco was awarded the contract to produce plates for Russkoe Bistro, a fastfood chain set up by Luzhkov and owned by Moscow city authorities.[3] Later Inteco moved into the construction trade, despite Baturina stating that this would be a conflict of interests: "as the mayor’s wife I have to be very careful not to hurt my company’s reputation".[4] Inteco became very successful and at one time produced 20% of all new buildings in the capital.[5] Inteco have stated however that: "All tenders won by Inteko were awarded according to federal and municipal laws."[6]
[edit] Development
In 2005 Inteco sold its concrete works (which accounted for a third of company revenues[7]) and DSK-3, a producer of prefabricated buildings, for $1.1 billion. Evrotsement bought the concrete business for 3-5 times the going market price[8]. PIK Group bought DSK-3. The reason for the sale was thought to be the impending end to Luzhkov's term in office.[9]
[edit] Baturin's legal action
In 2007 Viktor Baturin sued Inteco for $120 million due to alleged wrongful dismissal. He was fired in 2005 and his 1% share of the company bought by Inteco for $21 million. Baturin insists however that his share was in fact 25% - until it mysteriously disappeared in 2002 or 2003.[10]
[edit] Subject of violence
On October 9 2005 executive director of Inteko-agro Alexander Annenkov was attacked by three assailants armed with axes. He survived.[11]
On October 13 2005, Inteco lawyer Dmitry Steinberg was shot at the entrance to his house. Baturina attended his funeral.[12]
[edit] References
- ^ Moscow turns on the mayor’s wife in a billion - Times Online
- ^ Moscow turns on the mayor’s wife in a billion - Times Online
- ^ Moscow turns on the mayor’s wife in a billion - Times Online
- ^ Moscow turns on the mayor’s wife in a billion - Times Online
- ^ Tycoon sues billionaire little sister for £120m - Times Online
- ^ Moscow turns on the mayor’s wife in a billion - Times Online
- ^ The Moscow News
- ^ The great fortune of Russia's only female billionaire grows still - Pravda.Ru
- ^ The Moscow News
- ^ Tycoon sues billionaire little sister for £120m - Times Online
- ^ http://www.washingtonpost.com/wp-dyn/content/article/2006/01/15/AR2006011501020.html?nav=rss_world Washington Post article
- ^ http://kommersant.ru/photo/archive/search.asp?L=2&dt=1&ex=y〈=2&lib=1&pg=10&ps=25&searchbtn=search&text=elena Kommersant photo archive
