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.
Early years
Inteco was founded by Baturina along with her brother
Viktor Baturin, in 1991. Originally it was a
plastics company.
It was awarded the contract to produce seats
for Luzhniki
Stadium
, Moscow's largest stadium, in 1995. 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. 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". Inteco became very successful and at
one time produced 20% of all new buildings in the capital. Inteco
have stated however that: "All tenders won by Inteko were awarded
according to federal and municipal laws."
Development
In 2005 Inteco sold its
concrete works
(which accounted for a third of company revenues) 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.
PIK
Group bought DSK-3. The reason for the sale was thought to be
the impending end to Luzhkov's term in office.
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.
Subject of violence
On October 9 2005 executive director of Inteko-agro
Alexander Annenkov was attacked by three
assailants armed with axes. He survived.
On October 13 2005, Inteco lawyer
Dmitry Steinberg was shot at the entrance
to his house. Baturina attended his funeral.
References
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