PRESS RELEASE / July 23, 2012 Ruric Team Reveals and Fixes Non-Authorized Servitude, Prepares Filing for Mismanagement Ruric discovered that a portion of its land plot pertaining to Gustav business center was encumbered by the 100 years servitude in favor of the company being the owner of the neighbor business center. The servitude which was obviously granted by the prior management of Ruric in the middle of 2011 without proper authorization allows Ruric to receive only app. 170 USD per year, which is far below the fair market price. Ruric CFO, Denis Savinkin has commented as follows: "Currently we have a well working system of internal control and corporate governance, I cannot imagine that such non-authorized operations with Ruric property are possible now. Taking into account the facts revealed, we hired a group of top-rank forensic specialists to review the company's head office operations in 2008-2011. The results if any, will be evaluated, and in case of serious negative findings, we will try to recover some funds using Ruric corporate insurance." Russian Real Estate Investment Company AB (publ) For additional information Ingvar Ljungqvist, CEO Phone +46 8 509 001 01 EMail iljungqvist@ruric.com Denis Savinkin, CFO EMail dsavinkin@ruric.com Web www.ruric.com ABOUT RURIC Ruric's business strategy is to manage real estate in the center of St Petersburg. In addition Ruric shall also acquire real estate and implement value creating additional investments at attractive conditions. Through professional management and good tenant relations spaces of high class are offered to tenants looking for possible spaces in central locations willing to pay for it. Ruric offers primarily office- and retail premises. Ruric's Certified Advisor at First North is Erik Penser Bankaktiebolag. [HUG#1628710]
Ruric Team Reveals and Fixes Non-Authorized Servitude, Prepares Filing for Mismanagement
| Quelle: Russian Real Estate Inv. Company AB
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