Inteco

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. [ [http://www.timesonline.co.uk/tol/news/world/article430274.ece Moscow turns on the mayor’s wife in a billion - Times Online ] ] It was awarded the contract to produce seats for Luzhniki Stadium, Moscow's largest stadium, in 1995. [ [http://www.timesonline.co.uk/tol/news/world/article430274.ece Moscow turns on the mayor’s wife in a billion - Times Online ] ] 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. [ [http://www.timesonline.co.uk/tol/news/world/article430274.ece Moscow turns on the mayor’s wife in a billion - Times Online ] ] 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". [ [http://www.timesonline.co.uk/tol/news/world/article430274.ece Moscow turns on the mayor’s wife in a billion - Times Online ] ] Inteco became very successful and at one time produced 20% of all new buildings in the capital. [ [http://business.timesonline.co.uk/tol/business/markets/europe/article1295112.ece Tycoon sues billionaire little sister for £120m - Times Online ] ] Inteco have stated however that: "All tenders won by Inteko were awarded according to federal and municipal laws." [ [http://www.timesonline.co.uk/tol/news/world/article430274.ece Moscow turns on the mayor’s wife in a billion - Times Online ] ]

Development

In 2005 Inteco sold its concrete works (which accounted for a third of company revenues [ [http://english.mn.ru/english/issue.php?2005-31-2 The Moscow News ] ] ) 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 [ [http://english.pravda.ru/main/18/89/355/15217_baturina.html The great fortune of Russia's only female billionaire grows still - Pravda.Ru ] ] . PIK Group bought DSK-3. The reason for the sale was thought to be the impending end to Luzhkov's term in office. [ [http://english.mn.ru/english/issue.php?2005-31-2 The Moscow News ] ]

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. [ [http://business.timesonline.co.uk/tol/business/markets/europe/article1295112.ece Tycoon sues billionaire little sister for £120m - Times Online ] ]

ubject of violence

On October 9 2005 executive director of Inteko-agro Alexander Annenkov was attacked by three assailants armed with axes. He survived. [http://www.washingtonpost.com/wp-dyn/content/article/2006/01/15/AR2006011501020.html?nav=rss_world Washington Post article]

On October 13 2005, Inteco lawyer Dmitry Steinberg was shot at the entrance to his house. Baturina attended his funeral. [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]

References

External links

* [http://www.zaointeco.ru/ Official site (currently only in Russian)]
* [http://www.stroi.ru/eng/default.aspx?d=15&dr=48&m=9 Profile of Inteco]
* [http://english.pravda.ru/main/18/89/355/15217_baturina.html Analysis of the Evrotsement deal]