Last week the State Duma committee on economic policy wanted to oblige the trading networks and their suppliers to publish the information on the goods’ price and mark up (in per cent) in the internet once per quarter. Such amendments to the Bill On Trade were submitted to the President Administration and the government for coordination.
The State Duma committee on economic policy recommended the long-suffering Bill On Trade to be considered at the second reading. The article obliging the suppliers and networks to reveal the goods’ prices and mark ups wasn’t included to the present edition of the document. The sellers will only be obliged to publish the main contract conditions, i.e. those ones considered necessary by themselves. The deputies decided to limit the bonus paid by the supplier to the seller for selling the agreed goods volume at 10% not only for the Russian goods, but also for the import ones.
The Moscow authorities submitted the Main Department of the Interior with the materials proving that while coordinating the materials for opening the shopping center “Zolotoy Vavilon” the forged documents were used. Moreover, nothing for adapting the object to the disabled was done by its opening. The Moscow authorities think that there are all reasons to institute a criminal case against the shopping center representatives.
~~~
X5 Retail Group N.V. published the financial report prepared according to the International Accounting Standards and checked by the auditors for the third quarter and nine months of 2009. The company’s net receipts for the third quarter came up to 65 980 million rubles or $2 103 million.
After X5 Retail Group published the working results for the nine months of 2009 Lev Khasis, the company Chief Executive Director, sold one third of his shares. While purchasing the shares a $15.96 per GDR (4 GDR = 1 share) within the limits of the optional program, now he managed to sell them at almost twice higher price – at $29 and earned almost $10.6 million by the New Year.
X5 Company declared its plans for the next year – to open 7-10 hypermarkets, about 15 supermarkets and 200-250 discount stores. The capital expenditure accounts not more than 18 billion rubles.
In 2010 X5 plans to open 40 stores in the north-western region. Almost all of them will start working outside St.Petersburg.
X5 Retail Group and Sberbank agreed on submitting a guaranteed open-end credit in rubles for 5 years for refinancing the syndicate credit to be cancelled in December, 2010. The credit limit size is $1.1 billion in rubles.
The discount network Pyatyorochka resumed the results of its project on decreasing the prices at stores. On April, 2009 the company changed its approach to pricing. By decreasing the prices at 80%, the retailer managed to increase the LFL selling at 16% by the third quarter of 2009.
X5 Retail Group declared closing the deal on purchasing 100% of the Paterson network’s business and assets. The deal was earlier approved by the Federal Antimonopoly Service and the X5 supervisory board. According to the deal conditions, the share capital cost came up to $189.5 million, and the net debt – about $85 million.
~~~
The FAS demanded Auchan to hold a competitive tender among the banks on submitting the acquiring service. The trading network suspected of breaking the law due to its cooperation with only one bank is ready to fulfil the governor demands. However, the network offered 0.4% of the enquiring service commission, which is three times less than the market average indices.
Azbuka Vkusa found money for its development: by purchasing the additional emission the ex-owners of Expobank contributed money into the company. The company could have received 500 million rubles.
Diksi group of companies declared publishing the non-audited consolidated financial report at … International Accounting Standards for the first 9 months of 2009. During the report period the net receipts increased at 14.5% in comparison with the same period in 2008 and came up to 39.622 million rubles.
~~~
Her Majesty’s Prosecutor Service of Great Britain formulated their position to the extradition case of Evgeniy Chichvarkin, the ex-co-owner of Euroset, considered by the Westminster City Court on December, 1st. The Prosecutor Service was going to insist that the Russian investigation authorities had all the reasons to accuse Evgeniy Chichvarkin of participating in kidnapping Andrey Vlaskin, the company’s ex-expeditor, and that the case against the businessman didn’t have any political or economical hidden motive. Chichvarkin’s British advocacy and he himself insisted on the political motivation of the case.
The political question is very important for the British justice. In case it presents, the extradition question will be declined without investigating it essentially. And the judge Timothy Workman considering Chichvarkin’s case is an expert in such cases.
The first essential hearing of the case of Evgeniy Chichvarkin’s extradition didn’t bring any final results – the necessity to translate a large volume of the case materials and the coming Christmas forced the advocacy and prosecution to coordinate postponing the hearings on August 2nd, 2010.
The Prosecutor Investigation Committee accused Vladimir Ilyin, who participated in kidnapping of Andrey Vlaskin, the ex-expeditor of Euroset. The Prosecutor Office also finally accused Boris Levin, head of Euroset security service, and his three subordinates.
~~~
Mobile phones of the well-known trademark Sony Ericsson will soon return to the counters of the retail network Euroset. According to the words of Alexander Malis, the Euroset President, the sales of these phones will start in December, 2009.
It also became known that Euroset was going to search for the new development trends for its business. The company’s president Alexander Malis considers different financial services to be the most perspective trend. Such services could be provided at the Euroset stores. Svyaznoy, another major mobile retailer, has already chosen the same strategy. It plans to transfer 7 billion rubles by the end of 2009.
~~~
The owners of the household appliances and electronics network Mir followed the way of their competitors – Tekhnosila and Eldorado: they are bankrupting their former wholesale sister company. The Moscow Arbitrage Court implemented the supervision procedure at the Movitrade company, which prosecuted an action of its own bankruptcy in September. The court declared the company’s debts a 1.4 billion rubles to the creditors and 300 million rubles to the banks (Movitrade has 230 creditors in total) at the arrested accounts. Gruppa Mir Close Company was the owner of Movitrade till December, 2008.
Prime Minister Vladimir Putin resumed the results of demolishing the Cherkizovskiy market: following his words, as a result of this operation the Russian government grew up. It’s strange, but nobody except Prime Minister noticed this.
The digest was prepared by Retailer.RU and was translated by iTrex company. Itrex is a translation bureau. It offers written and oral translation, notary certification and a lot more. Itrex does work with every language: European, Eastern languages and others. Itrex does work with every topic: technical, legal, financial, business, etc.
