The struggle around the Trade Law is coming up to its finish. On September 11th, 2009 the State Duma for the first time considered the governmental variant of the bill, and it was accepted at the first reading.

Last week the workgroup of the Russian State Duma held the first meeting for considering the amendments to the bill of the Law on the Trade Regulation.

Among the offered amendments there was limiting of the maximum mark up size offered by the Council of Federation. This limiting stipulated introduction of a mark up regulating mechanism, according to which the maximum mark up for the socially important goods is to be from 10 to 15%, and for all the rest ones it’s up to 25%.

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After working for eight months in 2009 the total receipts of GK Diksi came up to 35 407 million rubles, which is 15% more than the same index in 2008 (30 794 million rubles). In USD the total receipts accounted $1 083.2 million, which is 16% less than the same index in 2008 ($1 288.9 million).

Alfa-bank became another creditor of Alexander Zanadvorov, the owner of the Seventh Continent. It purchased the businessman’s bonds a $50-56 million from Deutsche Bank, which is about 10% of the businessman’s total debt secured by the assets of the product network. Natixis Bank remains the major pledge of the Seventh Continent. A year ago Alfa-Group offered to purchase the Seventh Continent, but was refused.

In Kuzbass 32 Mosmart suppliers rebelled against the retailer to owe them more than 50 million rubles: they asked for help from German Gref, the Head of Sberbank, Aman Tuleev, the Governor of the Kemerovo region, and even threatened to address the President and the Prime Minister. The suppliers are not satisfied by the debt restructuring scheme offered by Mosmart.

It also became known that at the beginning of October the foundation Texas Pacific Group (TPG) and VTB Capital would close the deal on purchasing the 35% stock holding of Lenta, which owns the network of 35 hypermarkets, from Oleg Zherebtsov, its founder and chairman of the board of directors.

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A year has passed since Alexander Mamut purchased 100% of Vympelkom, and now the businessman and the retail company decided to re-establish its board of directors. The first board meeting is appointed for September, 29.

The Moscow Arbitrage Court implemented the supervision procedure in Dixis Salony Svyazi Ltd. (a part of Dixis Group). The court appointed a provisional manager, who is to submit a report about the company’s financial state by March 22, 2010.

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On September, 22 the Westminster Court of London considered the case on the extradition of Evgeny Chichvarkin, the ex-owner of Euroset, to Russia. The case on Evgeny Chichvarkin’s extradition is considered by the same judge, who earlier investigated and declined the requests on extradition to Russian of the political refugee Boris Berezovskiy, Akhmed Zakaev and also some ex-employees of YuKOS.
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Investigating the case on its merits is appointed for December 1, 2009.

Last week Evgeny Chichvarkin himself gave an interview to the Russian mass media and narrated that he received offers from Russia on paying dozens of million dollars in exchange for recalling the extradition request. He also told why his company wasn’t purchased by MTS, about the real scale of stealing in Euroset, and also why he didn’t earlier emigrate from Russia.

At this time in Russia the Ministry of Home Affairs started to check the imputations of extortion by the high-ranking employees of K management, incriminated by Evgeny Chichvarkin in some of his interviews. According to the businessman’s words, the officers of K management extorted more than $10 million from Euroset in exchange for removing all problems while importing the mobile phones in Russia.

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Last week there was registered a fall in the sales of the retail department of the apothecary network 36,6. If the first-quarter fall came up to 14%, then according to the second-quarter results the receipts of 36,6 apothecaries decreased a 21.4% to 4 billion rubles.

According to the information from Minpromtorg, in January-August 2009 the Russian medicine producers limited the production a 11.4%. The same period of the last year showed the contrary picture: the medicine production increased a 22.8%. In case the negative production trends remain the same, there might be a medicine deficit by the winter time.

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Since the crisis began, the book sales of already two major Russian investors Oleg Deripaska and Alexander Mamut came to grief. However, the failure of their book network Bookbery cannot be compared with the possible bankruptcy of Top-Kniga, the leader of the book retail business.

On Thursday the Arbitrage Court of Moscow acknowledged Bookbery Ltd., which in 2008 managed the book store network of the same name, to be insolvent.

The share of Georgy Lyamin, the head of the Top-Kniga company, became additional security of Sberbank credits a 730 million rubles.

Sergey Tschebetov, the former general director of Sistema Telekom, tried to juridically dissolve the deal on purchasing 10% of the Top-Kniga network. Having paid 300 million rubles, he only learnt about the company’s unprofitability in half a year.

It also became known that Vadim Dymov, the owner of the Moscow book store network Respublika, is going to develop it in Omsk. Till now all 6 network stores were open only in Moscow.

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.

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