Russia’s investment climate far from stable

International department store chain Stockmann closed its flagship Moscow location until further notice Tuesday, after the property’s landlord unexpectedly cut electricity as part of a worsening rental dispute, a Stockmann official said. The dramatic move came after Stockmann won a decision in Moscow’s International Commercial Arbitration Court on April 30 forcing the mall’s owner, Smolensky Passazh, a subsidiary of Mosstroiekonombank, to allow the firm to exercise an option on a new 10-year lease.

Without Lights, Stockmann Closes Its Doors
The Moscow Times, 14 May 2008
http://www.moscowtimes.ru/articles/detail.php?ID=362705

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One Comment
  1. Smolensky Passazh is a subsidiary of Mosstroiekonombank, which is controlled by the Senator from Dagestan, Suleiman Kerimov, owner of Nafta-Moskva.

    Kerimov is no stranger to Finnish business: Nafta-Moskva was the owner of the Finnish service station chain, Teboil, until LUKoil acquired the chain in 2005.

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