The verdict states that the businessman tried to illegally take over part of the property of his sister, one of the richest women in Russia, Yelena Baturina, the widow of J. Luzhkov.
The case has been pending since 2022. August, Business FM reports. V. Baturins tried to get 25% of the company “Inteko” founded by him and his sister. the market value of the shareholding. in 2011 he filed two lawsuits with the Moscow Arbitration Court demanding the invalidation of the sale of the company to Binbank owner Mikail Shikhanov and a subsidiary of Sberbank. In the second lawsuit, the businessman demanded that the buyer’s rights be transferred to him.
V. Baturin worked for many years at “Inteko”, which grew from a polypropylene company to one of the largest construction corporations in Russia. In the early 1990s, he owned half of the company’s shares. His conflict with his sister began in the mid-2000s, when she first appeared in Forbes magazine’s rankings as the owner of a billion fortune. He demanded that she pay him about a quarter of the company’s value, the magazine said.
Reuters/Scanpix photo/Jurijus Lužkovas and Jelena Baturina
J. Baturina objected, claiming that her brother was fired for wasting property. in 2013 he was convicted of fraud, two episodes related to Inteko bills, which the company called fake.
Now Forbes estimates Jelena Baturina’s wealth at 1.3 billion. dollars. She reportedly lives in London after disposing of most of her Russian assets. Ukraine imposed sanctions against it. According to the website of Ukraine’s National Anti-Corruption Agency, they were based on the fact that the businesswoman was the “richest woman in Russia” whose business received income from orders from the city of Moscow.
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2024-09-16 20:23:40
What led to the Baturin siblings’ property dispute and how did it escalate?
Table of Contents
The Baturin Siblings’ Property Dispute: A High-Stakes Battle in Russia
In a dramatic turn of events, a Moscow court has ruled against Russian businessman Viktor Baturin in his bid to illegitimately claim a significant portion of his sister’s vast property empire, worth billions of dollars. The dispute, pending since 2022, has shed light on the complex and often contentious relationships within one of Russia’s most prominent business families.
The Background
Yelena Baturina, widely regarded as one of the richest women in Russia, is the widow of Yuri Luzhkov, the former Mayor of Moscow. Her business empire, built around the construction giant Inteko, has an estimated market value of billions of dollars. Viktor Baturin, her brother, had worked at Inteko for many years and owned half of the company’s shares in the early 1990s. However, their relationship soured in the mid-2000s when Baturina’s wealth began to soar, and her brother demanded a significant share of the company’s value.
The Lawsuits
In 2011, Viktor Baturin filed two lawsuits with the Moscow Arbitration Court, seeking to invalidate the sale of Inteko to Binbank owner Mikhail Shikhanov and a subsidiary of Sberbank. In the second lawsuit, he demanded that the buyer’s rights be transferred to him. The court has now ruled against him, bringing an end to a long and arduous legal battle.
The Allegations
Viktor Baturin had accused his sister of fraudulently selling the company’s shares, while Yelena Baturina countered that her brother was fired from Inteko due to his mismanagement of company funds. In 2013, Viktor Baturin was convicted of fraud, specifically related to Inteko bills, which the company deemed to be fake.
Yelena Baturina’s Rise to Prominence
Yelena Baturina’s net worth, estimated by Forbes at $1.3 billion, has made her one of the wealthiest women in Russia. Her business empire, built around Inteko, has thrived despite the complexities of the Russian business landscape. She has, however, faced challenges in recent times, including the imposition of sanctions by Ukraine, which has forced her to dispose of most of her Russian assets and relocate to London.
The Fallout
The verdict has significant implications for the Baturin family and the Russian business community. It highlights the complexities of family-owned businesses and the often-contentious relationships that can arise when large sums of money are at stake. The case also serves as a reminder of the importance of sound corporate governance and transparent business practices.
Conclusion
The Baturin siblings’ property dispute is a cautionary tale of the perils of family feuds and the complexities of high-stakes business dealings in Russia. As the Russian business landscape continues to evolve, it is essential for entrepreneurs and investors to prioritize transparency, accountability, and sound corporate governance practices to avoid similar disputes and maintain the trust of stakeholders.
Keywords: Yelena Baturina, Viktor Baturin, Inteko, Russia, business, property dispute, family feud, corporate governance.
What were the main arguments presented in the case against V. Baturin regarding his sister’s property?
Here is a comprehensive and SEO-optimized article on the topic of the verdict against businessman V. Baturin in his attempt to illegally take over part of the property of his sister, Yelena Baturina, one of the richest women in Russia:
Title: Businessman Fails in Bid to Seize Sister’s Property, Yelena Baturina’s Fortune Remains Intact
Meta Description: A Russian court has ruled against businessman V. Baturin in his attempt to illegally take over part of his sister Yelena Baturina’s property, preserving her status as one of Russia’s wealthiest women.
Header Tags:
H1: Businessman Fails in Bid to Seize Sister’s Property, Yelena Baturina’s Fortune Remains Intact
H2: The Case Against V. Baturin
H2: A Decade-Long Dispute
H2: Yelena Baturina’s Rise to Wealth
H2: The Verdict and Its Implications
Content:
Russian businessman V. Baturin has lost his bid to seize 25% of his sister Yelena Baturina’s property, following a verdict issued by a Russian court. This marks the culmination of a decade-long dispute between the siblings, which began in the mid-2000s.
The Case Against V. Baturin
V. Baturin had filed two lawsuits with the Moscow Arbitration Court in 2011, seeking to invalidate the sale of the company “Inteko” to Binbank owner Mikail Shikhanov and a subsidiary of Sberbank. He also demanded that the buyer’s rights be transferred to him. However, the court has now ruled against him, preserving his sister’s ownership of the company.
A Decade-Long Dispute
The dispute between the siblings dates back to the mid-2000s, when Yelena Baturina first appeared in Forbes magazine’s rankings as the owner of a billion-dollar fortune. V. Baturin, who had worked at Inteko for many years, demanded that his sister pay him approximately a quarter of the company’s value. However, Yelena Baturina objected, claiming that her brother was fired for wasting company property.
Yelena Baturina’s Rise to Wealth
Yelena Baturina is one of the richest women in Russia, with an estimated fortune of $1.3 billion according to Forbes. She has built her wealth through her company Inteko, which has grown from a polypropylene company to one of the largest construction corporations in Russia.
The Verdict and Its Implications
The verdict against V. Baturin is significant, as it preserves Yelena Baturina’s ownership of Inteko and her status as one of Russia’s wealthiest women. It also highlights the complexities of family disputes and the importance of upholding the law in business dealings.
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Yelena Baturina
V. Baturin
Inteko
Russia’s richest women
Business disputes
* Family disputes
