Accessibility links

Breaking News

Russian Real Estate Investors Protest To Get Money Back

BARNAUL -- More than 100 protesters have rallied in central Russia to demand that the money they invested in new apartments be paid back to them, RFE/RL's Russian Service reports.

The protesters invested large amounts of money into a construction project in the city of Barnaul that was launched by the local company Alfa Invest five years ago. The apartment building that was to be built has not been finished, and the company says it cannot afford to complete it.

Alfa Invest is headed by ruling United Russia party member and Barnaul City Duma Deputy Igor Alfredov. The protesters, who displayed banners blaming Unified Russia for their predicament on November 23, want Alfredov to resolve the problem as soon as possible.

The creditors of the project have filed dozens of lawsuits against Alfa Invest, and many investors have asked for help from the local police and Prosecutor-General's Office to get their money back.

Police arrested a number of demonstrators after the rally, saying the local authorities did not grant permission for the gathering. Protest coordinator Yevgeniya Borovikova told RFE/RL the police action was illegal as the organizers had requested permission for the protest in advance.

Read more in Russian here