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Spanish clothes retailer demands from Russian developer $4.2 mln

16:32 15/11/2011

MOSCOW, November 15 - RAPSI, Sergei Feklyunin. A commercial court registered four lawsuits filed by clothing retailers belonging to the Spanish Idnitex group to recover $4.21 million from Hals-Invest Development, the court told the Russian Legal Information Agency (RAPSI) on Tuesday.

Hals-Invest Development is a subsidiary of the Sistema-Hals developer.

Hals-Invest-Development owns the Leto ("Summer") trade and entertainment center in St. Petersburg. Sistema-Hals has been working on the property market in Russia and the CIS since 1994.

VTB Bank is its main shareholder. Its stake in the developer is 51.24 percent. The company's management owns 3.3 percent of its shares. Some 17.86 percent are in free float. A total of 13.8 percent of the developer's shares are owned by Blairwood Limited and Stoneflower Limited.

The Inditex group is one of the world's largest producers and distributors of fashionable clothes. Inditex comprises more than 3,500 stores in 68 countries. The stores include Zara, Pull and Bear, Massimo Dutti, Bershka, Oysho, Stradivarius, Zara Home and Kiddy's Class.

Zara CIS demands that Sistema-Hals pay 67.82 million rubles ($2.2 million). Bershka CIS demands 24.72 million rubles ($804,470). Meanwhile, Pull and Bear CIS demands 20.886 million rubles ($679,672) and Stradivarius CIS demands 15.947 million rubles ($518,947).

The court did not provide details about the companies' requirements. The lawsuits were submitted to the court on November 14. The hearing dates have yet to be set.

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Spanish clothes retailer demands from Russian developer $4.2 mln

16:32 15/11/2011 A commercial court registered four lawsuits filed by clothing retailers belonging to the Spanish Idnitex group to recover $4.21 million from Hals-Invest Development.
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