Konstantin Tolkachev: "In Bashkiria there are about two thousand hoodwinked investors, each with their own families"

UFA, 14 July 2017. /Bashinform News Agency, Galiya Nabieva/. The State Duma held parliamentary hearings on the so-called law on the compensation fund. Its creation is aimed at protecting the rights of shared construction participants. The deputies of Bashkortostan parliament was also took part in hearings.

"Today in our republic there are about two thousand hoodwinked investors, each with their own families", commented on the bill considered by the State Duma, the Chairman of the State Assembly of RB Konstantin Tolkachev. "The previously adopted legislative regulation of the issue, unfortunately, has failed to reach the desired effect. All over the world, risks are insured. However, in the case of shared construction in the territory of our country, the situation has developed differently. Although the insurance companies collected more than 30 billion rubles, in fact, not a penny of this money was spent on supporting defrauded co-investors. Now they are trying to address the issue with the help of a compensation fund at the federal level. The measure may prove to be effective, but the regions should not rely only on it".

Recently the Head of Bashkortostan held a meeting on protection of rights of shared construction participants. He offered to apply to the Russian Government with an initiative to ban shared construction, as well as to create an integrated republican office where victims of the developers’ activity could receive legal assistance. Konstantin Tolkachev stressed that these were rational initiatives. The State Assembly is planning a large-scale meeting on this topic with participation of the Government of the Republic and the co-investors themselves.