Affected investors demand to find out reasons for non-developer's obligations





27.10.2010 11:29
Property News | Affected investors demand to find out reasons for non-developer Association of Investors construction of residential houses, the Association of Victim Assistance to investors, the Association of private investors and property owners and other community organizations are turning to the leadership of parliament and MPs demanding to resume work or to create a temporary commission of inquiry to ascertain the reasons for non-developers contractual obligations to invest in housing the causes of inactivity of officials of executive bodies and local authorities, which led to such consequences. This decision was taken based on the round table "Protecting the rights of investors in the construction industry," According to the press service of the Association for assistance to affected investors.

Among the requirements of public organizations - to put before Parliament proposals for the improvement of Ukrainian legislation with a view to establishing an effective mechanism for regulating relations in the housing market, developers perform contractual obligations to invest in housing, the mechanism of protection of interests of investors - the citizens of Ukraine who have invested in housing construction.

They are also asked to include in the committee of representatives of public institutions and investors in residential construction in Ukraine.

In addition, investors are turning to BP with the requirement to hold parliamentary hearings on the status of investor protection in the construction industry.

The association addressed to the President of Ukraine, Cabinet of Ministers of Ukraine, demanding control, and the Ministry of Regional Development and Construction of Ukraine and the Committee on Construction, Urban Development and Housing and regional policy - to hold for November 2010 meeting with representatives of NGOs and investors during which to approve a program of action for the return of investor confidence in the developers and public authorities and changes in the legislation of Ukraine concerning the safeguard of the rights and interests of private investors in housing construction in Ukraine.

"In the case of nereagirovaniya not given treatment and unrecorded interests of investors in housing in Ukraine, we reserve the right to picket the Presidential Administration, Cabinet of Ministers of Ukraine, Verkhovna Rada of Ukraine, Ministry of Regional Development and Construction of Ukraine" - said in a press release the association.

Estimated non-governmental organizations, today about 80% of developers do not resume construction of its facilities, and about 40% of them can not resume its general. In this case, investors believe that the legislation in the construction industry, primarily protects the rights of developers and not in the interests of private investors in housing construction.

According to the Association of Victim Assistance to investors, due to the economic and structural crisis in Ukraine is directly affected about 183 thousand investors, indirectly - about 370 thousand investors.

According to estimates of association, from October 2008 to June 2010 from the illegal activities of developers in Ukraine suffered losses of about 230 thousand investors totaling about 18 billion USD. (About 180 thousand investors continue to incur losses).
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