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Govt mulls new rules in reaction to major real estate investment scam
Journal Staff Report

KIEV, Feb. 13 – The Ukrainian government on Monday scrambled to change housing construction regulations after two top officials at a phony Kiev real estate company had apparently vanished with 400 mln hryvnias in investors’ money.

Elita-Tsentr collected the money by selling apartments in residential complexes it had never intended to build, police said Monday. Company bosses took the cash and ran in what may become Ukraine’s biggest real estate investment scam over the past decade.




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