Konstantin Lapin, a top executive of VTB Development, has replaced Sergei Matviyenko, son of Federation Council Speaker Valentina Matviyenko, as the company's new head, a news report said Monday.
Under Matviyenko, the developer's main project was the construction of Europe's Waterfront, a luxury residential district worth more than 50 billion rubles ($1.57 billion). The territory may now be used for the construction of a new judicial district where the Supreme Court and the Supreme Arbitration Court will eventually be moved from Moscow, Kommersant reported.
Matviyenko stepped down as head of VTB Development, a VTB subsidiary, on Thursday, a source close to the bank said, while VTB's press office said he had taken that step "on his own accord."
The contract with Matviyenko was set to expire this year, and it is unlikely the bank will extend it, a source close to the bank said.
Matviyenko and his spokesman were not available for comment, the report said.
The new head of VTB Development, Konstantin Lapin, has been a member of the company's board and since 2010 worked in the noncore asset management division within VTB's legal department, according to the official website of Hals Development, a VTB subsidiary.
He sat on the boards of of 18 companies owned by VTB and was chairman of six of them.
Matviyenko's departure followed VTB's decision to exit the property development industry, announced by deputy CEO Andrei Puchkov earlier this month.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
