KYIV, Ukraine—Victims of the Elita-Center real estate scam have urged Kyiv elected officials to include their compensations in the 2013 city budget.
Seven years have passed since one of the biggest speculations in the Ukrainian real estate market was revealed as fraudulent. Almost 2,000 people lost their long-term savings when they invested in luxury homes in the Ukrainian capital of Kyiv.
The construction never got underway, and the same non-existent flats were sold to two or three different buyers. The combined loss of investors was $76 million.
Most people still have not received compensation payments, nor apartments, and no verdict has been decided.
The local government has thus far provided 137 of the victims with apartments.
