Online library Litres has terminated its contract with iMobilco online store, because iMobilco stopped paying royalties since December 2012 and owed LitRes several million rubles. Representatives of iMobilco does not agree with such formulation.
IMobilco was founded in 2008 by the Sergey and Nikolay Belousov brothers (first known as the founder of Parallels IT Company). Ru-Net II investment fund, a member of the Ru-Net Holdings of Leonid Boguslavskii, bought a share in the online store in 2010.
LitRes is owned by the largest Russian publishing house Eksmo. The library’s catalog includes about 25K books.
The General Director of iMobilco Nikolay Belousov says that the information about the debt is false: We are ready to give each author the statistics on sales and transfers to LitRes. According to him, iMobilco refused to sell LitRes’ books after the library revised the terms of cooperation.
According to Belousov, last year LitRes gave the sellers of books from its catalog disadvantageous conditions.
However, the General Director of LitRes Sergey Anuriev denies changing the contract terms.