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Court postpones hearing Sberbanks 5 bln ruble claim against developer

10:41 26/08/2011

MOSCOW, August 26 - RAPSI, Dmitry Shchitov. The Moscow Commercial Court has postponed until September 6 its hearing of a 5.2 billion ruble ($180 million) claim filed by Sberbank against Techinvest, a development company engaged in the construction of the Eurasia Tower in Moscow City, the Russian Legal Information Agency (RAPSI) reports from the courtroom.

Sberbank filed a petition for the inspection of property that was pledged as security for the loan agreement at the center of the legal spat. After the defendant supported the petition, the court ordered Sberbank to propose a party to conduct the inspection.

Sberbanks claim centers upon Techinvests default on its contractual obligations according to a June 2008 loan agreement. Sberbanks representative explained that the loan was to be repaid by 2013. However, the bank filed a lawsuit after the developer began to default on its contractual obligations in February 2010.

Sberbank is seeking foreclosure on the property pledged by Techinvest as security for the loan.

Eurasia Tower is a planned 70-storey skyscraper with a spatial area of over 208,000 square meters, to be located in the Moscow City business center. The skyscraper is to host offices, apartments, a shopping mall, restaurants, and underground parking with capacity for 1000 cars.

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Court postpones hearing Sberbanks 5 bln ruble claim against developer

10:41 26/08/2011 The Moscow Commercial Court has postponed until September 6 its hearing of a 5.2 billion ruble ($180 million) claim filed by Sberbank against Techinvest, a development company engaged in the construction of the Eurasia Tower in Moscow City
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