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Court postpones hearing suit against Moscow government over hotel construction.

14:59 26/08/2011

MOSCOW, August 26 - RAPSI, Alyona Yegorova. The Moscow Commercial Court has postponed until September 22 its hearing of a 3.6 billion ruble ($124 million) suit filed by Kurskaya Ploshchad, a development company, against the Moscow government over its termination of a contract for the construction of a hotel near the Kursky railway station, the Russian Legal Information Agency (RAPSI) reports from the courtroom.

The developer filed its lawsuit against the Moscow department of construction investments for its termination of a December 29, 2005 contract as well as against the Moscow government. The developer seeks to recover 3.6 billion rubles in damages - 2.15 billion rubles for lost profits, and the rest for real damages.

On Friday, the developer clarified its claim, which earlier sought 4 billion rubles in damages. It reduced its requested damages by lowering its claimed lost profit. The Moscow government requested time to consider the new damages calculation.

The Moscow government and Kurskaya Ploshchad, which owns a non-residential building in downtown Moscow, concluded a co-investment contract in December 2005. Under the contract, the company was to invest 99% and the Moscow government was to contribute 1%. The parties planned to construct a new hotel on the site of the non-residential building owned by Kurskaya Ploshchad.

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Court postpones hearing suit against Moscow government over hotel construction.

14:59 26/08/2011 The Moscow Commercial Court has postponed until September 22 its hearing of a 3.6 billion ruble ($124 million) suit filed by Kurskaya Ploshchad, a development company, against the Moscow government over its termination of a contract for the construction of a hotel near the Kursky railway station
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