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Moscow government to pay $47.6mln to major investment holding

17:23 19/09/2011

MOSCOW, September 19 - RAPSI, Alyona Yegorova. A court of appeals upheld the decision to recover from the Moscow government $47.6 million in favor of a major investment and building holding's subsidiary, the Russian Legal Information Agency (RAPSI) reported on Monday.

Vesta is a subsidiary of Russia's largest investment and building holding Rutsog-Invest.

Rutsog comprises a financial group, a planning and design office, a management company and a maintenance company. The basic fields of the company's activity are implementation of the full building cycle and real estate management.

The Moscow Commercial Court satisfied Vesta's lawsuit against the Moscow government on July 1. The lawsuit concerns the additional agreement as of November 3, 2006 to an earlier investment contract to construct a hotel.

Vesta said in court that, pursuant to the agreement, the company had to build an electrical substation for the Sokolnicheskaya metro line under Lubyanskaya Square.

The company also had to reconstruct a heat supply unit at the Lubyanka metro station.

The government undertook to compensate the losses, but the payment term was not established by the agreement. Since the compensation was not paid, Vesta referred to the court.

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Moscow government to pay $47.6mln to major investment holding

17:23 19/09/2011 A court of appeals upheld the decision to recover from the Moscow government $47.6 million in favor of a major investment and building holding's subsidiary.
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