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Developer increases claim against Moscow government to $178 mln

16:04 22/09/2011

MOSCOW, September 22 - RAPSI, Alyona Yegorova. A Moscow development company increased its claim against the Moscow government from $114.6 million up to $178 million, the Russian Legal Information Agency (RAPSI) reported on Thursday.

The developer sues the Moscow authorities for terminating a contract for the hotel construction near the Kursky railway station.

Kurskaya Ploshchad developer claims $178 million from the Moscow department of construction investments and the Moscow government. The developer seeks $133.5 million for lost profits and the rest for damages.

The Moscow government and the developer, which own a non-residential building in downtown Moscow, entered into a co-investment contract in December 2005. Under the contract, the company was to invest 99% and the Moscow government was to contribute 1% in the construction of a new hotel.

The court postponed the case until November 16. It also involved the Moscow financial department into the case at the request of the parties.

Several Moscow departments and Moskomstroyinvest act as co-defendants in the lawsuit.

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Developer increases claim against Moscow government to $178 mln

16:04 22/09/2011 A Moscow development company increased its claim against the Moscow government from $114.6 million up to $178 million.
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