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MosCityGroup appeals $178 mln award to Alfa-Bank

16:30 18/10/2011

MOSCOW, October 18 - RAPSI, Alyona Yegorova. An appeals court will hear on November 7 an appeal filed by the MosCityGroup Corporation (MCG) development company against a court decision to award Alfa-Bank $178.2 million in its lawsuit, the court told the Russian Legal Information Agency (RAPSI).

The Moscow Commercial Court held for the bank in its lawsuit against MCG and the Sanovia Enterprises Ltd. and Surinol Trading & Investments Ltd. foreign companies.

Meanwhile, the court dismissed MCG's counterclaim to recognize the guarantee period as unfixed. MCG and two other defendants acted as guarantors for the $167 million loan granted by Alfa-Bank to the Timiryazevskoye company in April 2008.

Timiryazevskoye is the third party in the case.

The bank initially sought $198.36 million, but the claim was later reduced. The bank's lawyer said the debtor repaid the loan interest in March.

MCG was founded in 2006. MCG's project portfolio includes the Eurasia Tower and Imperial Tower skyscrapers in the Moscow City business center. MCG also owns the Peter I hotel located near the Budapest hotel.

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MosCityGroup appeals $178 mln award to Alfa-Bank

16:30 18/10/2011 An appeals court will hear on November 7 an appeal filed by the MosCityGroup Corporation (MCG) development company against a court decision to award Alfa-Bank $178.2 million in its lawsuit.
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