Multi-million lawsuit against Altai Special Economic Zone to be heard on May 16
MOSCOW, May 12 - RAPSI. The Altay Republic Commercial Court postponed until May 16 the consideration of the lawsuit filed by Megapolis, former general contractor of construction at Gorny Altai's recreation area, to recover over $2.22 million from a branch of Special Economic Zones for work undertaken.
In a previous statement, Megapolis board chairman said that last December the company referred to the commercial court to recover over 67.2 million rubles ($2.22 million) from Special Economic Zones for construction works undertaken at the Altai Valley Tourism & Recreation Zone.
He stated that the contract between the companies was terminated last December.
In January, the plaintiff filed an application on increasing the claims to 68.613 million rubles ($2.27 million) in debt and 1.603 million rubles ($53,142) in interest. The court accepted these new claims for consideration.
The Altai Valley Tourism & Recreation Zone is on the right bank of the Katun River and has an area of 855 hectares.
The main feature of Special Economic Zone's project is a 50 hectares artificial lake. Tourist facilities must be developed around it, as well as islands and beaches. The construction of the lake alone is assessed at 1.3 billion rubles ($43.09 million).
The contract for the construction of infrastructure was signed in July 2010. It amounted to 1.094 billion rubles ($36.26 million).