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Multi-million lawsuit against Altai Special Economic Zone to be heard on May 16

14:34 12/05/2012

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).

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Multi-million lawsuit against Altai Special Economic Zone to be heard on May 16

14:34 12/05/2012 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.
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