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Moscow's appeal against $11 mln award for developer to be heard on May 23

14:46 21/05/2012

MOSCOW, May 21 - RAPSI. The Ninth Commercial Court of Appeals has declared a recess in the hearing of the Moscow government's appeal against awarding the Glavmosstroy construction company $11 million in damages, the court told the Russian Legal Information Agency (RASPSI/rapsinews.com).

On March 1, the Moscow Commercial Court sided with the company in its lawsuit against the Moscow authorities to terminate an investment contract four luxury residential areas in central Moscow. The court also ordered the government to pay Glavmosstroy 346.6 million rubles ($11 million), although the latter sought as much as 351.3 million rubles ($11.191 million).

According to Glavmosstroy, the lawsuit stems from an August 2004 investment contract, but the project collapsed because the authorities failed to provide sites to relocate the residents whose homes were to be demolished.

Nevertheless, the company spent some 360 million rubles ($12.22 million) of its own funds to relocate a number of residents from their poorly maintained buildings.
Established in 1954, Glavmosstroy has been engaged in civil engineering and is associated with the Glavstroy Holding, whose parent company is Deripaska's Basic Element.

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Moscow's appeal against $11 mln award for developer to be heard on May 23

14:46 21/05/2012 The Ninth Commercial Court of Appeals has declared a recess in the hearing of the Moscow government's appeal against awarding the Glavmosstroy construction company $11 million in damages.
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