MOSCOW, August 31 - RAPSI, Alyona Yegorova. The Ninth Commercial Court of Appeals has upheld a lower court judgment against Inteco, a major development company, in its suit for 129.8 million rubles ($4.6 million) against the Moscow government, the Russian Legal Information Agency (RAPSI) reports from the courtroom.
Inteco had sought to recover expenses it incurred in designing and building a kindergarten near the Arco di Sole residential area.
Inteco built the kindergarten under an investment contract with the Moscow government. According to Inteco, it fully executed its contractual obligations as an investor, and is entitled to damages under the contract.
The governments attorney has argued that a completion report required by the projects investment contract had not been signed before Inteco filed its suit. Therefore, he said, Intecos suit was premature. He added that Inteco only partially fulfilled its obligations under the contract: while Inteco built the kindergarten, it did not finish constructing housing which was also part of the agreement.
Inteco is a diversified construction company and one of Russias largest developers. It is engaged in residential and other construction, the development of advanced facade materials and techniques, cement production, architectural design, and real estate.