MOSCOW, December 6 - RAPSI. A court shelved a construction company's appeal against the recovery of $3.63 million from the firm in favor of PFC CSKA Moscow, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Tuesday.
PFC CSKA is a Russian football club. It was established in 1991. It is the first Russian football club to win a European team championship.
Monolit-Grad-Stroy was founded over 15 years ago. It is engaged in constructing residential and office buildings in Moscow and the Moscow region, as well as other regions across Russia.
The Moscow Commercial Court sided with FC CSKA on May 24 in its lawsuit to annul a housing investment contract, which the club signed with the Monolit-Grad-Stroy construction company to build housing in the Moscow Region. The court also recovered 113 million rubles ($3.5 million) from the developer, including 103 million rubles ($3.3 million) in the club's investments and 10.3 million rubles ($330,990) in penalties. The appeals court upheld the ruling on August 22.
The Ninth Commercial Court of Appeals validated the trial court's decision on August 22.
According to court records, the contract was executed in January 2007, and listed the second quarter of 2007 as the tentative deadline. However, the residential building was not built.
As a result, CSKA filed the lawsuit.