MOSCOW, February 20 - RAPSI. A court has awarded a Moscow-based developer $30.2 million in its lawsuit against the Moscow government, the Russian Legal Information Agency (RAPSI/rapsinews.com) reports on Monday.
The Moscow Commercial Court also declared as terminated the investment contract signed by the Kurskaya Ploshchad development company and the Moscow authorities on December 29, 2005.
The lawsuit has been satisfied only partially as the plaintiff initially sought to recover 5.7 billion rubles ($190 million).
The court has ordered Moscow's Investment Project Department to pay the plaintiff 686.21 million rubles ($22.8 million) earlier transferred to Moscow as prepayment and 219.7 million rubles ($7.3 million) in interest.
The Moscow government and Kurskaya Ploshchad, which owns a nonresidential building near the Kursky Railway Station, signed an investment contract in December 2005.
The developer was to invest 99 percent of the costs, while the Moscow government was to invest one percent.
The parties planned to develop a three-star hotel covering 60,400 square meters in area, which would offer 320 rooms. The Moscow authorities first planned to complete the project by 2010, but later extended the deadline until 2013.