MOSCOW, August 30 - RAPSI. On September 19, the Ninth Commercial Court of Appeals will hear an appeal by the Inteco construction company of a lower court's decision to allow Inteco's recovery of $2.96 million from the Moscow government for a development project, the court spokesperson told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Thursday.
In July, the Moscow Commercial Court partially satisfied the company's claim for 161.113 million rubles ($5 million) based on the Moscow government's failure to uphold a development contract.
The Moscow Department for Economic Policy and Development was included as a co-defendant in the case. Initially, the courts in two instances upheld Inteco's claims, but the appeals court remanded the dispute for reconsideration to the Moscow Commercial Court.
During a tender in September 2004, Inteco was granted the right to build housing on two plots. The company planned to build a residential neighborhood with an area of 1 million square meters. However, it was forced to terminate the contract in 2009, as Moscow did not fulfill its obligations to eliminate third party rights to the location, Inteco said.
Earlier, the court brought Moskapstroy and TUKS-2 in as third parties in the case.
Inteco is a multi-profile company and one of Russia's top development firms.
In autumn 2011, businessman Mikhail Shiskhanov and Sberbank Investments acquired Inteco from Yelena Baturina, Russia's richest woman and the wife of former Moscow Mayor Yuri Luzhkov.
Shishkhanov owned 95 percent of shares in Inteco and its subsidiaries. Sberbank Investments acquired five percent. Shishkhanov has a 97.079 percent stake in Binbank's charter capital. He is also its president. Binbank is among the top 30 Russian banks. According to Forbes, Shishkhanov is one of the country's 200 richest people. Sberbank Investments is a 100 percent Sberbank subsidiary. It was established in 2010 to manage investment assets.