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Alfa Bank's $20 mln award in claim against MosCityGroup subsidiary upheld

18:25 01/09/2011

MOSCOW, September 1 - RAPSI, Natalia Belova. The Ninth Commercial Court of Appeals upheld a lower-court decision to award Alfa Bank $20,167,000 in its lawsuit against the Timiryazevskoye company, the Russian Legal Information Agency (RAPSI) reported from the courtroom.

The court held against the appeal filed by MosCityGroup (MCG), which obtained a loan from Alfa Bank and acts as a third party in the case.

MCG head Pavel Fuks owns a stake in Timiryazevskoye.

The court heard the case in the absence of MCGs representative.

The Moscow Commercial Court on July 5 sided with Alfa Bank in its $20.167 million lawsuit against Timiryazevskoye, including $20 million in principal debt.

The court partially satisfied the banks initial $20.24 million claim.

MCG was founded in 2006.

MCGs project portfolio includes the Eurasia Tower and Imperial Tower skyscrapers in the Moscow City business center. MCG also owns the Peter I hotel near the Budapest hotel.

Founded in 1990, Alfa Bank is one of the Russias ten leading banks.

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Alfa Bank's $20 mln award in claim against MosCityGroup subsidiary upheld

18:25 01/09/2011 The Ninth Commercial Court of Appeals upheld a lower-court decision to award Alfa Bank $20,167,000 in its lawsuit against the Timiryazevskoye company
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