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Developer challenges court ruling in football club's $3.5 mln lawsuit

17:03 26/09/2011

MOSCOW, September 26 - RAPSI, Dmitry Shchitov. An appeals court will hear on October 19 a development company's appeal against a court decision to award a famous football club $3.5 million, the court told the Russian Legal Information Agency.

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 Monolit-Grad-Stroy to build housing in the Moscow region. The court also recovered 113 million rubles ($3.5 million) from the developer, including 103 million rubles in the club's investments and 10.3 million rubles in penalties. The appeals court upheld the ruling on August 22.

The developer says the court's decision is illegal since it was pronounced in the absence of its representative, although the company requested to postpone the hearings.
CSKA earlier refused to comment on the dispute.

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.

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Developer challenges court ruling in football club's $3.5 mln lawsuit

17:03 26/09/2011 An appeals court will hear on October 19 a development company's appeal against a court decision to award a famous football club $3.5 million.
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