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Red Square project developer sued for $117 mln

10:38 30/09/2011

MOSCOW, September 30 - RAPSI, Alyona Yegorova. A commercial court will start hearing on Friday the Deposit Insurance Agency's lawsuit for $117 million from a project developer.The agency, which is acting as the International Industrial Bank's bankruptcy administrator, seeks debt under loan agreements with Sredniye Torgovye Ryady, according to its report to the Russian Legal Information Agency (RAPSI).

RAPSI could not so far reach the defendant for comments.

The business media associate the developer with the United Industrial Corporation owned by former senator Sergei Pugachyov. The company was established to implement an investment project for the reconstruction of historical appearance of a market place on Red Square in Moscow.

The Moscow Commercial Court recovered from the Finance Ministry in June 1.679 million rubles ($52.7 million) in damages inflicted by the project termination.

Earlier the judge denied security for the claim to the Deposit Insurance Agency. It wanted the court to prohibit the developer from assigning its claims to the ministry and to seize its property valued at 3.7 billion rubles ($116 million).

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Red Square project developer sued for $117 mln

10:38 30/09/2011 A commercial court will start hearing on Friday the Deposit Insurance Agency's lawsuit for $117 million from a project developer.
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