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Major developer sues Moscow government for housing project failure

18:02 18/10/2011

MOSCOW, October 18 - RAPSI, Sergei Feklyunin. A court will hear on December 9 a $1.4 million lawsuit filed by the Glavmosstroy development company against the Moscow government, the court told the Russian Legal Information Agency (RAPSI).

Oleg DeripaskaOleg Deripaska

Glavmosstroy, owned by Russian billionaire Oleg Deripaska, seeks to cancel an investment contract for elite housing construction in central Moscow and to recover $1.4 million from the defendant in compensation.

Glavmosstroy's PR manager told RAPSI that the Moscow government entered into investment contracts with Glavmosstroy and Inteco in August 2004 to renovate seven blocks in the center of Moscow.

The project failed as the Moscow authorities did not provide plots to build homes for the residents of houses subject to demolition.

RAPSI has yet to obtain comments from other parties in the case.

Founded in 1954, Glavmosstroy is a general contractor engaged in civil engineering. It is a part of the Glavstroy Holding of which Deripaska's Basic Element is the head company.

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Major developer sues Moscow government for housing project failure

18:02 18/10/2011 A court will hear on December 9 a $1.4 million lawsuit filed by the Glavmosstroy development company against the Moscow government.
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