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Court to hear MosCityGroup's appeal against $20 mln award to Alfa-Bank

15:11 03/11/2011

MOSCOW, November 3 - RAPSI, Alyona Yegorova. A court will hear on November 23 an appeal filed by the MosCityGroup, a major construction company, challenging the court's decision to award Alfa-Bank $20.167 million in its lawsuit, the court told the Russian Legal Information Agency (RAPSI).

MCG was founded in 2006. Its project portfolio includes the Eurasia Tower and Imperial Tower skyscrapers at the Moscow City business center.

Founded in 1990, Alfa Bank is one of the Russia's ten leading banks.

According to Alfa-Bank, a $20 million loan at a 13-percent annual interest was granted to MCG on November 27, 2009. Estafeta and Timiryazevskoye were the guarantors for the loan. The bank later notified MCG that it would require an early repayment of the loan as MCG had failed to pledge an unfinished development project as security as required by the contract. Additionally, MCG owed the bank money on other loans, Alfa-Bank noted.

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 judgment later came into force after the appeals court upheld it in September.

The court also terminated proceedings against Estafeta, a defendant in the case, upon the claimants request, as the company ceased operations.

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Court to hear MosCityGroup's appeal against $20 mln award to Alfa-Bank

15:11 03/11/2011 A court will hear on November 23 an appeal filed by the MosCityGroup, a major construction company, challenging the court's decision to award Alfa-Bank $20.167 million in its lawsuit.
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