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Vostochny Cosmodrome developer ordered to pay VTB bank $52 mln

13:58 24/03/2016

MOSCOW, March 24 (RAPSI) – The Moscow Commercial Court on Thursday ordered Dalspetsstroy, the company in charge of the Vostochny spaceport construction, to pay 3.5 billion rubles ($52 million) in debt to VTB bank, RAPSI reported from the courtroom.

A credit facility agreement was signed between Dalspetsstroy and VTB in June 2014.

Dalspetsstroy representative asked the court to mitigate the penalty because of the company’s dire financial condition. The bank’s representative in turn resisted the motion claiming that the construction company has not repaid the principal debt.

VTB has filed several lawsuits to recover debt from Dalspetsstroy. On February 24, the Moscow Commercial Court granted the bank’s lawsuit seeking 722 million rubles ($11 million) from the company.

Another claim for 777 million rubles ($11.5 million) should be considered today.

The construction of the space center, due to become Russia's main launch site, began in 2012. The facility is planned to be completed in 2016. The first manned mission is scheduled for 2018.

Dalspetsstroy has repeatedly reported that the project was behind schedule at some sites but promised to catch up.

According to investigators, ex-CEO of Dalspetsstroy, Yuriy Khrizman, his son Mikhail and Viktor Chudov, Chairman of the Khabarovsk Territory Duma, embezzled about 106 million rubles ($1.6 million) belonging to the company. However, one criminal episode was uncovered within the investigation into the case over alleged embezzlement at Vostochny Cosmodrome.

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Vostochny Cosmodrome developer ordered to pay VTB bank $52 mln

13:58 24/03/2016 The Moscow Commercial Court on Thursday ordered Dalspetsstroy, the company in charge of the Vostochny spaceport construction, to pay 3.5 billion rubles ($52 million) in debt to VTB bank.
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