Court to hear Inteco's appeal of adverse judgment on Sept. 19
MOSCOW, August 31 - RAPSI, Alyona Yegorova. The Ninth Commercial Court of Appeals is set to hear on September 19 an appeal filed by Inteco, a leading Russian development company, of a lower court judgment against it in its 161.1 million ruble ($5.58 million) claim against the Moscow government, the court told the Russian Legal Information Agency (RAPSI).
Inteco had entered into an investment contract with the Moscow government for a Moscow housing development. However, the developer had to terminate the contract in 2009 after Moscow failed to clear the construction area of third-party ownership.
Inteco has sought repayment of 95.7 million rubles ($3.3 million) it had provided the Moscow government after winning the construction bid, as well as compensation for design and survey work.
The Moscow Commercial Court held against the companys claim on July 8.
Inteco is a leading diversified development company in Russia. The company is owned by Yelena Baturina, wife of former Moscow mayor Yuri Luzhkov.