Alfa Bank's $20 mln award in claim against MosCityGroup subsidiary upheld
MOSCOW, September 1 - RAPSI, Natalia Belova. The Ninth Commercial Court of Appeals upheld a lower-court decision to award Alfa Bank $20,167,000 in its lawsuit against the Timiryazevskoye company, the Russian Legal Information Agency (RAPSI) reported from the courtroom.
The court held against the appeal filed by MosCityGroup (MCG), which obtained a loan from Alfa Bank and acts as a third party in the case.
MCG head Pavel Fuks owns a stake in Timiryazevskoye.
The court heard the case in the absence of MCGs representative.
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 court partially satisfied the banks initial $20.24 million claim.
MCG was founded in 2006.
MCGs project portfolio includes the Eurasia Tower and Imperial Tower skyscrapers in the Moscow City business center. MCG also owns the Peter I hotel near the Budapest hotel.
Founded in 1990, Alfa Bank is one of the Russias ten leading banks.