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MCG development group appeals $178 mln award to Alfa Bank

14:48 27/09/2011

MOSCOW, September 27 - RAPSI, Alyona Yegorova. The court registered an appeal filed by a development company against a court decision to award Alfa Bank over $178 million, the court told the Russian Legal Information Agency.

The Moscow Commercial Court on August 24 sided with Alfa Bank in its lawsuit against the MosCityGroup Corporation (MCG) and Sanovia Enterprises and Surinol Trading & Investments Ltd- both foreign companies.

Meanwhile, the court dismissed MCG's counterclaim to recognize the guarantee period as unfixed. MCG and two other defendants acted as guarantors for the $167 million loan granted by Alfa Bank to the Timiryazevskoye company in April 2008.

Timiryazevskoye is the third party in the case.

The bank initially sought $198.36 million, but the claim was later reduced. The bank's lawyer said the debtor repaid the loan interest in March.

The bank's present lawsuit is related to the same loan contract.

MCG was founded in 2006. Its project portfolio includes the Eurasia Tower and Imperial Tower skyscrapers at the Moscow City business center. MCG also owns the Peter I hotel near the Budapest hotel.

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MCG development group appeals $178 mln award to Alfa Bank

14:48 27/09/2011 The court registered an appeal filed by a development company against a court decision to award Alfa Bank over $178 million.
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