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Developer's $182.6 mln lawsuit against Moscow government postponed

15:30 16/11/2011

MOSCOW, November 16 - RAPSI, Alyona Yegorova. A commercial court will hear on December 22 a development company's lawsuit for over $182.6 million against the city of Moscow, the Russian Legal Information agency (RAPSI) reports from the courtroom.

The Kurskaya Ploshchad development company sued the Moscow government over a December 2005 contract to develop a three-star hotel near the Kursky Railway Station.

Under the contract, the company was to invest 99 percent of the project costs, while Moscow City Hall was to invest one percent.

Initially, Moscow officials planned to complete the project by 2010, but later revised the estimated completion date as 2013.

Kurskaya Ploshchad requests the termination of its contract dated December 29, 2005. It also seeks 5.6 billion rubles ($182.6 million) in damages, of which its lost profits amount to 4.195 billion rubles ($136.8 million).

The Moscow government, Mosconstroyinvest and several city departments are involved as co-defendants.

The plaintiff slightly increased the amount of the claimed interest on Wednesday.

The court is considering a similar lawsuit filed by Kurskaya Ploshchad, as it refused to consolidate two cases into one.

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Developer's $182.6 mln lawsuit against Moscow government postponed

15:30 16/11/2011 A commercial court will hear on December 22 a development company's lawsuit for over $182.6 million against the city of Moscow
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