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Sberbank's $168 mln lawsuit against developer to be heard on December 8

10:32 22/11/2011

MOSCOW, November 22 - RAPSI, Alyona Yegorova. A court will resume hearing on December 8 a $167.9 million lawsuit filed by Sberbank against the Techinvest development company, the court told the Russian Legal Information Agency (RAPSI) on Tuesday.

The court suspended the case in September to examine the pledged property including the premises and uncompleted facility at the Moscow City business center. The court resumed the case in October after the examination was finished.

The bank sued the developer after it defaulted in repaying the loan granted in June 2008. Sberbank told in court that the loan matured in 2013 but the borrower has failed to fulfill its obligations since February 2010. The bank seeks to recover the debt by enforcing the pledged property.

The defendant admitted the debt but resisted the lawsuit.

The media earlier reported that Techinvest, a joint venture of major development company MosCityGroup and the Eurasia investment and industrial group, was established for constructing Eurasia-Tower in the Moscow City business center.

Eurasia-Tower is a 70-storey skyscraper with an area of over 208 thousand square meters to be located within the business center.

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Sberbank's $168 mln lawsuit against developer to be heard on December 8

10:32 22/11/2011 A court will resume hearing on December 8 a $167.9 million lawsuit filed by Sberbank against the Techinvest development company.
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