Moscow's multimillion suit against developer to be heard on November 29
MOSCOW, November 22 - RAPSI, Alyona Yegorova. A commercial court of appeals will hear on November 29 a Moscow government's lawsuit against the SU-155 construction company for 518 million rubles ($16.7 million) and $280,700, the court told the Russian Legal Information Agency (RAPSI) on Tuesday.
The plaintiff earlier said his claims are based on the investment contract entered into by the parties in 2005. Under the contract the city's share in the project made up 50 percent. The dispute has arisen with respect to the late payment penalties amounting to $280,700 and penalties for the eight-month delay in the project commissioning equal to 518 million rubles.
SU-155 is one of Russia's largest construction companies and has been operating for over 50 years. It comprises more than 140 independent entities, including 28 industrial facilities in 17 cities.