Moscow government's suit to terminate investment contract to be heard in January
MOSCOW, December 26 - RAPSI, Sergei Feklyunin. A commercial court adjourned on Monday until January 10 its hearing of the Moscow government's lawsuit against a major developer to terminate an investment contract for the Russian Avant-garde project, the Russian Legal Information agency (RAPSI/rapsinews.com) reports from the courtroom.
Under the project Capital Group development company was to construct a complex comprising hotel and administrative buildings as well as the Museon art park next to the Central House of Artists.
Museon director told the press in 2008 that Capital Group planned to build five towers as high as Peter the Great monument standing nearby. The hotel complex named Russian Avant-garde was to include Kandinsky Tower, Malevich Tower and Rodchenko Tower.
Moscow mayor Sergey Sobyanin resolved in February to audit all investment contracts with Moscow government. The resolution implied termination of the Russian Avant-garde investment contract because "land relations have not been registered for all the facilities involved."
The government's representative also stated at the preliminary hearing that contract should be terminated since the contractor failed to meet the project schedule.
Capital Group has been operating on the Russian market since 1993. Its current portfolio boasts over 70 implemented, constructed and designed projects with a total area exceeding seven million square meters.