Developer loses $187 mln to Russia's largest bank
MOSCOW, January 18 - RAPSI, Alyona Yegorova. A commercial court collected on Wednesday about $187 million from the Techinvest development company, the Russian Legal Information Agency (RAPSI/rapsinews.com) reported from the courtroom on Wednesday.
The court has collected 4.028 billion rubles ($127.7 million) in principal debt, 1.243 billion rubles ($39.4 million) in interest and over 612 million rubles ($19.4 million) in penalties.
In addition, the court has levied execution on the property pledged under a mortgage agreement. The collateral is an incomplete construction project within the Moscow-City international business center with an area of 9.437 square meters and an estimated starting price 6.026 billion rubles ($191 million).
The lawsuit is centered on the loan provided to Techinvest by Sberbank in June 2008, which was set to mature in 2013. However, Techinvest has not been executing its contractual obligations since February 2010 and the bank went to court.
Initially, the bank acted as the plaintiff, but was subrogated for Cypriot Demoginet Limited. The initial amount in claim stood at five billion rubles ($158.5 million), but on Tuesday it was increased up to 6.087 billion rubles ($193 million).
Techinvest was established by the MosCityGroup development company and the Eurasia industrial group.