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Sberbank's $17 mln lawsuit against developer dropped

13:30 06/02/2012

ST.-PETERSBURG, February 6 - RAPSI. The St. Petersburg and Leningrad Region Commercial Court has dropped its proceedings in the Sberbank's lawsuit against developers for $17 million, the Supreme Commercial Court's website reports.

The court did not specify the reasons for such decision.

The Russian Auctioning House sold in November three land plots for housing construction in St. Petersburg. The 8.2 hectares of the land belonged to LEK construction company and were mortgaged to back a Sberbank loan. The sale amount totaled 386.9 million rubles ($12.8 million).

There are plans to sell two more land parcels in the first quarter. Since December 2010 the Russian Auctioning House has auctioned off 10 LEK sites for 2.3 billion rubles ($76 million).

Established 17 years ago LEK comprises over 20 companies. In addition to St. Petersburg is also operates in Moscow, Sochi, Novosibirsk and Ukraine.

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Sberbank's $17 mln lawsuit against developer dropped

13:30 06/02/2012 The St. Petersburg and Leningrad Region Commercial Court has dropped its proceedings in the Sberbank's lawsuit against developers for $17 million.
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