Рейтинг@Mail.ru
RusEng

News

Moscow government to compensate developer for $4 mln expenses

12:51 28/05/2012

MOSCOW, May 28 - RAPSI. The Moscow Commercial Court ordered the Moscow government on Monday to pay Inteco construction company $4 million in compensation for the costs incurred for the construction of a kindergarten.

Inteco sought to recover its expenses for the kindergarten design and turnkey construction near the Arco di Sole residential area. The property was built as per an investment contract between Inteco and the Moscow government. The project involved the development of a multipurpose complex, including non-residential premises and underground parking.

The government lodged a counter claim for roughly $800,000, but the court dismissed it on Monday. Moscow authorities argued that the total area of the facilities constructed by Inteco exceeded the space set out in the contract and the government sought compensation for the expenses required by the extra infrastructural load.

Inteco maintains that it has performed its obligations in full as the latest version of the contract stipulated the construction of over 80,000 square meters - not 60,000.

Moscow holds that the claims were premature as the final project completion report has yet to be executed.

Inteco is a diversified construction company and a market leader in development in Russia. It works in residential and non-residential construction, the development of facade finishing techniques, cement production, architectural design and real estate.

Share thisE-mail this articlesubmit newsAdd to blogrss feed
Add to blog
To link to this material, copy the code to your blog.
Publishing code:
Preview:

Moscow government to compensate developer for $4 mln expenses

12:51 28/05/2012 The Moscow Commercial Court ordered the Moscow government on Monday to pay Inteco construction company $4 million in compensation for the costs incurred for the construction of a kindergarten.
Forward news story

All fields are mandatory!

Submit news

All fields are mandatory!

Share this

Top news