Developer's $88 mln lawsuit against Finance Ministry shelved
MOSCOW, June 18 - RAPSI. The Moscow Commercial Court has declared a recess until June 25 into the hearing of a lawsuit filed by Sredniye Torgovye Ryady against the Finance Ministry to recover $88 million in damages under a project on Moscow’s Red Square.
Sredniye Torgovye Ryady (The Middle Shopping Mall) company is seeking to recover in full the expenses it incurred for a renovation project in central Moscow. The court has also involved the Agency for the Management and Use of Historical and Cultural Monuments as a third party in the case.
The project was developed in 2000. However, the building to be renovated was granted to the federal agency in 2010. The development company considered the contract to be terminated as it was no longer able to fulfill it.