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Russian Supreme Court upholds denial of IKEA’s $1mln suit against ex-wannabe president

11:47 23/03/2020

MOSCOW, March 23 (RAPSI) – The Supreme Court of Russia has upheld refusal to recover about 80 million rubles ($1 million at the current exchange rate) from ex-presidential candidate Pavel Grudinin's TT Development company in favor of IKEA's Russian division IKEA Mos, according to court records.

The Supreme Court has held that the claims of the applicant’s arguments do not refute the court findings; they are aimed to reestimate circumstances established by lower instances. They do not confirm serious violations of law by courts resulted to the case outcome, according to the Supreme Court.

The claimant has challenged rulings delivered by lower commercial courts in April, July and November 2019.

IKEA Mos demanded from TT Development 79.5 million rubles in penalties for the alleged breach of its obligations in connection with a land sale deal that was entered into on December 30, 2015.

Earlier, the parties petitioned for an approval of a settlement agreement made for the establishment of legal certainty as concerned their rights and liabilities; however, this petition was dismissed by a court on March 19 citing a failure to comply with the relevant legislation and infringe on lawful interests and rights of third parties.


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Russian Supreme Court upholds denial of IKEA’s $1mln suit against ex-wannabe president

11:47 23/03/2020 The Supreme Court of Russia has upheld refusal to recover about 80 million rubles ($1 million at the current exchange rate) from ex-presidential candidate Pavel Grudinin's TT Development company in favor of IKEA's Russian division IKEA Mos.
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