MOSCOW, August 24 - RAPSI, Dmitry Shchitov. The Ninth Commercial Court of Appeals has upheld a lower court award of over 113 million rubles ($4 million) to the CSKA Professional Football Club in its suit against Monolit-grad-story, a construction company, a court official told the Russian Legal Information Agency (RAPSI)
The Moscow Commercial Court sided with the football club on May 24 in its claim for the termination of an equity investment contract related to a Moscow Region housing development. The court ordered Monolit-grad-stroy to pay over 113 million rubles for unjust enrichment - 103 million rubles to reimburse the club for its investment in the project, and 10.3 million in penalties.
The construction company appealed the judgment before the court of appeals.
According to court records, the contract was executed in January 2007, and provided for the second quarter of 2007 as the tentative completion deadline.
However, the residential building was not built. As a result, CSKA filed suit.
CSKA declined to comment in detail on the matter.