MOSCOW, January 10 - RAPSI, Alyona Yegorova. A federal commercial court has remanded for review Inteco's lawsuit against the Moscow government to recover 161.113 million rubles ($5 million), the Russian Legal Information Agency (RAPSI/rapsinews.com) reports from the courtroom.
Inteco obtained the right to develop two land plots at an auction in September 2004. It planned to build a residential neighborhood with 1 million square meters of floor space, but had to terminate the investment contract due to Moscow's failure to relieve the land of third party rights as it was obligated to do under the contract.
Inteco claimed a refund of a 95.7 million ruble ($2.9 million) deposit paid to the city for access to the auction, as well as the cost of the project's design and survey works.
Inteco is a diversified company and development market leader in Russia. It is engaged in residential and other construction, cement production, architectural design, and real estate.