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Luzhkov Follows the Voice of Arbitration
Moscow government recalled yesterday December 8, 2004 resolution on the tender results to construct a building at the site of Rossia Hotel. But the investment contract with successful bidder, ST Development, has survived and the demolition of Rossia is in progress.
Moscow government released yesterday a ruling to annual its resolution of December 8, 2004 on results of the tender held to choose an investing developer for constructing a new building at the site of Rossia Hotel. The winner was ST Development of Shalva Chigirinsky.
By yesterday’s ruling, Moscow City Hall actually executed October 24, 2006 award of Supreme Arbitration Court that invalidated the tender results for the right to rebuild Rossia Hotel. In January 2007, the Supreme Arbitration Presidium declared null and void even the tender itself. Both claims had been lodged by Monab, which lost at that tender the amount of bid notwithstanding.
“Moscow government did what it was to do,” said Andrey Galiev, vice president of Eurofinancebank that controls Monab.
But the midpoint of dispute, the validity of investment contract made with ST Development, is still unsettled. Under award of Supreme Arbitration Presidium, the case was returned for another trial at Moscow Arbitration. The claimant is Monab again.
www.kommersant.com
All the Article in Russian as of Mar. 23, 2007
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