Building technology

Ninth Arbitration Court of Appeal upheld the decision to recover with “Timiryazevskaya” (a company associated with the owner of real estate development company MosCityGroup (MCG) Paul Fuchs) in favor of Alfa Bank, 20.167 million dollars, the agency RAPS in the courtroom.

Thus, the court dismissed the company’s MosCityGroup, which is the third person in the case and acts as the borrower under the loan agreement.

In addition the court took the refusal of JSC “Timiryazevskaya” of an appeal, which the company has also filed for court’s decision and stopped production on it. The case was heard in the absence of the MosCityGroup.

The Moscow Arbitration Court July 5 recovered with “Timiryazevskaya” at the suit of Alfa Bank, 20.167 million dollars of debt on the loan, including $ 20 million principal amount. Thus, the court partially satisfied the requirements of the bank, who asked to collect 20.24 million dollars, reduced the amount of interest arbitration and penalties.

In addition, the court dismissed the proceedings on the request of the bank to recover a sum of money given jointly with another one defendant – LLC “relay” as the company is now dissolved.

According to the plaintiff, the development company MCG November 27, 2009 was granted a loan of $ 20 million with the payment of 13% per annum. Ltd. “Relay” and JSC “Timiryazevskaya” are guarantors of the loan. The bank notified the MCG on early repayment of the loan, which was not done. This decision was taken because the MCG is not complied with the contract with the plaintiff to provide collateral (the object under construction). In addition, MCG has debts to the bank on other loans, said the plaintiff.

In turn, the company reported MosCityGroup listing in March 2011, debt of 20 million dollars, but the bank has sent this money to pay off another loan MCG. According to the representative, the bank had no grounds for the transfer of funds to pay off another loan. In addition, the Meshchansky district court of Moscow has decided to collect the debt on this loan at a rate of over 20 million dollars more with one surety for the loan – a businessman Paul Fuchs.

The bank at the same time pointed out that under the terms of the loan agreement, if the borrower has other commitments on debt, the bank determines the order of repayment of the loan.

Defendant – JSC “Timiryazevskaya” sent to arbitration in Moscow to review the claim, where the company acknowledged the claim and asked them to meet.

Other claims of Alfa-Bank

Metropolitan Tribunal in February at the suit of Alfa Bank, sought to “Relay” and “Timiryazevsky” over 198 million dollars, including 167 million dollars of principal. The interest amount was approximately 31.365 million.

In addition, August 24, the Moscow Arbitration Court allowed the claim of Alfa-Bank to foreign companies Sanovia Enterprises Ltd and Surinol Trading & Investments Ltd to collect 178.216 million. Defendants are guarantors for the loan of 167 million dollars, issued by the Bank CJSC “Timiryazevskaya” in April 2008.

Initially, the bank sued to 198.36 million dollars, but later claims were reduced. Lawyer at Alfa Bank, said that in March, was carried out payment, which was sent to the payment of interest on the loan. Media wrote that the latter two companies own company, “Relay”.

Alfa-bank RAPS previously reported that they could not comment on the lawsuit at the MCG promised to comment later.

According to media reports, MCG in summer 2008 took a loan from Alfa-Bank in the amount of 167 million dollars. The funds were intended to buy a developer Capital Group half of the project “Island Istria” – by 1.1 thousand hectares in the 55-km Riga highway in the suburbs. MCG company planned to build there for about 1.5 million square meters of low-rise housing. Plot, which is to purchase state farm structures Fuchs owned JSC “Timiryazevskaya” became collateral for the loan.

MCG was founded in 2006. Project portfolio – about 7 million square meters. Among the projects MCG two skyscrapers in MIBC “Moscow City” – Eurasia Tower (211,000 square meters) and Imperial Tower (280,000 square meters). MCG also has a five-star hotel, “Peter” at the hotel “Budapest”. In addition, Fuchs, according to the newspaper “Kommersant”, is one of the largest owners of LLC “Major League Trust ‘, which owns 27.45% of a sports complex” Olympic “in Moscow.

Alpha Bank, founded in 1990, is among the ten largest in Russia. In 2010, the Bank received a net profit under RAS in the amount of 2.993 billion rubles, as against a loss of 2.1 billion rubles a year earlier. According to the annual financial statements under IFRS for 2010, Alfa-Bank has shown a record during its lifetime earnings of $ 553 million, 7.2 times more than in 2009.