Founder of development company “bullfinches” Alexander Chigirinsky
Photo: Valeriy Levitin/RIA Novosti
Founder of development company “bullfinches” Alexander Chigirinsky withdrew the request for recovery of $127 million from the company Snapbox Holdings Ltd Victor Rashnikov. Instead, the businessman intends to seek the arrest of its property
S&T Equity businessman Alexander Chigirinsky November 24, has withdrawn the requirement about seizure of property Snapbox Holdings Ltd, beneficiaries of which is the owner of the Magnitogorsk metallurgical combine (MMK) Viktor Rashnikov and his partner Nader Nader. About it reports “Kommersant” with reference to the representative of one of the parties to the dispute, this information publication confirmed the lawyer Alexander Simkin, who represents the interests of Chigirinsky.
The lawsuit was filed in the district court of Limassol (Cyprus) at the end of September. Now, according to Simkin, S&T Equity intends to seek seizure of personal property Rashnikov and Nader. This statement by the court of Limassol will consider on December 14.
Alexander Sutyagin, who represents the interests Rashnikov, in an interview with the publication said that the plaintiff’s claims are unfounded and contrary to the shareholder agreements and project documents the Evolution Tower.
“The defendant objects about verbal agreements as never having taken place and contrary to the written documents,” said Sutyagin.
The group’s parent company Snegiri S&T Equity demanded that the structures Rashnikov and Nader $127 million Simkin, who represents the interests of Chigirinsky, said that the claim related to the purchase Snapbox “Bullfinches” 50% shares in the project Evolution Tower in the business center “Moscow-city” in 2010. The transaction value was approximately $52 million.
However, according to Cushman & Wakefield, the market value of the project at that time was $361 million, i.e. 50% would be $180.5 million Simkin explained that the parties agreed to lower the price because of the agreement on the transfer of “Bullfinch” half of the hotel “Russia” in Central Moscow, and the eponymous tower in “Moscow-city”. In addition, the parties agreed to attract “Bullfinches” as a developer in the construction of “Russia” tower in business center. But Simkin said that Rashnikov and Nader has not fulfilled these conditions.
A source close to the core business Rashnikov, said that the businessman preferred not to publicize their participation in the construction of the Evolution Tower.
Another claim to the structures Rashnikov and Nader was filed by the brother of Alexander Chigirinsky — Shalva Chigirinsky. His company Hazlewood Investment & Finance Ltd needs to recover from companies, Ocean Flow International and Antequera Enterprises Ltd $90 million the Lawyer Shalva Chigirinsky Alexander Povolotsky said that Rashnikov and Nader concealed from businessman information about the real cost of the project at the time of purchase of a share in a tower “Russia”.