Support The Moscow Times!

Kerimov Receives Indebted Eurasia Tower

After surviving the economic crisis, work continues at Moskva-City. Vladimir Filonov

Suleiman Kerimov could obtain 75 percent of Tekhinvest, the company that owns the Eurasia Tower under construction in Moskva-City.

The Federal Anti-Monopoly Service has allowed Girol Consolidated, affiliated with Kerimov, to acquire the stake, the service said.

Tekhinvest, the developer building the 214,000-square-meter tower, is part of Pavel Fuks' MosCityGroup. Construction of the tower was carried out using a $400 million credit line provided by Sberbank in 2008. About $175 million of the loan amount has been spent.

Construction was frozen during the financial crisis, when the tower was two-thirds completed.

Last year, Sberbank demanded through a Moscow arbitration court that Tekhinvest return about 5 billion rubles ($179 million) and sought to foreclose on the tower.

In October 2011, the bank sold the rights to the loan to Demoginet, a company affiliated with Kerimov's Nafta Moskva. In January, the court ruled that the foreclosure should proceed and that Tekhinvest should pay its creditor nearly 6 billion rubles.

The market value of the tower is about $750 million, according to Artyom Tsogoyev, project manager at Trinfiko Property Management.

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.