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Glavmosstroi Deal Voided

Moscow's Urban Planning and Land Commission has approved the cancellation of Glavmosstroi's contract to develop an area in the Kuntsevo district and payment of 10.964 million rubles ($342 million) in compensation to the company, a City Hall source said, RIA-Novosti reported, as cited by Vedomosti.

In 2008, Glavmosstroi and City Hall agreed to cancel the project but in 2010 the developer filed a lawsuit seeking to get compensation.

Under the project, Glavmosstroi was expected to demolish old buildings and build 1.5 million square meters of housing.

Glavmosstroi is controlled by tycoon Oleg Deripaska.


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