Owner of Moscow City tower enforces $16.5mln from Viktor Rashnikov’s structure

Owner of Moscow City tower enforces $16.5mln from Viktor Rashnikov’s structure
Viktor Rashnikov

The company City Palas owned by businessman Aleksandr Chigirinsky – the owner of the Evolution Tower in the Moscow City complex – appealed to a court with a claim to recover 1 billion rubles from Snapbox Holdings Ltd. which belongs to the owner of the Magnitogorsky Metallurgichesky Kombinat (Magnitogorsk Iron and Steel Plant) Viktor Rashnikov and his partner Nader Nader. The latter acts as a co-defendant in the lawsuit, as follows from the Commercial Case Files.

The claim of City Palas was submitted to the commercial court yesterday, on July 6; it has not yet been accepted for further consideration. The essence of the claim in the materials of the case No. A40-123852/2017 has not yet been disclosed.

City Palas is the owner of the project Evolution Tower, which on an equal footing was managed by Elena Baturina’s Inteko and Aleksandr Chigirinsky’s development group Snegiri. After the resignation of her husband, Yury Luzhkov, from the post of Moscow Mayor, Baturina in 2010 sold 50% stake in Snapbox to Viktor Rashnikov and his companion Nader Nader. The cost of the transaction was $52 million. The shareholders of Snegiri did not accept this sum, since the whole project was estimated at $361 million at that time.

The deal was concluded at a low price, in part because the parties also agreed on transferring 50% of the Rossiya hotel on the Varvarka Street and the tower in Moscow City with the same name (projects owned by Shalva Chigirinsky and Rashnikov) to Snegiri. In addition, Snegiri was supposed to take part in the construction of the tower Rossiya as a developer. However, Rashnikov and Nader did not comply with these terms of the deal, and Chigirinsky's shares in the hotel and tower were bought by themselves, bypassing Snegiri.

Last fall, S&T Equity – the head structure of the Snegiri Group – appealed to the Limassol District Court (Cyprus) with claims for recovery of $217 million from Snapbox, i.e the difference between the market value of the Evolution Tower project and the price of the deal. In addition, Chigirinsky’s S&T Equity filed a claim for the seizure of the property of Snapbox, but in November, withdrew it. Instead, the businessman intends to seek the arrest of the personal property of Rashnikov and Nader.

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