Investor in Rossia hotel and Rossia tower seeks to retrieve funds
2010-07-26
Victor Rushnikov, a Russian businessman, invested €250m in two projects due to have been developed by ST Development, which iscontrolled by Shalva Chigirinsky. The projects included the redevelopment of the former Rossia hotel site and the construction of the Rossia tower in Moscow. Mr. Rushnikov received a 50% stake in each of the projects in exchange for the money.
Mr. Chigirinsky is facing financial difficulties at the moment and has left Russia. Mr. Rushnikov is trying to retrieve his money from the Moscow authorities, which have taken over the Rossia hotel redevelopment. Sources at Moscow council indicate that the businessman is unlikely to receive any compensation. However, sources close to Mr. Rushnikov say that he is considering selling his stake to a company controlled by the city authorities, according to a report in Vedomosti.
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