Court Hearings on Innoprom 2010 Spending End in Governor’s Fund Beating Formica

8 June 2012 (09:21)

The 9th Arbitration & Appeals Court ruled in favor of the latter when hearing the claim involving Formica Company and Sverdlovsk Region Governor’s Programs Fund.

The non-profit organization Sverdlovsk Region Governor’s Programs Fund placed a claim against Formica Company with Moscow Arbitration Court; the plaintiff insisted on being paid the money it was owed under the target financing agreement dated July 2, 2010; the sum comes to 100m RUR. Formica Company, in its turn, placed a counter-claim with the court, asking to treat the agreement as non-signed.

Having looked into the parties’ arguments, the 9th Arbitration & Appeals Court supported the ruling pronounced by Moscow Arbitration Court on February 28, 2011, so Formica’s appeals petition was not sustained.

Other materials on the topic::