Kenes Rakishev seized on Pavel Fuchs

The owner of MosCityGroup owes BTA Bank $ 55 million for the tower "Eurasia" in Moscow City.
13.03.2018
Kommersant
Origin source
The owner of the MosCityGroup (MCG) Pavel Fuchs is not lucky not only with the completion of the construction in the center of Moscow of the scandalously known residential complex Sky House. The developer began to have problems with the Kazakh BTA Bank, to which he must pay $ 55 million by the decision of the International Arbitration Court of London - it is the debt of the businessman for the former owner of BTA Mukhtar Ablyazov, bought back in 2009, in the tower "Eurasia" in the business center "Moscow- City". The lawyers of the new owner of the bank, Kenes Rakishev, are looking for assets belonging to Mr. Fuchs that can be sold to repay the debt.

The International Court of Arbitration of London (LCIA) granted the suit of one of the structures of the Kazakhstan BTA Bank - Handcart about the recovery of $ 55 million from the MCG of Pavel Fuchs, the current owner of the bank, Kenes Rakishev, told Kommersant. He also expects to compensate court costs at the expense of MCG. Proceedings cost £ 4.2 million. "Judicial practice shows that you can get 75% of the total cost of the process," said Kenes Rakishev. In MCG, they were not able to respond to Kommersant's inquiry in a few days.

The BTA Bank claims that MCG did not pay the second tranche for $ 30 million under a deal to buy 50% in the construction of the tower "Eurasia" in the business center "Moscow City". The land was owned by Blackdesert Holdings Ltd, it was owned by Handcart, which was part of BTA Bank (then owned by Mukhtar Ablyazov), and MCG Paul Fuchs. In 2009, Handcart sold its part for $ 50 million MCG transferred $ 20 million and refused to pay the second tranche, taking advantage of the confusion with the assets of Mr. Ablyazov. In 2014, 98% of BTA Bank was bought by the shareholder of Kazkommertsbank, Kenes Rakishev: he handed over a banking license, but started cleaning up the bank's assets.

Kenes Rakishev says that now lawyers are looking for assets of Pavel Fuchs. "In direct possession, MCG has nothing, but we know that the group indirectly owns 4.5% in the hotel" Peter I "in Moscow," - said the head of BTA Bank. He added that according to the hotel's official press releases, before the crisis of 2014, this share could cost $ 4 million. Ivashkevich Hospitality Partner Stanislav Ivashkevich believes that the current market price of the hotel is about $ 35 million and Mr. Fuchs's share can now cost about $ 1.6 million

"If MCG refuses to execute the LCIA decision, we will file an application for its bankruptcy, under which the interim manager will determine the current volume of assets of the debtor company that can be sold in favor of the creditors of the company Pavel Fuchs," explained Mr. Rakishev. According to him, in parallel, lawyers are working on the possibility of filing personal suits against Pavel Fuchs: they can be sent by the temporary manager on behalf of MCG in the jurisdiction of the British Virgin Islands and Handcart in English courts.

Pavel Fuchs did not complete the tower "Eurasia". Soon after he bought out Mukhtar Ablyazov's stake in the project, the construction was frozen. By 2013, 75% of the project was bought by Nafta Moskva Suleiman Kerimov, she also raised a new loan for the completion of the tower in VTB ($ 1.3 billion was allotted for the construction of the banks). In 2016, the entire tower, including the share of Paul Fuchs (25%) and Nafta Moskva, received structures controlled by VTB Group. Now MCG has only one project in Moscow - a scandalous LCD Sky House on Mytnaya Street, which the developer can not finish building. The MCG website has information on the construction of the "Air Terminal" complex on Leningradsky Prospekt, the Taganka Business Park and six skyscrapers in Kiev, but the company has not started implementing these projects.

The decision of the LCIA is an effective tool for working with debtors, it can be enforced in 157 states, but for this it is necessary to obtain a decision of local courts, says BGP Litigation partner Alexander Vaneev. According to him, the decision of the LCIA can be challenged in the High Court of London, but such attempts are rarely successful: "The decision is not subject to substantive review and can be reversed only in case of significant violations by the arbitrators".

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