Court pronounced legal deal concerning 32, Robespierre embankment

On December, 24 the Arbitration court of Saint-Petersburg fully sustained a claim of RAD against UFAS and revoked UFAS decision and prescription to annul auction to sell the object on  32, Robespierre embankment.
The Court declared UFAS claims concerning auction holding procedure groundless and the deal legal. 
 A disputable object was the land plot on 32, Robespierre embankment of total area 1300 sq. m intended for construction of a house and sold due to the bankruptcy of CJSC “First project company”.
Sale price – 299.8 million rubles.
Auction winner – LLC “Investment company “Sadovoye kol’tso”.

UFAS considered as violation lack at RAD electronic auction site and EFRSB website of publication of the agreement the seller shall conclude with the Property Fund to control the construction period. In court UFAS position was supported by Saint-Petersburg KUGI. The court declared UFAS claim to contravene the present legislation.
“Trying to meet city requests the pledge creditor (Sberbank) included into the sale agreement conditions concerning the construction period (42 months) and necessity to conclude an agreement with the Property Fund.  For the present the agreement is signed and the deal is in full paid by the buyer. We are sure the new owner will successfully complete the project and a prolonged history of this plot development will come to the end. (Andrey Stepanenko, RAD general director).