IKEA perseveres in attempts to collect $1.2 million from ex-presidential candidate GrudininChristian Fernsby ▼ | May 15, 2019
IKEA's Russian division IKEA Mos has appealed against a court’s refusal to recover 79.5 million rubles ($1.2 million) from ex-presidential candidate Pavel Grudinin's TT Development company, according to court records.
Russia IKEA Mos
IKEA Mos is seeking from TT Development about 79.5 million rubles ($1.2 million) in penalties for the alleged breach of its obligations in connection with a land sale deal that was entered into on December 30, 2015.
TT Development guaranteed that there were no obstacles to the deal that was invalidated by Commercial Court of Moscow Region in March 2018, claims IKEA Mos.
The multi-million-ruble deal was unfavourable for the farm shareholders, and Grudinin acknowledged that he had no right to conclude it, the court ruled.
Representatives of TT Development blame IKEA Mos for excessive use of right saying that the company does not possess the disputed land anymore. ■