"Sea House" Faces Demise: Resident of Vladivostok Freeport Declines Funding for His Venture
The Far East and Arctic Development Corporation (FEDC) has taken a significant step in dissolving agreements with two companies, LLC "Kiu I" and LLC "Terminal Primorye", over investment projects in the Free Port Vladivostok special economic zone.
According to reports, the total combined investment for the two projects, a hotel-residential complex named "House in the Sea" and a universal logistics complex, amounts to approximately 8 billion rubles. The agreement for both projects was signed from 2017 to 2021.
The investment for the universal logistics complex project was 2 billion 633 million 730 thousand rubles, while the total investment for the "House in the Sea" project was 5 billion 733 million 655 thousand rubles.
In the case of LLC "Kiu I", the FEDC discovered violations in the company's fulfillment of obligations. Specifically, no capital investments were made, and no quarterly reports were submitted. The dispute could not be resolved through negotiations, and a court hearing is scheduled for August 22.
Regarding the dispute with LLC "Terminal Primorye", the court hearing for the dissolution of the agreement is not currently scheduled. The FEDC has a history of seeking to dissolve agreements with companies that fail to fulfill their obligations in investment projects.
The universal logistics complex project, like the hotel-residential complex, was planned for the time period of 2017 to 2021. The FEDC has not specified the reasons for wanting to dissolve the agreement with either company, but earlier issues with LLC "Kiu I" involved unfulfilled obligations and lack of capital investments and quarterly reports.
PrimaMedia reported on both cases of the FEDC wanting to dissolve agreements with LLC "Kiu I" and LLC "Terminal Primorye". However, search results do not contain any information regarding the legal dispute between the FEDC and LLC "Kiu I" over the "House in the Sea" investment project.
It is important to note that if you need detailed or current information, you may need to consult Russian legal databases, official court records, or news sources specializing in Russian corporate or special economic zone developments.
The planned project for LLC "Terminal Primorye" was a universal logistics complex, with a total capital object area of 40,000 square meters. The FEDC sent a notice to remedy the violations and provide supporting documents to LLC "Kiu I", but the company did not fulfill this condition. The dispute with LLC "Terminal Primorye" could not be resolved through negotiations.
The planned hotel-residential complex "House in the Sea" was to cover a total capital object area of 10,800 square meters. The FEDC is seeking to dissolve the agreement with LLC "Terminal Primorye" through the Arbitration Court of Primorsky Krai.
In the finance industry, the Far East and Arctic Development Corporation (FEDC) is pursuing legal action against two companies, LLC "Kiu I" and LLC "Terminal Primorye," due to unfulfilled obligations in their investment projects in the Free Port Vladivostok special economic zone. The total capital investment for the two projects was approximately 8 billion rubles. Specifically, LLC "Kiu I" was accused of failing to make capital investments and submit quarterly reports, leading to the scheduled court hearing on August 22.
