PRESS-SERVICE INFORMS

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28.01.2020
PRESS-SERVICE INFORMS

ON RECOVERY OF THE LOCAL BUDGET FOR THE BENEFIT OF THE BUILDER 365 MILLION UAH

BUDEVOLYUTSIYA Ltd. asserted its legal right to compensation from the city budget 365 million UAH , which were spent for the construction of engineering infrastructure. Thus, the developer of Patriotyka and Patriotyka on the Lakes Residential complexes has won an important victory in lawsuits.

Northern Commercial Court of Appeal 28.01.2020. confirmed the validity of the decision of the Economic Court of Kyiv in the case # 910/7707/19 on recovery from the local budget in favor of the developer of 365 million UAH as compensation for the costs incurred in the construction of the engineering and transport infrastructure. In fact, the court upheld the legal position of BUDEVOLYUTSIYA LLC and concluded that the developer had fulfilled his obligations to the city and according to the law, should receive appropriate compensation.

Recall that the structural divisions of the KSCA for a long time evaded compensation from the local budget of the funds the developer spent on the construction of urban engineering infrastructure facilities, fulfilling the technical conditions, issued by the city administration. This, in turn, made it impossible to allocate the appropriate financial resources for the completion of investment funds.

It should be noted that the decision of the Northern Commercial Court of Appeal put an end to this controversial issue and, above all, protected the legitimate rights and interests of investors. In fact, at their own expense, these facilities were constructed for the engineering infrastructure of the city.

In the end, the court decision to recover from the local budget in favor of the developer 365 million UAH. it has come into force and will be submitted shortly.

We assure that the developer, in partnership with ARCADA, will continue to make every effort to protect the investments involved and to protect the rights of investors.

WE CONGRATRULATE OUR INVESTORS ON THIS VICTORY AND THANK YOU FOR YOUR SUPPORT!