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Torex will pay the Far East Development Corporation for an unrealized project

Special project TORA and Free Port

The Far East Development Corporation (KRDV) won a court case against Torex from the Khabarovsk Territory. Now the former resident of TOR must pay the Corporation almost 24,5 million rubles. These are penalties for violation of the clauses of the agreement and recovery of damages for expenses incurred by the RAC.

KRDV entered into an agreement with Torex LLC on the implementation of activities in the Khabarovsk priority development area in September 2015. The company pledged to build a mini-electric plant at 350, thousand tons of steel billets per year, as well as to make investments, including capital investments, to provide project documentation and engineering survey results in time.

Everything was ready for the project, but soon Torex acquired Amurmetal plant in Komsomolsk-on-Amur. Due to the large investments in this project, the company decided to freeze indefinitely the construction of a mini-plant near Khabarovsk. The agreement with KRDV in November last year terminated. However, the company did not fulfill its obligations and did not reimburse the management company for expenses incurred by it, including for electricity and gas. Under the terms of the agreement, Torex also had to pay the corporation a fine, since it violated its obligations, but did not. For this reason, the KRDC and appealed to the Arbitration Court of the Khabarovsk Territory.

As EastRussia was told in the press service of the CERD, the Corporation cannot allow residents to fail to comply with the terms of the agreements and cause inefficient spending of budget funds, which are used to provide tax preferences and other benefits, as well as to create engineering infrastructure. Now agreements with KRDV are concluded with 1 462 companies that are residents of TOR and SPV. The total investment in the framework of the signed agreements exceeded 2,93 trillion rubles. Activities are already being carried out by the 183 project residents.

The relationship between the CRDC, as the management company of the TOR, and the resident companies, is not the first to enter the judicial plane: how already reported EastRussia, the Corporation filed the first lawsuit against the resident of Epsilon-2 LLC, which was indebted for the lease of land in Komsomolsk-on-Amur. KRDV demanded to pay the debt on rent and penalty - in total more than 515 thousand rubles, and in November 2017 of the year won.

Then the authorities started talking about the need to initiate early termination agreements with residents of TOR, not fulfilling their obligations. The first resident with whom the agreement was terminated was the Far Eastern Agricultural Company (DSC), one of the initiators of the construction of milk and pork production facilities in the Mikhailovsky TOR in Primorye. The next in line was Samarga-Holding LLC. Arbitration Court of Primorsky Territory in October last year decided to terminate the agreement, and also about collecting from this company 599 500 rubles of a fine and 20 900 rubles of expenses on payment of the state duty.

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