MGAP successfully defends over a claim for penalties in the sum of $96K

The Government of Moscow claimed that MGAP’s client broke the terms of an investment contract in particular the terms relating to the period for payment of compensation to the city. The arbitration court agreed with MGAP’s conclusion that based on the terms of the agreement and actions of the parties on completion, no arrears were due. The court disallowed the Government of Moscow from claiming penalties from MGAP’s client.