Swiss property firm may contest VimpelCom’s rent deal over devaluation

MOSCOW, Dec 31 (PRIME) – Swiss company Eastern Property Holdings Ltd (EPH) may contest a decision of the Moscow Arbitration Court to revise a hard currency rent agreement between Russian telecoms company VimpelCom and EPH’s affiliate Tizpribor due to the ruble devaluation, EPH said in a statement on Thursday.

EPH said the court ruled that a rate of 42 rubles per dollar must be applied under a lease agreement of the Hermitage Plaza Building between a major lessee and a group entity of EPH if the official exchange rate is higher than 42 rubles.

“The court resolution does not have an immediate effect, and has not entered into legal force yet. Under Russian law, Eastern Property Holdings Ltd has 30 days to explore appeal options,” the statement said.

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