Beetham's Russian Link Close to Collapse ; Uncertainty As Moscow Court Freezes Assets of Co-Investor in Pounds 1bn Scheme

Summary

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THE Russian partner of Liverpool skyscraper developer Beetham is on the brink of collapse, putting a question mark over a pounds 1bn landmark scheme in London.

Earlier this year, the Daily Post reported that securing backing from the Mirax corporation and receiving planning permission for the development at London's Blackfriars was crucial to Beetham's future amid mounting debts. Billionaire Sergei Polonsky"s Mirax group took a pounds 112m stake in the project, but has now had its assets frozen by a Moscow court over a pounds 150m debt it is unable to meet. Mr Polonsky is reported to have said in Moscow: We haven"t managed to secure a single loan for construction, and in the past month we haven"t sold a single square metre of housing or collected any instalment payments for the real estate we"ve already sold.

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Beetham's Russian Link Close to Collapse ; Uncertainty As Moscow Court Freezes Assets of Co-Investor in Pounds 1bn Scheme

"We may not survive, but if we are destined to perish we will do it with our heads...

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