Lukashenka “fines” Iranian investors $2mn

Iranian investors missed the deadline for the construction of a shopping and leisure centre with offices and a hotel, so they will have to construct a building of the Supreme Court at their own expenses.

The relative decree was singed by Lukashenka, Belsat TV reports.

The investment project Magnet Minsk costing 250 million dollars is one of the most expensive foreign projects in Minsk. This is a giant complex near the National Library with a square of almost 200,000 square metres. Under the design project, it consists of two towers with offices and a hotel. A hypermarket, a cinema and an ice rink are located between the towers.

Kayson company, the Iranian investor, was to complete the construction by 2013, but missed the deadline. A special decree was issued to extend the deadline until 2016. In return, the investor “gives the Republic of Belarus 2 million US dollars not later than December 31, 2014, to design and construct a new building of the Supreme Court.”