Lipetsk Mall Owners Get Chance for Settlement in Billion-Ruble VEB Dispute

© Новости Липецка

Lipetsk Arbitration Court has decided to take its time in a billion-ruble dispute over the L`CITY shopping and entertainment center, according to "Lipetsk News".

At a preliminary hearing on the lawsuit filed by state corporation VEB.RF against Global City LLC, the court postponed the proceedings until April 1. The owner of the shopping center requested a pause to finalize a settlement project and resolve the conflict amicably.

The essence of the claims is as follows: VEB.RF is demanding 1.2 billion rubles - this is the principal debt under the assignment agreement of 1.017 billion plus penalties and fines amounting to 186 million. Previously, the corporation transferred to Global City the right to claim against the company Yug-Agro for more than 2 billion rubles, with the real estate of the shopping center as collateral: a building of 26,425 square meters and plots of 66,000 square meters. The initial cost of the assets at auction is about 481 million rubles. According to the plaintiff, the tenant missed the installment payment, took out loans without permission and did not submit complete reports.

This is not the only trouble for L`CITY. Just two months ago, in December 2025, parallel lawsuits from the Lipetsk Regional Antimonopoly Service (UFAZ) emerged. Antimonopoly officials are challenging leases with key tenants: a contract with ProdTorg JSC for 390 square meters (since April 2024) and with Agrotorg LLC ("Pyaterochka") for 599 square meters. The Federal Antimonopoly Service (FAS) sees violations of competition law and demands the termination of these deals, returning the premises.

Whether Global City will be able to negotiate and resolve its numerous problems remains to be seen.