Mega-builder who scoffed at recession goes under
A RUSSIAN construction magnate who made headlines for saying that anyone who failed to become a billionaire in Russia could “go to hell” has admitted his once titanic company is going under.
Mirax Group CEO Sergei Polonsky was worth $1.2 billion in 2008 according to Forbes magazine. A court last week froze Mirax’s assets for its failure to repay a $242 million loan.
Polonsky used to urge reporters not to blow the economic downturn out of proportion. Now, his tune has changed.
“During the past year, 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,” he writes in his blog.
As a private company Mirax is not obliged to detail its finances, but the company’s debt is estimated at $600700m– Reuters