Sergey Polonski Announced the Collapse of the Company "Mirax"

Russian construction "tajkun" that has become famous saying that anyone in Russia who does not become a billionaire is a loser, announced the collapse of the once giant company of his own.

Sergey Polonski, Head of Group "Mirax" (Mirax Group), which was last year on the list of the magazine "Forbes", the company of the estimated value of 1.2 mlrd USD, says that his company will suspend all works.

Last week the court took over all the property of "Mirax" for nonpayment of debt of 242 million USD, that stopped very attractive projects of the company, such as the Federation Tower in Moscow, which was scheduled for termination the next year.

Polonski in the year 2008. said that "those who do not have a billion are supposed to go to hell."

Now the things have been changed, he says.

- During the last year we were unable to provide even one square meter of construction, and in the last month we did not sell a single square meter, or we even have received the money for real estate we have already sold - he writes on his Web site.

- "Mirax" deals with the rough sea of the economic crisis and may not survive - Polonski said, adding that "if they are supposed to disappear, they will do that with raised head."

Analysts estimated debts of the "Mirax" on the 600 to 700 million USD.

The company "Mirax", among other things, has done the business and Montenegro