MOSCOW, January 14. /ITAR-TASS/. Lawyers of Russian businessman Sergei Polonsky who is staying in Cambodia said they are ready to pay compensations to the participants in the Kutuzovskya Milya housing project.

"We're ready to meet on January 28 with the public interest group of participants in shared construction and sign an accord with them," a lawyer said adding that preliminary meetings had already been held.

Lawyers said the total sum of compensation to 80 co-investors amounts to some two billion rubles.

According to the lawyer, Polonsky has no money on his bank accounts at present. However, he has saved some money and he also has friends who are ready to help him out. "He rents an apartment in Cambodia and is working on returning his assets into his ownership," he said.

In Russia, Polonsky is a suspect in a grand fraud case. The investigator said a company controlled by Polonsky collected 5.7 billion roubles from participants in the Kutuzovskaya Milya housing construction project. The company then suspended the construction failing to meet its obligations under the contracts.

Its executives then initiated deliberate bankruptcy and company liquidation.