Appeals court to hear BTA bank appeal in $82.7 mln suit

16:43 26/08/2011

MOSCOW, August 26 - RAPSI, Alyona Yegorova. The Ninth Commercial Court of Appeals has scheduled September 19 to hear Kazakhstans BTA Banks appeal of a lower court ruling to dismiss its lawsuit against the 12 Months supermarket chain (Russia) to recover $82.679 million in loan repayment, the court told the Russian Legal Information Agency (RAPSI).

The lawsuit was dismissed in June.

Vash Put, Vash Put Trading House, 12 Months of Success Trading House and Oplot are co-defendants.

A BTA representative told RAPSI that the bank entered into a loan agreement with Cypriot Vabene Investments Limited on November 10, 2005. The supermarket chain acted as guarantor. As the borrower did not repay the loan according to the contract terms, the creditor turned to the Moscow Commercial Court with a request to recover the debt from the guarantor.

BTA is Kazakhstans second largest bank in terms of assets.

The supermarket chain 12 Months Group was organized in 1999. As of early 2008 the chain comprised 30 outlets, including 18 company owned stores.

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