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State-run Sberbank settles $69 mln dispute with developer

11:42 14/09/2011

MOSCOW, September 13 - RAPSI, Sergei Feklyunin, Anna Demidova. Russia's largest bank, Sberbank, has settled with Dial Stroy Invest in its $69 million suit against the development company, the Russian Legal Information Agency (RAPSI) reported

However, the judge refused to approve the settlement on Tuesday since the bank had not yet signed it. According to Sberbank's representative, it was unable to sign the agreement for "technical reasons."

The court postponed further hearings until September 16.

Dial Stroy Invest acted as a guarantor for a loan granted by Sberbank to Real Estate Service, a company that sells new housing on behalf of the Moscow government and is a third party in the case. The loan was for the construction of housing in Sochi.

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State-run Sberbank settles $69 mln dispute with developer

11:42 14/09/2011 Russia's largest bank, Sberbank, has settled with Dial Stroy Invest in its $69 million suit against the development company.
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