42 mln euro dispute between Nomos-Bank and Amtel to continue
MOSCOW, September 15 - RAPSI. A commercial court will hear on September 30 the lawsuit on awarding Nomos-Bank, Russian major financial institution, 42.256 million euro from the leading tire manufacturer, Amtel-Vredestein N.V, the Russian Legal Information Agency (RAPSI) reported on Thursday.
Amtel Group is a leading tire manufacturer, which used to consist of the Vredestein Banden tire plant in Holland and the Russian Amtel Vredestein holding. Its share on the Russian market is 30 percent. The Dutch plant was purchased by Indias Apollo Tyres in 2009.
Nomos-Bank is one of Russias top 30 banks. It is a universal financial institution.
Nomos-Bank and Amtel-Vredestein entered into a loan contract worth 40 million euro with a nine-percent annual interest rate and a repayment term of up to 2009 in 2007.
In order to secure the contract's execution, the bank entered into guarantee agreements with the tire manufacturer's five subsidiaries. Additionally, Amtel-Vredestein pledged 275,000 of the Amtel-Chernozemye Tire Production Complex's shares worth $68.75 million to secure the loan.
As Amtel-Vredestein did not repay the loan in due time, the bank turned to the Moscow Commercial Court in 2009 with the request to recover the debt from the borrower and its guarantors.
Nomos-Bank's claims against Amtel-Vredestein and its five subsidiaries were joined into a single lawsuit.
The hearings have been postponed several times. The postponements were frequently the result of the defendant not having been notified of the hearing dates.