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Absolut Bank loses $52 mln lawsuit against bankrupt developer

13:55 23/09/2011

MOSCOW, September 23 - RAPSI, Sergei Feklyunin. A commercial court has dismissed Absolut Bank's lawsuit against Technopark Sintez for 1.544 billion rubles ($52 million), the court told the Russian Legal Information Agency (RAPSI) on Friday.

A part of the KBC Group, a major European financial group, Absolut Bank was founded in 1993. The bank is a top-25 Russian bank according to its assets and leads the market in trade financing. The bank had 71 offices in 24 regions in Russia.

Technopark Sintez owns the Technopark Sintez business center in southern Moscow.

This was not the bank's first action against the developer. The Moscow Commercial Court dropped a claim for the same amount upon the plaintiff's request in April.

The court launched bankruptcy proceedings against Technopark Sintez on August 22.

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Absolut Bank loses $52 mln lawsuit against bankrupt developer

13:55 23/09/2011 Commercial court has dismissed Absolut Bank's lawsuit against Technopark Sintez for 1.544 billion rubles ($52 million).
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