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Leading private bank to settle $17 mln dispute with developer

17:38 10/10/2011

MOSCOW, October 10 - RAPSI, Natalia Belova. Alfa Bank and the Peresvet construction group have reached an amicable agreement to settle a 17.34 million lawsuit filed by the bank, the Russian Legal Information Agency (RAPSI) reports from the courtroom.

The bank's representative asked the court on Monday to delay the settlement's approval. He said Peresvet-Invest, a defendant in the case, was obligated to transfer $1 million in debt interest on October 10. However, the bank did not receive a confirmation on the money transfer, he added.

The court postponed the hearing until October 13.

Peresvet-Invest, the head company of the Peresvet Group, was founded in 1995 as a real estate agency. It presently incorporates investment and development, agricultural and industrial and financial and insurance businesses.

Founded in 1990, Alfa Bank is the largest private bank in Russia in terms of assets, own capital and customer accounts.

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Leading private bank to settle $17 mln dispute with developer

17:38 10/10/2011 Alfa Bank and the Peresvet construction group have reached an amicable agreement to settle a 17.34 million lawsuit filed by the bank.
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