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Kazakh bank wins Russian court's support in $103 mln lawsuit

14:39 20/10/2011

MOSCOW, October 20 - RAPSI, Dmitry Shchitov. A court has held for BTA Bank's petition to enforce in Russia the Kazakh court's decision to award it $103 million in a lawsuit against a large refinancing company, the court told the Russian Legal Information Agency (RAPSI).

BTA Bank is the second largest bank in Kazakhstan in terms of assets. It operates 22 affiliates and 193 offices.

ATTA Mortgage (formerly known as BTA Mortgage), a defendant in the case, is a major Russian non-banking refinancing institution established in 2005, according to the company.

The court dismissed the defendant's arguments that it was not duly informed about the trial held by the Almaty Specialized Interdistrict Economical Court.

The Moscow Commercial Court decided that the case documents prove that ATTA Mortgage was well informed about the trial in Kazakhstan.

The Moscow Commercial Court commenced proceedings over ATTA Mortgage's bankruptcy on October 11, 2010. The court initiated a supervisory procedure on February 2, 2011.

ATTA Mortgage's lawyer said at the bankruptcy hearing that the company's debt was 8.17 billion rubles ($264 million) as of August 13, 2010. He also said had no funds to repay the debt.

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Kazakh bank wins Russian court's support in $103 mln lawsuit

14:39 20/10/2011 A court has held for BTA Bank's petition to enforce in Russia the Kazakh court's decision to award it $103 million in a lawsuit against a large refinancing company.
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