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Deposit Insurance Agency fails to prove claim in shipbuilder's pledged shares

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17:00 26/10/2011

MOSCOW, October 26 - RAPSI, Alyona Yegorova. The Deposit Insurance Agency, which is Mezhprombank's bankruptcy manager, has failed to prove its claim in the Central Bank's lawsuit on the enforcement of a shipbuilder's pledged shares in the appeals court, the court told the Russian Legal Information Agency (RAPSI).

The Central Bank seeks to enforce 88.32 percent of the shares in Baltiysky Zavod, which were pledged in summer 2010 as a security for Mezhprombank loans worth 32 billion rubles ($1 billion).

The Central Bank Of Russian FederationThe Central Bank Of Russian Federation

Baltiysky Zavod's shares are under secondary pledge at Mezhprombank. The Deposit Insurance Agency says if the shares are sold in a public bidding under the Central Bank's lawsuit, Mezhprombank will be deprived of the right of pledge.

The agency intended to act as a third party in the case. However, the Moscow Commercial Court held against its petition in August. The appeals court upheld the judgment on October 24.

The agency currently acts as an intervener in the case.

It was earlier reported that the shipyard's shares were transferred to the United Industrial Corporation (OPK) for management. The shipyard was transferred to the OPK with its over 8 billion ruble ($262.2 million) debt.

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Deposit Insurance Agency fails to prove claim in shipbuilder's pledged shares

17:00 26/10/2011 The Deposit Insurance Agency, which is Mezhprombank's bankruptcy manager, has failed to prove its claim in the Central Bank's lawsuit on the enforcement of a shipbuilder's pledged shares in the appeals court.
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