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Court to hear $20 mln dispute between BNP Paribas and agricultural companies

12:55 03/11/2011

MOSCOW, November 3 - RAPSI, Natalia Belova. An appellate court will hear on November 24 appeals filed by Russian agricultural companies against a court decision to award $20 million to BNP Paribas, a subsidiary of France's BNP Paribas Group, the court told the Russian Legal Information Agency (RAPSI) on Thursday.

BNP Paribas has been operating since 2002. Among other services, the bank provides loans to Russian companies.

The bank sued the companies for five loans granted in 2010. The bank's lawyer said the loans were granted to Kubankhlebproduct while Rosinteragroservice was a guarantor.

The agricultural company was obliged to repay the loans by the end of 2010, however, it defaulted in loan repayment.

The primary court awarded the bank $19.989 million in principal debt and $10,300 in penalties in its lawsuit against Kubankhlebproduct and Rosinteragroserviceо. The court also ordered Kubankhlebproduct to pay $69,600 in penalties for the loans.

The bank initially sought to recover $20.069 million, but later increased the claim to $20.378 million. The bank claimed $19.989 million in principal debt and $388,700 in penalties for five loan contracts signed in 2010.

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Court to hear $20 mln dispute between BNP Paribas and agricultural companies

12:55 03/11/2011 An appellate court will hear on November 24 appeals filed by Russian agricultural companies against a court decision to award $20 million to BNP Paribas, a subsidiary of France's BNP Paribas Group.
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