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State enterprise obligated to pay $33.8 mln to bank

14:53 14/11/2011

MOSCOW, November 14 - RAPSI, Natalya Belova. A commercial court satisfied Transcreditbank's lawsuit to recover from the Mosstroyresurs state enterprise $33.8 million in loan debts, the court told the Russian Legal Information Agency (RAPSI) on Monday.

Mosstroyresurs was founded in 1996 by Moscow Mayor Yuri Luzhkov's decree. Mosstroyresurs supplied construction materials for the Moscow construction sector.

Transcreditbank is a bank serving Russia's railway monopoly Russian Railways.

The parties concluded a contract on providing the enterprise a loan worth one billion rubles ($33 million) with a 13-percent annual interest rate. Under the payment schedule, the loan was set to be paid from August 1, 2011 to November 2, 2013.

The enterprise was not duly fulfilling its obligations. At first the bank demanded that it pay back the loan. Then the bank submitted a lawsuit to the court validating its claim to recover the debt.

The court obligated the enterprise to pay one billion rubles ($33 million) in primary debt and 25.3 million rubles ($835,000) in interest.

The case was examined in Mosstroyresurs' absence, which was not duly notified.

Earlier, it was reported that several lawsuits were filed with the Moscow Commercial Court after Russian Joint-Stock Commercial Roads Bank (RosDorBank) submitted an application on the company's insolvency in July. The court was scheduled to continue hearing RosDorBank's lawsuit on December 5.

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State enterprise obligated to pay $33.8 mln to bank

14:53 14/11/2011 A commercial court satisfied Transcreditbank's lawsuit to recover from the Mosstroyresurs state enterprise $33.8 million in loan debts.
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