Court rules against Gazprombank in $104 mln suit against Far Eastern steelworks
MOSCOW, December 27 - RAPSI, Natalia Belova. A court has ruled against Gazprombank in its $104 million lawsuit against a Far Eastern steel manufacturer, the Russian Legal Information Agency (RAPSI /rapsinews.com) reported.
The hearing was held by the Khabarovsk Territory Commercial Court. Meanwhile Gazprombank's representatives participated in the hearing via a video-conference link from the Moscow Commercial Court, as Gazprombank does not have any representatives in Khabarovsk.
Gazprombank's lawsuit centers upon the five unpaid loans granted to Amurmetal in 2005 and 2008. Amurmetal entered into an amicable agreement with its creditors in December 2009 as part of it bankruptcy case. The bank's claim in the steelmaker's bankruptcy case was the same as its claim in this lawsuit.
Amurmetal is the largest steel manufacturer in the Far East. It operates steelmaking facilities capable of producing 2.15 million tonnes of steel per year. It employs about 4,000 people.
Amurmetal was forced to close its operations in May 2009 due to financial troubles and an unfavorable situation on global markets. Manufacturing resumed in July at half capacity.