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Moscow market appeals $14 mln award to state-run bank

15:23 17/02/2012

MOSCOW, February 17 - RAPSI. An appeals court will hear on March 12 a large Moscow market's appeal against a court decision to award the state-run Russian Agricultural Bank $13.97 million, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com).

The bank initially sought to recover 422.5 million rubles ($13.98 million) from the Cheryomushkinsky market and the Vinexim alcohol distributor.

The court slightly reduced the claim and held for the state-run bank in December. The court also levied execution on four buildings and a 1,407 square meter land plot pledged as security for the loan issued by the bank to the defendants. The court estimated the property at 1.4 billion rubles ($46.3 million).

The court dismissed the market's counterclaim to declare the guarantee agreement null and void.

The Russian Agricultural Bank told the court that it granted a 400 million ruble ($12.8 million) loan to Vinexim in 2010. The market was a guarantor for the loan. The guarantee pledged four buildings amounting to a total of 2.5 billion rubles ($80.25 million) to secure the loan. The bank claimed the loan's early repayment after Vinexim failed to pay interest since May 2011. The bank then filed a lawsuit with the Moscow Commercial Court. The loan was set to mature on November 3, 2011.

Founded in 2000, the Russian Agricultural Bank is one of the five largest banks in Russia. It is a 100-percent state-owned bank regulated by the Central Bank of Russia.

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Moscow market appeals $14 mln award to state-run bank

15:23 17/02/2012 An appeals court will hear on March 12 a large Moscow market's appeal against a court decision to award the state-run Russian Agricultural Bank $13.97 million.
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