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Appeal in lawsuit against BNP Paribas and Russian Machines turned down

14:48 12/04/2012

MOSCOW, April 12 - RAPSI. The Moscow District Federal Commercial Court has turned down the appeal against the dismissal of Ingosstrakh Investments' lawsuit against BNP Paribas and Oleg Deripaska's Russian Machines.

Ingosstrakh Investments sought to invalidate a guarantee contract issued by Russian Machines to BNP Paribas in October 2008. The contract was signed to partially secure a $1.2 billion loan that BNP Paribas granted to Russian Machines' subsidiary the Veleron Holding B.V. in 2007. The loan was granted to acquire a 20 percent stake in the Canadian Magna car parts vendor.

The Socium nongovernmental pension fund appealed the decision, as the company acts in Ingosstrakh Investments' interests.

The court explained that Socium's shares in Russian Machines were withdrawn from trust management. The fund seeks to replace the plaintiff as it will defend its own interests in court.

The bank challenged the replacement, alleging that Socium failed to prove that it owned shares at the time when the appeals were filed. The court decided to suspend the case as the defendant submitted the bulk of evidence to prove its case.

The appeals court concluded that the plaintiff's claim is unfounded. The court also said the statute of limitations has expired.

Ingosstrakh Investments manages Socium's shares in Russian Machines. The plaintiff reported that Russian Machines assumed responsibility under an unpaid loan worth $1.087 billion.

The Veleron Holding B.V. has been attracted to the proceedings as a third party by the plaintiff.

Consultrend Enterprises Limited and Alta-Britt Interholding Limited, which are shareholders in Russian Machines, are third parties to the dispute.

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Appeal in lawsuit against BNP Paribas and Russian Machines turned down

14:48 12/04/2012 The Moscow District Federal Commercial Court has turned down the appeal against the dismissal of Ingosstrakh Investments' lawsuit against BNP Paribas and Oleg Deripaska's Russian Machines.
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