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DIA to attract foreign law firm to litigate against Mezhprombank beneficiary

13:29 25/10/2012

ST. PETERSBURG, October 25 - RAPSI. The Deposit Insurance Agency will attract a foreign law firm to litigate against the beneficiary of Mezhprombank in London, Valery Miroshnikov, the first deputy head of the agency, told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Thursday.

"It is useless to litigate against nominal beneficiaries, but almost all the documents have been signed by them," he said. "The beneficiary is abroad. We have decided to attract a foreign law firm to litigate in London."

The Bank of Russia revoked the International Industrial Bank's (Mezhprombank) license in October 2010. The bank was controlled by former Senator Sergey Pugachyov, who failed to use the chance that he was given to settle all outstanding issues with Russian and foreign creditors.

For a long time, the bank was among the top 30 in Russia. In 2000, it increased its charter capital to 25 billion rubles ($798.3 million), which was an unprecedented amount at the time.

Mezhprombank owed 32 billion rubles ($1.02 billion) in unsecured debt to the Bank of Russia.

In late July 2010, the Bank of Russia took the unprecedented decision to restructure its debt, having extended the payment period and turned the unsecured debt into secured debt.

The shares of companies belonging to Pugachyov's United Industrial Corporation's Sudostrenie division allowed for the move.

However, the measure failed to help Mezhprombank. The Bank of Russia remained with the pledge, the amount of which is still being disputed.

In 2010, Mezhprombank was found bankrupt. The Deposit Insurance Agency was appointed its bankruptcy receiver.

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DIA to attract foreign law firm to litigate against Mezhprombank beneficiary

13:29 25/10/2012 The Deposit Insurance Agency will attract a foreign law firm to litigate against the beneficiary of Mezhprombank in London.
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