KRASNOYARSK, December 14 - RAPSI. The Krasnoyarsk Territory Commercial Court has initiated a monitoring procedure in Maklakovsky LDK, Siberia's oldest timber export complex, as part of the lawsuit filed by International Investor for Trading, the court told RIA Novosti on Friday.

International Investor for Trading is based in Amman, Jordan.

"The court recognized the claims of the Jordanian company to place the main debt, in excess of 415 million rubles ($13.6 million), third on the list of creditor's claims. Mikhail Galynsky has been appointed the temporary bankruptcy receiver," the court said.

The next hearing has been set for February 1, 2013.

Pursuant to the court materials, in February 2011, Maklakovsky LDK signed a contract with the Jordanian company for the supply of 700,000 cubic meters of converted timber in 2011-2015 worth around $164.312 million.

After the execution of the contract, the complex failed to supply products it owed, despite the advance payment it had received.
The Jordanian company took the matter to the court.

In January 2012, the Third Commercial Court of Appeals ruled that Maklakovsky LDK should pay 415 million rubles ($13.6 million) in favor of International Investor for Trading.

A bankruptcy lawsuit was submitted to court on July 19, 2012 as the timber company was not able to pay the funds as ordered by the court.

Maklakovsky LDK mainly dealt with European and North African markets. As of March 31, 2012, 51 percent of the company's shares belonged to FORESTHOLDING (Astana, Kazakhstan) and 49 percent to the Investment Fund of Kazakhstan (Almaty).