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MTS loses $30 mln suit against former head of bankrupt cell phone retailer

13:36 10/09/2013

MOSCOW, September 10 (RAPSI) - The Moscow Commercial Court has rejected the lawsuit filed by Mobile TeleSystems (MTS) for 914.7 million rubles (around $27.5 million) in damages from Marina Kovalyova, former chief executive of cell phone retailer BetaLink, RAPSI reports from the court.

Earlier, the court granted MTS' request to subpoena experts conducted an examination. One of the experts said in particular that BetaLink had evidence of premeditated bankruptcy.

MTS, the creditor in BetaLink's bankruptcy proceedings, wanted the money to be collected on behalf of the bankrupt company.

BetaLink filed for bankruptcy in 2009. On February 18, 2010, the Moscow Commercial Court declared the company bankrupt and appointed a bankruptcy receiver to oversee the procedure. In February 2013 the court suspended the bankruptcy case at the request of MTS until a ruling was made on the possible subsidiary liability of former BetaLink managers.

BetaLink was established in 1996. Its turnover in 2008 was 9.7 billion rubles ($291 million at the current exchange rate).

Mobile TeleSystems (MTS) is one of the top three Russian multiservice telecom operators. It provides mobile and fixed-line communication services and broadband Internet access, as well as digital and analog TV services. Its main shareholder is Sistema, one of Russia's top 10 companies by revenue and one of the largest publicly traded diversified holding companies in the world.

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MTS loses $30 mln suit against former head of bankrupt cell phone retailer

13:36 10/09/2013 The Moscow Commercial Court has rejected the lawsuit filed by Mobile TeleSystems (MTS) for 914.7 million rubles (around $27.5 million) in damages from Marina Kovalyova, former chief executive of cell phone retailer BetaLink.
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