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Cypriot firm’s appeal against order to pay Trust Bank $29 mln set for Apr.27

17:35 06/04/2016

MOSCOW, April 6 (RAPSI) - The Ninth Commercial Court of Appeals on April 27 will consider an appeal filed by Cyprus-based Siberiankd Timber Enterprizes Limited against recovery of over 2 billion rubles ($29 mln) in favor of Trust Bank, according to court records.

In October, the Moscow Commercial Court granted a lawsuit by the bank seeking repayment of the company’s debts under two credit line agreements signed on April 3, 2013 and on July 23, 2013.

For the first half of 2015, Trust bank filed about 20 lawsuits against companies registered in the offshore jurisdictions worth over 32 billion rubles ($464.5 mln) and over $94 million. Business media outlets reported that some of these companies were associated with the former owners of the bank.

Midsized lender Trust Bank reported losses of 18.8 billion rubles (about $273 mln) in 2014 amid the financial crisis. As of December 1, 2014, its assets were estimated at over 290 billion rubles ($4.2 bln).

The Central Bank estimated that the bank’s debts exceeded the value of its assets by 67.8 billion rubles ($984 mln).


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Cypriot firm’s appeal against order to pay Trust Bank $29 mln set for Apr.27

17:35 06/04/2016 The Ninth Commercial Court of Appeals on April 27 will consider an appeal filed by Cyprus-based Siberiankd Timber Enterprizes Limited against recovery of over 2 billion rubles ($29 mln) in favor of Trust Bank.
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