Russian court dismisses Ulmart move to invalidate $17 mln contract with Sberbank
MOSCOW, September 1 (RAPSI) – The Commercial Court of St. Petersburg and the Leningrad Region has dismissed a petition of Russian Internet retailer Ulmart seeking to invalidate its non-revolving credit facility agreement worth over 1 billion rubles (about $17 million at the current exchange rate) with Sberbank, RAPSI learnt in the courtroom on Friday.
Earlier, the court has dismissed a move of Ulmart Development, a firm within Ulmart group of companies, to dismiss a Sberbank claim to recover 1 billion rubles under a revolving credit facility agreement with three Ulmart subsidiaries.
In a separate lawsuit Sberbank also seeks foreclose on Ulmart property mortgaged in March of 2016. The case is to be examined by court on September 8.
The group of companies Ulmart is the largest Russian private Internet holding focusing on e-commerce segment. The company’s distribution network consists of over 400 sales outlets across more than 240 Russian cities and towns.