Royal Bank of Scotland appeals Russian court’s ruling in $296-million lawsuit
MOSCOW, January 11 (RAPSI) – The Royal Bank of Scotland N.V. has filed an appeal with the Eighteenth Commercial Court of Appeals against a lower court’s refusal to recover $296.6 million in debt from Chelyabinsk regional companies, the court documents read.
On November 30, the Chelyabinsk Regional Court ruled that the plaintiff missed the statute of limitation under Russian law, and dismissed the lawsuit.
This case is reviewed for the second time.
In May 2015, the Chelyabinsk Regional Court ruled to seize property of the defendants as part of the lawsuit. Regional companies were listed as guarantors in the contract signed between the Royal Bank of Scotland and Lavion Enterprises Ltd, a company registered at British Virgin Islands. In February 2016, the court recovered $296.6 million from the defendants.
In November 2016, the Eighteenth Commercial Court of Appeals upheld the ruling to recover debt.
In March 2017, the Ural District Commercial Court ruled to review the case once more.