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Central Bank to manage shipbuilder's secured shares

14:24 18/10/2011

MOSCOW, October 18 - RAPSI, Dmitry Shchitov. A court has ruled to transfer to the Central Bank the shares of Severnaya Verf shipbuilding plant pledged as a security for a $1 billion loan granted by Mezhprombank, the court told the Russian Legal Information Agency (RAPSI).

The Central Bank Of Russian FederationThe Central Bank Of Russian Federation

The Central Bank earlier said the value of the secured shares reduced in the result of the poor management. The bank also said the June 29 report submitted by the Audit Chamber proves that the shipbuilder's management is ineffective.

With its decision, the Moscow Commercial Court held for the Central Bank's petition to grant interim measures. The defendants in the bank's lawsuit are five companies which own the secured shares.

The court also ordered the national Settlement Depository to register the Central Bank's right to manage the shipbuilder's shares (112,082 shares) until the court orders to sell them.

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Central Bank to manage shipbuilder's secured shares

14:24 18/10/2011 A court has ruled to transfer to the Central Bank the shares of Severnaya Verf shipbuilding plant pledged as a security for a $1 billion loan granted by Mezhprombank.
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