MOSCOW, February 21 - RAPSI. The Supreme Commercial Court Presidium has remanded the $104 million dispute between Russia and Leramony Associates for reconsideration.
On November 29, 2010, the state-run Vnesheconombank was ordered to register Leramony Associates as a debt holder under product supply contracts. The court also obligated the Finance Ministry to pay the $104.2 million debt to Leramony Associates.
An appeals court upheld the decision.
However, the Moscow District Federal Commercial Court revoked the decision upon the Finance Ministry's request in June 2011.
According to the case materials, Prodintorg and Italgrani SpA entered into goods supplies contracts on foreign economic cooperation. However, Prodintorg defaulted into its contractual obligations and failed to pay for supplies.
The lawsuit reads that Meinl Bank AG assigned Leramony Associates rights previously acquired from Progetto Grano SPA, which received the rights from Italgrani SpA.
The Finance Ministry believes that Russia agreed to consider such debts on specific and established terms and that it is not bound to pay the debts.