MOSCOW, August 20 - RAPSI. The Moscow Commercial Court will hear on October 24 the Penitentiary Service's lawsuit to recover $920,000 from SMP Bank, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Monday.
The two brothers Arkady and Boris Rotenberg are the bank's major shareholders.
The service said at the preliminary hearing that it seeks to collect funds under a bank guarantee. Earlier, it contracted GLOSAV to supply on-board navigation equipment for motor vehicles.
The bank acted as the guarantor under the contract.
When the bank failed to perform its obligations under the contract, the service sought payment from the bank in January and then filed a lawsuit against the bank.
The court has already satisfied the service's lawsuit to terminate the public contract. Meanwhile, the bank has claimed that the service did not execute its request in due manner and denied the recovery.
The court has involved GLOSAV as a third party.
SMP Bank has been operating since 2001 and offers services to individuals and entities, including financial institutions. It is a top-50 Russian bank.