MOSCOW, April 16 - RAPSI. The Supreme Court of Cyprus has canceled the Nicosia District Court's ruling that prohibited Kopernik (previously MIAN) investment group owner Alexander Senatorov from managing his Cypriot assets, the group said in a statement.
The ban was imposed after Alfa Bank affiliate Dalemont Limited launched a lawsuit in November 2011 to collect its debts from Senatorov.
The conflict between Alfa Bank and Senatorov flared up over $185 million in loans in 2009. Two of Senatorov's business centers and several other properties in central Moscow were sold to repay around $141 million in outstanding debt.
Alfa Bank then appealed to the court to collect the remaining loans worth $42 million and a $30 million penalty from Senatorov. The Meshchansky District Court granted Alfa Bank's claim in part, ruling that Senatorov was responsible for the earlier loan.
The businessman has resumed control over part of his business and assets in Russia, Cyprus, Croatia and Bulgaria, as well as his shareholdings in several Russian companies.
Kopernik is a Russian development holding, with assets estimated worth over $220 mln.