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Major insurer appeals decision in BNP Paribas and Russian Machines case

15:26 30/09/2011

MOSCOW, September 30 - RAPSI, Alyona Yegorova. Ingosstrakh Investments filed an appeal against BNP Paribas and Russian Machines to invalidate a guarantee agreement for a $1.2 billion loan, the Russian Legal Information Agency (RAPSI) was told in court on Friday.

Ingosstrakh Investments is an investment firm founded in March 1997.

Russian Machines was founded in 2005 through the consolidation of Basic Element's machine-building assets and operates several divisions. It is a subsidiary of Basic Element owned by renowned Russian businessman Oleg Deripaska.

BNP Paribas is a leading European banking and financial services company. It has offices in 84 countries.

Ingosstrakh-Investments sought the court's nullification of an agreement reached in October 2008 between Russian Machines and BNP Paribas. The agreement aimed to guarantee a $1.2 billion loan that the bank extended to Russian Machines' subsidiary, the Veleron Holding B.V. (Netherlands), to buy a 20-percent stake in Magna, a leading international car parts manufacturer.

The Moscow Commercial Court dismissed Ingosstrakh-Investments' lawsuit on October 8.

The Commercial Court dismissed the lawsuit under the statute of limitations. According to the court, the plaintiff also provided no proofs that the agreement in dispute inflicted harm to it.

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Major insurer appeals decision in BNP Paribas and Russian Machines case

15:26 30/09/2011 Ingosstrakh Investments filed an appeal against BNP Paribas and Russian Machines to invalidate a guarantee agreement for a $1.2 billion loan.
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