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Hearing of MBRD subsidiary's bankruptcy appeal postponed

14:01 10/10/2011

MOSCOW, October 10 - RAPSI, Natalia Belova. A commercial court declared on Monday a recess until October 17 in its hearing of the Federal Tax Service's appeal for MBRD-Finance bankruptcy, the Russian Legal Information agency (RAPSI) reports from the courtroom.

MBRD-Finance is a subsidiary of the Moscow Bank for Reconstruction and Development, a top-30 Russian bank.

MBRD-Finance's debt is about 580 million rubles ($18 million), while its tax arrears are 401.6 million rubles ($12.5 million), plus penalties and fines.

General Director Grigory Tsyshnaty told RAPSI that MBRD-Finance disagrees with the tax service's arguments that served as the basis for its debt calculations. He said the company is determined to defend its position under the applicable laws.

According to a RAPSI source persons in control of MBRD-Finance may incur joint and several liability.

MBRD was established in 1993. It is the head company of the MBRD banking group comprising Dalkonbank (Khabarovsk) and East-West United Bank (Luxembourg). Its principal shareholder is JSFC Sistema (roughly 86 percent).

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Hearing of MBRD subsidiary's bankruptcy appeal postponed

14:01 10/10/2011 A commercial court declared on Monday a recess until October 17 in its hearing of the Federal Tax Service's appeal for MBRD-Finance bankruptcy.
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