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Court dismisses abandonments filed by parties in $34 mln dispute

14:49 11/10/2011

MOSCOW, October 11 - RAPSI, Sergei Feklyunin. A commercial court has dismissed Imex Capital Incorporated's abandonment of its $33.74mln lawsuit against the PIK Group and the PIK's abandonment of its counterclaim, the Russian Legal Information Agency (RAPSI) reports from the court.

Founded in 1994, the PIK Group became the most highly valued Russian development company with an IPO in London in 2007. The company's capitalization exceeded $12 billion at the time. It is mostly involved in property development, construction and sale.

The court also refused to satisfy an amicable agreement. The agreement was not signed by the third parties to the dispute - Izh-Stroy, Real Estate Consultants Limited and Andrei Oskolkov.

The parties earlier said that Oskolkov sold a 100-percent stake in Izh-Stroy to the PIK Group in June 2008. PIK was obligated to transfer to Oskolkov $58.15 million in four tranches by March 2009. However, the third and fourth tranches were never transferred.

In December 2009, Oskolkov assigned his right of claim to Imex Capital Incorporated ltd.

Imex Capital requested the debtor to pay the debt. However, after failing to receive the money, Imex filed a lawsuit with the Moscow Commercial Court.

In particular, the company sought to recover $29.08 million in principal debt and $4.65 million in interests.

The PIK Group filed a counterclaim to cancel the assignment of claim contract between Oskolkov and Imex.

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Court dismisses abandonments filed by parties in $34 mln dispute

14:49 11/10/2011 A commercial court has dismissed Imex Capital Incorporated's abandonment of its $33.74mln lawsuit against the PIK Group and the PIK's abandonment of its counterclaim.
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