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Court approves settlement of Alfa-Bank's $15.7 mln dispute with developer

14:52 13/10/2011

MOSCOW, October 13 - RAPSI, Dmitry Shchitov. A court has approved an amicable settlement of a $15.65 million dispute between Alfa-Bank and the Peresvet Group's subsidiaries, the Russian Legal Information Agency (RAPSI) reported from the courtroom.

The co-defendants in the Alfa-Bank's lawsuit agreed to pay $15.65 million to the claimant in debt under the loan. They also committed to pay 10% annual interest, according to the settlement. The parties did not specify the deadline for the debt repayment.

The claimant reduced its claim as the defendants partially repaid the debt.

Founded in 1990, Alfa-Bank is Russia's largest private bank in terms of assets, stockholders' equity, and accounts. Its RAS net profit jumped to 2.99 billion rubles ($95.3 million) in 2010 compared to a 2.1 billion ruble in 2009.

The Peresvet Group's parent entity Peresvet-Invest was established in 1995 as a real estate agency. It is presently comprises investment and development, agricultural and industrial, financial and insurance businesses.

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Court approves settlement of Alfa-Bank's $15.7 mln dispute with developer

14:52 13/10/2011 A court has approved an amicable settlement of a $15.65 million dispute between Alfa-Bank and the Peresvet Group's subsidiaries.
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