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BNP Paribas and Russian Machines lawsuit dismissal to be appealed

18:25 17/10/2011

MOSCOW, October 17 - RAPSI, Natalia Belova. An appeals court will hear on November 15 its hearing of Ingosstrakh-Investments' appeal against the court dismissal of its lawsuit against BNP Paribas and Russian Machines, the court told the Russian Legal Information Agency (RAPSI).

Ingosstrakh-Investments sought to cancel an indemnity contracts signed for $1.2 billion loan.

IngosstrakhIngosstrakh

Russian Machines is a subsidiary of Oleg Deripaska's Basic Element.

Ingosstrakh-Investments claims to invalidate an indemnity contract that Russian Machines signed with the bank in October 2008. The contracts secured a $1.2 billion loan granted to the Dutch Veleron Holding B.V., Russian Machines' subsidiary, in 2007. The company obtained a loan to acquire a 20-percent stake in the Canadian Magna, the world's leading car parts supplier.

The Moscow Commercial Court held against Ingosstrakh-Investments on August 8. The court agreed with the defendant, which said the statute of limitations had expired.

Additionally, the court decided that the claimant had failed to prove it sustained losses from the disputed contact.

BNP Paribas is a major financial institution in Europe. The group operates in 84 countries and is a leader in corporate and investment banking services, retail banking and investment consulting.

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BNP Paribas and Russian Machines lawsuit dismissal to be appealed

18:25 17/10/2011 An appeals court will hear on November 15 its hearing of Ingosstrakh-Investments' appeal against the court dismissal of its lawsuit against BNP Paribas and Russian Machines
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