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Court to hear bank's $20 mln lawsuit against major constructor

11:16 07/11/2011

MOSCOW, November 7 - RAPSI, Alyona Yegorova. A commercial court will hear on November 30 a $20.4 million lawsuit filed by Svyaz-Bank against the SU-155 construction company, the court told the Russian Legal Information Agency (RAPSI) on Monday.

The SU-155 Group has been engaged in construction for more than 50 years. It comprises more than 140 independent organizations, including 28 industrial enterprises in 17 cities across Russia.

The lawsuit centers around a loan contract worth 600 million rubles, which the parties concluded in August 2010, the court told the Russia Legal Information Agency.

The bank also filed a claim against Mosstroyinvest-Kaluga, the guarantor of the loan.

The loan matured in July 2011, but the SU-155 company failed to pay the money back on time.

During the preliminary hearing the construction companys lawyer said that the company does not agree with the order for transferring funds to Svyaz-Bank to pay debt interests.

The bank's lawyer said the money was paid in accordance with the provision of the loan agreement. The construction company said that the provision is null and void, since it contradicts the current legislation.

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Court to hear bank's $20 mln lawsuit against major constructor

11:16 07/11/2011 A commercial court will hear on November 30 a $20.4 million lawsuit filed by Svyaz-Bank against the SU-155 construction company.
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