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Central Bank's suit over shipyard's pledged shares classified

14:13 08/02/2012

MOSCOW, February 8 - RAPSI. The court classified on Wednesday the case initiated by the Central Bank to levy execution on Severnaya Verf shipyard's shares pledged as security for $1 billion loan granted to Mezhprombank, the Russian Legal Information Agency (RAPSI/rapsinews.com) reports from the courtroom.

The court said it received on Wednesday the appraisal report regarding Severnaya Verf shares pledged as security for the loans granted to Mezhprombank.

Severnaya Verf shipyard is part of the United Industrial Corporation (UIC) owned by former senator Sergei Pugachyov.

Pugachyov also controls Mezhprombank.

The judge explained the decision to classify the case because the appraisal report contains classified information. Further hearings will be held behind closed doors.

The next hearing is set for February 15.

In summer 2010 the Central Bank made an unprecedented step by rescheduling the Mezhprombank's debt until January 1, 2011. The debt was secured by a pledge of UIC's shipbuilding assets at par value.

However, Mezhprombank was stripped of its license and declared bankrupt on November 30, 2010.

The court earlier ordered Deloitte and Touche CIS to submit the appraisal report by February 1. The court also ordered the parties to study the report before the hearing and build their cases based on the report.

Severnaya Verf is among the 35 companies involved in the case as third parties.

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Central Bank's suit over shipyard's pledged shares classified

14:13 08/02/2012 The court classified on Wednesday the case initiated by the Central Bank to levy execution on Severnaya Verf shipyard's shares pledged as security for $1 billion loan granted to Mezhprombank.
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