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Belarusian utility's appeal in $18mln Alfa-Bank action to be heard on Mar.21

15:06 15/03/2012

MOSCOW, March 15 - RAPSI. The Ninth Commercial Court of Appeals has postponed until March 21 the hearing of the Belarusian Brestenergo's lawsuit against the recovery of $18 million in credit debt for Alfa-Bank.

The Moscow Commercial Court partially satisfied Alfa-Bank's lawsuit against Brestenergo and awarded it $15.61 million in principal debt, $2.4 million in interest and $500,000 in penalties. The company challenged the decision.

Initially, the bank claimed $21.387 million, but the company then partially repaid its debt, which currently amounts to $20.1 million, including the principal sum of $17.466 million.

The bank sought the early repayment of two loans granted in spring 2010. Brestenergo defaulted in servicing the loans. The defendant said at the hearing that it does not agree with the plaintiff's claims, stating that the bank did not follow the necessary procedures, as it sent the company a notification on the early recovery of the funds rather than the contract's early termination.

Belarus faced economic strife last year. Its financial system was shaken by a currency deficit and high inflation caused by the Belarusian ruble's sharp devaluation.

Established in 1990, Alfa-Bank is Russia's largest bank in terms of assets, own capital and client accounts. Its primary shareholder is the AB Holding (99.89 percent), which is owned by the ABH Holding Corporation, a part of the Alfa Group.

Brestenergo was established in May 1954. It has power plants and generates, transmits and distributes electric and thermal power.

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Belarusian utility's appeal in $18mln Alfa-Bank action to be heard on Mar.21

15:06 15/03/2012 The Ninth Commercial Court of Appeals has postponed until March 21 the hearing of the Belarusian Brestenergo's lawsuit against the recovery of $18 million in credit debt for Alfa-Bank.
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