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Shipyard disputes dismissal of $149mln lawsuits against VTB and Alfa-Bank

15:13 20/04/2012

MOSCOW, April 20 - RAPSI. The Severnaya Verf shipbuilding plant has filed appeals against the first-instance court's ruling dismissing lawsuits against Alfa-Bank and VTB to recover losses worth $149 million.

The Moscow Commercial Court dismissed on March 1 the shipyard's lawsuit to recover from Alfa-Bank losses worth 2.94 billion rubles ($99.58 million) and to recover 1.47 billion rubles ($49.79 million). The court also dismissed the company's request to obligate Severnaya Verf to grant loans as part of the execution of a government decree dated September 8, 2011.

Pursuant to the document, three credit institutions - Alfa-Bank, VTB and Sberbank - were obligated to grant credit in 2011 for the company to execute a defense order with a total limit of over 22 billion rubles ($745 million).

Based on the decree, the government was obligated to provide state guarantees under credit that the shipyard would receive from Alfa-Bank ($427.32 million) and VTB ($97.21 million).

Severnaya Verf claimed that it maintained correspondence with VTB and Alfa-Bank under its credit contracts. The plaintiff said the contracts were concluded, which is why the banks must be obligated to issue credits and recover the losses incurred by the enterprise due to its failure to make payments to contractors on time.

The Severnaya Verf shipyard is part of the United Industrial Corporation (UIC) owned by former Senator Sergei Pugachyov. Along with other shipbuilding assets, they were pledged under 32 billion rubles in credits issued to Mezhprombank, which later went bankrupt.

The Moscow Commercial Court satisfied in February the Central Bank's lawsuit against the depositors of Severnaya Verf shares to levy the execution of the shipyards pledged securities.

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Shipyard disputes dismissal of $149mln lawsuits against VTB and Alfa-Bank

15:13 20/04/2012 The Severnaya Verf shipbuilding plant has filed appeals against the first-instance court's ruling dismissing lawsuits against Alfa-Bank and VTB to recover losses worth $149 million.
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