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Alfa-Bank's $18 mln Belarusian utility dispute to be heard October 30

13:24 07/09/2012

MOSCOW, September 7 - RAPSI. On October 30 the Supreme Commercial Court will hear Alfa-Bank's complaint against Belarus' state-run utilities company Brestenergo to recover $18 million in debt under supervisory procedure, the court spokesperson told the Russian Legal Information Agency (RAPSI/rapsinews.com). Thus the court granted Brestenergo's request for a review of the lower court's decision.

The Supreme Commercial Court ruled that the dispute should be reconsidered by its presidium so as to address any legal uncertainty with respect to the interest accrued in the loan's early repayment at the request of the lender.

On January 25, the Moscow Commercial Court partially upheld Alfa-Bank's lawsuit against Brestenergo and awarded the bank $15.61 million in principal debt, $2.4 million in interest and $500,000 in penalties. Brestenergo challenged the decision.

Initially, the bank claimed $21.387 million, but the company partially repaid its debt.

The appeals court upheld the commercial court's judgment.

The bank sought an early repayment of two loans granted in spring 2010 as Brestenergo defaulted in servicing them. The defendant said at the hearing that it did not agree with the plaintiff's claims, stating that the bank did not follow the required procedure, sending the company an early recovery notice, rather than a termination notice.

Established in 1990, Alfa-Bank is Russia's largest bank in terms of assets, own capital and client accounts. Its primary shareholder is 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 operates power plants and generates, transmits and distributes electric and thermal power.

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Alfa-Bank's $18 mln Belarusian utility dispute to be heard October 30

13:24 07/09/2012 On October 30 the Supreme Commercial Court will hear Alfa-Bank's complaint against Belarus' state-run utilities company Brestenergo to recover $18 million in debt under supervisory procedure.
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