Appeal launched amidst dispute over USSR's $104 mln debt
MOSCOW, November 13 - RAPSI. The Supreme Commercial Court has registered the appeal against the ruling to cancel Vnesheconombank's (VEB) registration of Leramony Associates Inc. as the holder of the former Soviet Union's debt and the payment of $104.2 million from the budget to the company, the court spokesperson told RAPSI on Tuesday.
Leramony Associates Inc. has submitted the appeal to the Supreme Commercial Court to reconsider court acts in the case.
On November 29, 2010, the Moscow District Commercial Court obligated VEB to register Leramony Associates Inc. as the holder of the debt under goods supply contracts. Additionally, the court obligated the Finance Ministry to pay $104.2 million in debt to Leramony Associates Inc.The court also obligated the Austrian Meinl Bank AG to fulfill its obligations under the assignment agreement between the bank and Leramony Associates Inc. as of October 6, 2009.
The appeals court upheld the first instance court's ruling. The Finance Ministry, which did not side with the ruling, then appealed the decision in the cassation instance.
The Supreme Commercial Court's presidium remanded the case for review in February and dismissed the Moscow District Federal Commercial Court's ruling on the companys registration and on the payment of $104.2 million to the firm.
The Moscow District Federal Commercial Court also dismissed the ruling of lower instances on the registration of the company and on the payment of 104.2 million to the firm on August 2.
Leramony Associates Inc. then requested to review the ruling.
According to the case materials, Prodintorg and Italgrani SpA entered into goods supply contracts on foreign economic cooperation. However, Prodintorg defaulted in its contractual obligations and failed to pay for the supplies.
The lawsuit reads that Meinl Bank AG assigned Leramony Associates Inc. the rights previously acquired from Progetto Grano SPA, which received them from Italgrani SpA.
The Finance Ministry believes that Russia agreed to consider the debt on specific and established terms and that it is not bound to pay the debt.