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Developer challenges Supreme Commercial Court's $31 mln bank debt ruling

12:26 20/11/2012

MOSCOW, November 20 - RAPSI. Construction developer SU-155 has requested the Supreme Commercial Court's reconsideration of its ruling to award Nordea bank $31.364 million for loans issued to the company, the court spokesperson told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Monday.

"As before, we are considering the court ruling on the premature termination of our contract illegal," SU-155 lawyer Anna Guzina told RIA Novosti.

She also said that "the company confirms its obligations to return the amount of primary debt and the just amount of interest."

SU-155 does not agree with the bank's approach toward the reclamation of debt and accrual of interest for the loans. The banks lawyer, however, said that the money was supposed to be partially returned in January 2012, but this did not happen.

In February, the Moscow Commercial Court ordered SU-155 to pay Nordea over $31 million in debts. This amount includes the $28.799 million loaned to the company in June 2007, plus interest and penalties.

The initial claim amounted to 719.375 million rubles ($23 million), but was later increased to 773.8 million rubles ($24.8 million).

In August 2011, the bank filed two claims - one for $31 million and the other for $23 million, seeking early repayment for the loans issued in 2007 and 2008. The loans were taken to refinance the company's working capital, but the bank held that the company defaulted on its debt servicing in May 2011. SU-155 argued that it had overpaid the interest by $1.3 million.

The court ordered the defendant to repay $31.364 million in the first claim. The judgment has entered into force.

SU-155 has been operating on the Russian construction market for over 50 years. It comprises more than 150 independent organizations, including 28 industrial enterprises in 17 cities.

Nordea Bank is a top-30 Russian bank offering banking services to individuals and entities. The Scandinavian Nordea group owns a 100 percent stake in the bank.

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Developer challenges Supreme Commercial Court's $31 mln bank debt ruling

12:26 20/11/2012 Construction developer SU-155 has requested the Supreme Commercial Court's reconsideration of its ruling to award Nordea bank $31.364 million for loans issued to the company.
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