Appeal against recovery of $185 mln in favor of Rosneft to be reviewed on March 19
MOSCOW, February 15 (RAPSI) – The Ninth Commercial Court of Appeals will review an appeal filed by Cypriot company Swisspro Capital Limited Swisspro Capital Limited against a lower court’s ruling recovering $184.8 million in favor of Russia’s largest oil company Rosneft, RAPSI has learnt in the court.
On November 15, the Moscow Commercial Court granted a motion filed by Rosneft seeking to collect the debt related to the crude oil delivery contract of March 27, 2014.
The Cypriot company acted as a borrower of about $400 million, lent in 2013 by Russian VTB bank for purchase of the Odessa oil refinery in Ukraine from Russian oil company Lukoil by Ukrainian tycoon Sergey Kurchenko’s VETEK Group of Companies.
In May 2014, the Security Service of Ukraine (SSU) said that according to its estimates the damage caused by Kurchenko’s actions made 4 billion Ukrainian hryvnas (about $152 million at the current exchange rate).
Earlier, Ukraine’s Interior Ministry has claimed to detect a scheme of illegal import and sale of oil products by VETEK, where Kurchenko is the chair of the Supervisory Board. According to investigators, oil products were being sold without paying taxes via fictitious companies. At that time, the Interior Ministry estimated the damage caused in 2013 alone at 26 billion hryvnas (about $2 billion).
According to a SSU statement, in order to protect the state property-related interests certain VETEK assets in Odessa were seized, and Kurchenko was put on the international wanted list.