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Donstroy co-founder owes $166.4 million to major Russian bank - court

13:59 27/11/2018

MOSCOW, November 27 (RAPSI) – The Ninth Commercial Court of Appeals has upheld a lower court’s ruling on inclusion of an 11.1-billion-ruble ($166.4 million) debt of ex-owner and co-founder of Donstroy construction company Maksim Blazhko to major Russian bank Vnesheconombank in the creditors’ demands list against, the court ruling reads.

The Moscow Commercial Court ruled on the matter on September 28.

In August, Russia’s Deposit Insurance Agency (DIA) and several individuals and foreign companies filed claims against Blazhko seeking to include his 28 billion-ruble ($419.7 million) debt in the creditors’ list.

On May 18, the court initiated a debt restructuring process against the co-founder of Donstroy.

In November 2017, the Moscow City Court overturned a ruling that put the businessman under house arrest. Blazhko is charged with abuse of office led to grave consequences.

According to media reports, in 2011, Shyuka company managed by Blazhko took $275 million credit from Sberbank and promised to transfer 80% of rent payments from the company’s trading center. However, Blazhko allegedly ordered to stop paying Sberbank and transfer money to other banks.

Donstroy is the Russian construction company founded in 1994 by Blazhko and Dmitry Zelenov.

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Donstroy co-founder owes $166.4 million to major Russian bank - court

13:59 27/11/2018 The Ninth Commercial Court of Appeals has upheld a lower court’s ruling on inclusion of an 11.1-billion-ruble ($166.4 million) debt of ex-owner and co-founder of Donstroy construction company Maksim Blazhko to major Russian bank Vnesheconombank in the creditors’ demands list against.
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