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Summa Group subsidiary moves to appeal 8 bln debt to VTB bank

11:42 25/02/2019

MOSCOW, February 25 (RAPSI) – Global Electro Service, a subsidiary of Summa Group, has appealed a decision of the Moscow Commercial Court granting a debt claim in excess of 8 billion rubles (over $128 million) lodged by the VTB bank, the documents of the Ninth Commercial Court of Appeals read.

The decision was made on January 18, the court of appeals is set to examine the case on March 19.

The court also ruled to review an application demanding to jointly and severally collect 17.1 billion rubles (about $261 million at the present exchange rate) from Summa Group owner Ziyavudin Magomedov, his brother Megomed and 14 other individuals and firms on March 25.

Last December, the court included Global Electro Service’s debts to the Deposit Insurance agency (2.6 billion rubles, or $40 million), VTB (430 million rubles, or $6.5 million) and Russian Credit Bank (596 million rubles, or $9 million) in the list of creditors’ claims. 

A monitoring procedure was introduced in Global Electro Service last summer on the request of NT-Com Engineering company.

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Summa Group subsidiary moves to appeal 8 bln debt to VTB bank

11:42 25/02/2019 Global Electro Service, a subsidiary of Summa Group, has appealed a decision of the Moscow Commercial Court granting a debt claim in excess of 8 billion rubles (over $128 million) lodged by the VTB bank.
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