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Nordea Bank $25 mln claim against major developer to be heard in court

17:53 21/09/2011

MOSCOW, September 21 - RAPSI, Sergei Feklyunin. The court will hear on November 8 a lawsuit filed by Nordea Bank against a construction company for 719.2 million rubles ($25 million), the court told the Russian Legal Information Agency (RAPSI).

The bank sued the developer after it defaulted in interest payment in May, although earlier it met its loan repayment obligations on time.

SU-155 was established over 50 years ago. It is the leading construction group in Russia and comprises over 140 companies, including 28 industrial enterprises in 17 Russian cities.

Nordea Bank provides credit to private individuals and companies and is owned by the Nordea Group. It is one of Russia's top 30 banks.

The court earlier scheduled to hear on October 18 the bank's $29.6 million lawsuit against SU-155. Five companies are involved in the case as co-defendants.

The court received both lawsuits on August 29.

RAPSI has yet to obtain comment from the parties.

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Nordea Bank $25 mln claim against major developer to be heard in court

17:53 21/09/2011 The court will hear on November 8 a lawsuit filed by Nordea Bank against a construction company for 719.2 million rubles ($25 million).
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