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Mortgage company to pay Kazakh bank's subsidiary $29.7 mln

14:46 26/09/2011

MOSCOW, September 26 - RAPSI, Alyona Yegorova. The court awarded a Russian subsidiary of BTA Bank, a largest bank of Kazakhstan, $29.7 million in its suit against a major mortgage company, the Russian Legal Information Agency reported.

The court partially satisfied TuranAlem Finance's lawsuit against ATTA Mortgage. It initially claimed 1.1 billion rubles ($34.2. million).

The Moscow Commercial Court ordered to enforce a mortgaged property by selling it at a public auction. The initial price will be set at 751 million rubles ($23.4).

ATTA Mortgage earlier filed for bankruptcy and is presently undergoing a bankruptcy procedure.

TuranAlem Finance is a full subsidiary of BTA Bank established in 2004 in Moscow. BTA Bank was the second largest bank in Kazakhstan in terms of assets as of November 2009.

ATTA Mortgage previously known as BTA Mortgage is the large non-banking refinance company founded in 2005, according to the company. It is engaged in refinancing credit and other institutions.

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Mortgage company to pay Kazakh bank's subsidiary $29.7 mln

14:46 26/09/2011 The court awarded a Russian subsidiary of BTA Bank, a largest bank of Kazakhstan, $29.7 million in its suit against a major mortgage company.
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