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Alfa-Bank lawsuit against Tupolev aircraft producer to be heard

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16:37 26/09/2011

MOSCOW, September 26 - RAPSI, Dmitry Schchitov. The Moscow Commercial Court will hear on November 11 Alfa-Bank's lawsuit against the Tupolev aircraft producer to recover 193.19 million rubles ($5.9 million) in debt, the court told the Russian Legal Information Agency.

On June 30, the Moscow District Federal Commercial Court overturned all the judgments in the case and remanded it for review.

On October 26, 2010, the Moscow Commercial Court ruled to recover 166.7 million rubles, thus reducing the penalty. The Ninth Commercial Court of Appeals upheld the lower-court decision on March 11.

The dispute stems from a loan extended by the Russian Aircraft Corporation MIG (RAC MIG) to Tupolev.

On November 19, 2001, the parties signed an agreement under which RAC MIG was to provide a loan as an investment in Tupolev's work.

In August 2010, RAC MIG transferred the right to recover the 81 million ruble loan to Alfa-Bank. Alfa-Bank then filed a 193.19 million ruble lawsuit against Tupolev. The lawsuit includes the principal debt, the penalty and the interest.

Alfa-Bank was founded in 1990. It is a major Russian private bank by assets and client deposits.

Tupolev develops and updates Tu-204/214 and Tu-334 aircraft and seeks to introduce alternative fuels.

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Alfa-Bank lawsuit against Tupolev aircraft producer to be heard

16:37 26/09/2011 The Moscow Commercial Court will hear on November 11 Alfa-Bank's lawsuit against the Tupolev aircraft producer to recover 193.19 million rubles ($5.9 million) in debt.
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