Court commences supervisory procedure against Astoria Group
MOSCOW, September 28 - RAPSI, Natalya Belova. A commercial court initiated a supervisory procedure against Astoria Group, the Russian Legal Information Agency (RAPSI) reported from the courtroom on Wednesday.
Astoria Group was established in 2004. It is primary engaged in constructing multifunctional complexes in Russia's major cities.
VTB Bank, which is Astoria Group's sole shareholder, submitted a bankruptcy statement regarding the group. The court rated the group's debt worth $59.62 million as third priority debt.
Astoria Group confirmed the group's debt at the hearing.
VTB Bank, Russia's second largest bank in terms of assets, was established in October 1990. The Russian government is the bank's primary shareholder, with an 85.5-percent stake. VTB Bank mostly works with corporate customers.