Lawsuit against BNP Paribas and Russian Machines to be heard on November 30
MOSCOW, November 15 - RAPSI, Dmitry Shchitov. A commercial court of appeals will hear on November 30 under trial court regulations a lawsuit filed by Ingosstrakh-Investments against BNP Paribas and Russian Machines, the Russian Legal Information Agency (RAPSI) reported from the court on Tuesday.
Ingosstrakh-Investments sought to cancel indemnity contracts signed for a $1.2 billion loan.
BNP Paribas is a major financial institution in Europe. The group operates in 84 countries and is a corporate and investment banking services, retail banking and investment consulting leader.
Russian Machines is part of Oleg Deripaska's Basic Element.
The Russian Machines Corporation is a diversified corporation uniting industrial and engineering assets. It was established in 2005 on the basis of mechanical engineering assets.
Ingosstrakh-Investments seeks to invalidate an indemnity contract that Russian Machines signed with the bank in October 2008. The contracts secured a $1.2 billion loan granted in 2007 to the Dutch Veleron Holding B.V., Russian Machines' subsidiary. The company obtained the loan to acquire a 20-percent stake in the Canadian Magna, the world's leading car parts supplier.
The Moscow Commercial Court held against Ingosstrakh-Investments on August 8. The company appealed the decision. The appellate court agreed with the defendant, which said the statute of limitations had expired.
Additionally, the court decided that the claimant had failed to prove it sustained losses from the disputed contact.
The decision to postpone the trial was made during the Tuesday hearing.
The court also refused to satisfy appeals filed by Ingosstrakh-Investments and BNP Paribas to shelve the dispute. According to the companies, a London court issued an order on November 11 obligating them to request a commercial court of appeals to shelve the hearings until the dispute is resolved in the court.