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Transneft pension fund's $221 mln claim against management head dismissed

12:54 25/11/2011

MOSCOW, November 25 - RAPSI, Natalia Belova. A commercial court dismissed on Thursday Transneft Non-Governmental Pension Fund's $221 million claim against former head of a management company, the Russian Legal Information Agency (RAPSI) reports.

The judgment satisfied the defendant's appeal. The former head of the RBusiness Asset Management, Ltd. argued that such claim should only be considered as part of his company's bankruptcy proceedings.

The Moscow Commercial Court upheld the bankruptcy administrator's application and completed bankruptcy proceedings against the company on October 25. The court ruled that the creditors' claims outstanding due to the lack of the debtor's funds shall be deemed repaid.

The court declared RBusiness Asset Management bankrupt and launched bankruptcy proceedings on December 7, 2010. A commercial court put the company into administration on its own bankruptcy application on February 4, 2010.

Earlier the company told RAPSI that the creditors' claims recognized by the company by February 2010 amounted to 6 billion rubles ($190.8 million).

The company filed for bankruptcy on December 28, 2009 when its assets made up 220-230 million rubles (roughly $7 million).

RBusiness Asset Management, later renamed as Rosbank management Company, was established in November 2001. The company alleged that the assets under its management were estimated at about 29 billion rubles ($922 million).

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Transneft pension fund's $221 mln claim against management head dismissed

12:54 25/11/2011 A commercial court dismissed on Thursday Transneft Non-Governmental Pension Fund's $221 million claim against former head of a management company.
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