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Bank of Moscow's $26 mln lawsuit against winery to be resumed on December 26

13:06 29/11/2011

MOSCOW, November 29 - RAPSI, Sergei Feklyunin. A court has postponed until December 26 its hearing of a $26.2 million claim filed by the Bank of Moscow against Millstream Black Sea Wines, the Russian Legal Information Agency (RAPSI/rapsinews.com) reported from the courtroom on Tuesday.

The parities said at a Tuesday session again that they are negotiating a settlement. The claimant said the parties need about three weeks to complete a settlement. The judge agreed to adjourn the case to grant the parties time to finalize the settlement's terms and conditions.

This is the largest of four lawsuits filed by the bank against several wineries in June. The bank claims a total of over $31.8 million.

The bank told RIA Novosti that it is determined to defend its financial interests in court. The bank observed that it will go after the debts owed to it under loan agreements because it is not, after all, a shareholder of the wineries, but, rather, the lender.

RAPSI has yet to obtain comments from other parties.

Business media deem former Bank of Moscow president Andrei Borodin to be the owner of debtor-companies.

VTB, the second largest bank in Russia, acquired in February a 46.48 percent stake in the Bank of Moscow from the Moscow government. The acquisition was troubled by a conflict between the shareholders and public quarrels between the banks' top managers.

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Bank of Moscow's $26 mln lawsuit against winery to be resumed on December 26

13:06 29/11/2011 A court has postponed until December 26 its hearing of a $26.2 million claim filed by the Bank of Moscow against Millstream Black Sea Wines.
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