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Decision disputed to award BNP Paribas $20 mln from agricultural companies

18:00 19/01/2012

MOSCOW, January 19 - RAPSI. Rosinteragroservis submitted to the Federal Commercial Court an appeal against the decision to recover from the company and Kubankhleboprodukt credit debt amounting to more than $20 million in favor of BNP Paribas, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Thursday.

BNP Paribas has been operating in Russia since 2002. The bank renders services on financing Russian businesses and operations in foreign currency, hedging, consultations on mergers and acquisitions, granting letters of credit, and cash management services.

The hearing date has yet to be set.

The bank is recovering debt under five credit contracts concluded in 2010. The bank said in court that Kubankhleboprodukt was a borrower and Rosinteragroservis was a guarantor. The credits matured in late 2010, but the funds were never transferred. Thus, the bank appealed to the court.

In turn, Kubankhleboprodukt said they acknowledge the primary debt amounting to $19.945 million and penalties of over $200,000. The company did not confirm the other amount, which the bank wants to recover. Rosinteragroservis did not acknowledge the claims against the company, as it believed that the suretyship contract was not concluded properly.

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Decision disputed to award BNP Paribas $20 mln from agricultural companies

18:00 19/01/2012 Rosinteragroservis submitted to the Federal Commercial Court an appeal against the decision to recover from the company and Kubankhleboprodukt credit debt amounting to more than $20 million in favor of BNP Paribas.
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