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$20 mln dispute between agricultural companies and BNP Paribas to be heard Feb. 29

11:34 07/02/2012

MOSCOW, February 7- RAPSI. The Moscow District Federal Commercial Court will hear on February 29 Rosinteragroservis' appeal against the recovery of more than $20 million in credit debts in favor of BNP Paribas.

In summer 2011 a commercial court decided to recover from the Russian grain exporter Rosinteragroservis and its subsidiary Kubankhleboprodukt $19.989 million in main debt and $10,300 in penalty. The court also ruled to collect from Kubankhleboprodukt $69,600 in penalty. The court dismissed Rosinteragroservis' counter-claim to recognize the suretyship contract unconcluded.

The bank is recovering debt under five credit contracts of 2010. Kubankhleboprodukt was the borrower and Rosinteragroservis the 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 acknowledged 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.

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.

Rosinteragroservis is an agro-industrial holding established in 2002.

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$20 mln dispute between agricultural companies and BNP Paribas to be heard Feb. 29

11:34 07/02/2012 The Moscow District Federal Commercial Court will hear on February 29 Rosinteragroservis' appeal against the recovery of more than $20 million in credit debts in favor of BNP Paribas.
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