MOSCOW, February 8 - RAPSI, Sergei Feklyunin. The Moscow Commercial Court set February 29 to hold preliminary hearings under the 46.7 million euro lawsuit by Gazprombank against Taganrog Motor Works (TagAz), the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Wednesday.

Gazprombank also seeks to levy of execution on pledged property.

TagAz was founded in February 1997. It began cooperating with South Korea's Hyundai in 2001.

Gazprombank, which was established in 1990, is a head bank of the Gazprombank Group, which comprises the bank, petrochemical and media assets (Gazprombank group).
The court told that the defendant's debt stemmed from two credit agreements. The lawsuit was submitted to court on December 23, 2011.

The judge that was considering the case earlier refused to take interim measures: Gazprombank required to seize about 2,000 cars, which included Hyundai Accent, Sonata, Santa Fe, Tager, Road Partner, Tiggo and etc - which were assembled by the plant.