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Case on foreign banks operating without offices in Russia to be reconsidered

14:47 20/04/2012

MOSCOW, April 20 - RAPSI. The Supreme Commercial Court Presidium will hear on April 24 an application to reconsider a case on foreign banks operating in Russia without representative offices.

The court will hear the Olympia company's application to reconsider a resolution under a lawsuit to recover about $21million from Latvia's Parex banka and Citadele Bank.
To substantiate the claims, the plaintiff referred to Parex banka's violation of honest business practices by allocating its liquid assets to newly-established Citadele Bank following its reorganization.

However, the accounts receivable and low liquid assets were left in Parex banka.

The first-instance court ceased the proceedings as the organizations do not have subsidiaries or representative offices in Russia. The property of banks outside Russia is not subject to dispute.

However, the Moscow District Federal Commercial Court reversed the lower courts' judicial acts in the case and submitted the case for reconsideration to the first-instance court.

The cassation court stated that the claims do not violate Russian commercial courts' exclusive competence. The plaintiff also said the defendant has property in Russia.

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Case on foreign banks operating without offices in Russia to be reconsidered

14:47 20/04/2012 The Supreme Commercial Court Presidium will hear on April 24 an application to reconsider a case on foreign banks operating in Russia without representative offices.
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