MOSCOW, May 18 - RAPSI. The Moscow Commercial Court recovered $38.24 million in credit debt from the Strakhovaya Gruppa insurance company under a lawsuit filed by the Bank of Moscow, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Friday.

The court has also decided to recover from Strakhovaya Gruppa 587,000 rubles ($18,700) in penalties for the non-execution of obligations under a suretyship contract.

It was reported at the hearing that the lawsuit also concerns five credit contracts signed by the bank with Stroykontrakt. The insurance group served as the guarantor under the contract. The borrower did not fulfill its obligations, and the Bank of Moscow then referred to the guarantor.

The bank's lawyer said the total debt under the five contracts amounts to 1.236 billion rubles ($39.4 million), but the limitation under the suretyship contract stands at 1.2 billion rubles ($38.24 million). Thus, the bank has requested to recover this amount from the guarantor.

Strakhovaya Gruppa is a major shareholder in Stolichnaya Strakhovaya Gruppa, owning a 50 percent minus one share stake. Stolichnaya Strakhovaya Gruppa manages an insurance holding that includes Strakhovaya Gruppa MSK, the Moscow Reinsurance Company and MSK- Life.

The Bank of Moscow is restructuring its finances with the assistance of the Deposit Insurance Agency and the VTB Group, which holds a 94.8-percent interest in the bank.

In December, VTB raised its share in the Bank of Moscow from 80.57 to 92.22 percent by acquiring shares from Strakhovaya Gruppa MSK.