$20 mln award to Alfa-Bank from textile plant remains in effect
MOSCOW, July 24 - RAPSI. The Supreme Commercial Court has held against a major knitwear factory's request to reconsider the $20 million award for Alfa-Bank, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Tuesday.
The Moscow District Federal Commercial Court upheld the lower court's judgment to collect its loan debt from the factory in March.
The factory challenged the Moscow Commercial Court's August decision to recover roughly $20 million from the factory and a construction company, which acted as the guarantor, including $19.26 million in principal debt.
Alfa-Bank granted the loan to the factory in February 2007. The court also enforced a Moscow building pledge, which served as the collateral for the loan. The property's opening price was set at $51.13 million.
The court held against the factory's counterclaim to declare the pledge agreement null and void.
The court satisfied the banks claim partially as it initially demanded $22 million.
Founded in 1990, Alfa-Bank is the largest private bank in Russia in terms of assets, capital and client accounts.