MOSCOW, August 10 (RAPSI) - The Moscow District Commercial Court has upheld a ruling on collecting $72 million and 10.6 million euros from the insolvent Investbank in favor of Latvijas Krājbanka, the court told RAPSI on Monday.

In August 2013, the Moscow Commercial Court ruled in favor of the Latvian bank. In March, the Ninth Commercial Court of Appeal confirmed the ruling of the lower instance court. Invest bank has appealed the ruling again.

Latvijas Krājbanka filed a lawsuit claiming that the defendant had deducted funds from its correspondent account in violation of the law and without reason.

An Investbank representative said that the parties had closed inter-bank loan agreements. As the plaintiff did not fulfill those, Investbank collected the money. Latvijas Krājbanka’s lawyer, however, claimed that the inter-bank agreements had been annulled.

The court upheld the claim and noted that the evidence provided by Investbank does not show when and how the borrower fulfilled its loan payment obligations and, therefore, it is not clear whether there was a delay in payment allowing Investbank to deduct the money from the account without notice.

Earlier, the court upheld Investbank’s lawsuits and ordered that Baltijas Aviacijas Sistemas (BAS) and airBaltic pay 13.5 mln euros each. In the summer of 2011, Investbank issued loans to BAS while airBaltic acted as a guarantor. A spokesperson for Latvijas Krājbanka, a third party in the case, announced at the commercial court that the debt service obligations were secured by the bank (a pledger) and Investbank deducted the money from its accounts. Investbank denied the claims.

On March 4, 2014, the Moscow Commercial Court declared Investbank bankrupt.