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Stroygazconsulting appeals recovery of $272 mln in favor of Bank of Moscow

11:39 21/09/2015

MOSCOW, September 21 (RAPSI) - Construction company Stroygazconsulting Group of Companies (SGC), one of Gazprom’s major contractors, filed an appeal against a Moscow Commercial Court ruling ordering it to pay 18 billion rubles ($272 mln) to the Bank of Moscow (VTB Group), RAPSI learnt in the court on Monday.

The bank sued SGC, the contracted guarantor to pay off seven loans that were issued in 2012 and 2013 to its subsidiary, Gaztechleasing, before term. Last month, the Moscow Commercial Court granted the lawsuit in full. After the hearing, the defendant’s representative announced that the construction company would appeal the ruling.

On August 18, the court dismissed the Bank of Moscow’s application to declare Spetsenergotrans, an SGC transportation subsidiary, bankrupt. Alfa Bank, the Credit Bank of Moscow and Otkritie Bank have all recently filed lawsuits against SGC and its subsidiaries for more than 30 billion rubles (about $453 mln) in total.

Spetsenergotrans was established in 2008 to transport freight for steel, energy and construction companies.

SGC is a major construction holding that develops oil and gas condensate reserves and builds compressor stations, pipelines, highways and bridges, as well as railway and metro lines. In 2008-2012, SGC’s contract portfolio exceeded 800 billion rubles ($12 bln).

The Bank of Moscow is one of Russia’s largest universal banks providing financial services to corporate clients and individuals. The bank’s principal shareholder is VTB Bank (96.88%).

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Stroygazconsulting appeals recovery of $272 mln in favor of Bank of Moscow

11:39 21/09/2015 Construction company Stroygazconsulting Group of Companies (SGC), one of Gazprom’s major contractors, filed an appeal against a Moscow Commercial Court ruling ordering it to pay 18 billion rubles ($272 mln) to the Bank of Moscow (VTB Group).
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