Cypriot Baymore Investments ordered to pay Trust Bank $ 107 million
MOSCOW, October 8 (RAPSI) – The Moscow Commercial Court on Thursday ordered Cyprus-based Baymore Investments Limited to pay Trust Bank over 6.7 billion rubles ($107 million), RAPSI reports from the courtroom.
The bank has demanded the repayment of debt on eight loan agreements.
For the first half of 2015, Trust bank filed about 20 lawsuits against companies registered in the offshore jurisdictions worth over 32 billion rubles ($510 million) and over $94 million. Business media outlets reported that some of these companies were associated with the former owners of the bank.
Midsized lender Trust Bank reported losses of 18.8 billion rubles (about $300 mln) in 2014 amid the financial crisis. As of December 1, 2014, its assets were estimated at over 290 billion rubles ($4.6bln).
The Central Bank estimated that the bank’s debts exceeded the value of its assets by 67.8 billion rubles ($1 bln).