Another Cypriot firm loses dispute with Trust Bank
MOSCOW, October 9 (RAPSI) – The Moscow Commercial Court has granted a lawsuit filed by Trust bank seeking to collect about $32 million in debt from Cyprus-based company Mourija Trading Limited, according to court records.
Earlier, the court ruled that several more offshore companies must pay debt to the bank. In particular, Erinskay Investment Limited was ordered to pay off about $113.5 million.
For the first half of 2015, Trust bank filed about 20 lawsuits against companies registered in the offshore jurisdictions worth over 32 billion rubles ($514 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 $302 mln) in 2014 amid the financial crisis. As of December 1, 2014, its assets were estimated at over 290 billion rubles ($4.7 bln).
The Central Bank estimated that the bank’s debts exceeded the value of its assets by 67.8 billion rubles ($1 bln).