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Fourth Cypriot company ordered by Russian court to pay debt to Trust bank

13:01 14/10/2015

MOSCOW, October 14 (RAPSI) - The Moscow Commercial Court on Thursday ordered Cyprus-based Siberiankd Timber Enterprizes Limited to pay Trust Bank over 2 billion rubles (about $32 million), RAPSI reports from the courtroom.

The bank asked the company debts under two credit line agreements signed on April 3, 2013 and on July 23, 2013.

Earler, the plaintiff asked the court twice to seize assets belonging to the defendant but all motions were rejected.

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).

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Fourth Cypriot company ordered by Russian court to pay debt to Trust bank

13:01 14/10/2015 The Moscow Commercial Court on Thursday ordered Cyprus-based Siberiankd Timber Enterprizes Limited to pay Trust Bank over 2 billion rubles (about $32 million).
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