MOSCOW, June 1 (RAPSI) – The Moscow Commercial Court had ruled to recover 21.48 billion rubles ($320 million) from Rusenergo Fund Limited (previously Otkritie UES Capital Partners Fund PLC) of debts on bills in a lawsuit initiated by the Federal Grid Company (FGC), RAPSI learned in the courtroom on Thursday.

Initially, the plaintiff had also asked the court to recover debts of OOO Energo Finance company; however, later FGC petitioned to dismiss this claim, since the debts of this company were included in the register of the defendant’s creditors in the framework of the respective bankruptcy case.

FGC has asked the court to recover indebtedness on six bills. In February 2010, FGC and Energo Finance made an agreement on novating the obligations ensuing from bills, where Rusenergo Fund Limited became security with regard to the bills. In December 2014, FGC presented the bills for payment.

Due to the fact that the bills had been left unpaid, a lawsuit was initiated.

The plaintiff claimed debt recovery in the amount of 12.3 billion rubles ($184 million), 7.8 billion rubles ($117 million) as interest, as well as punitive sanctions and failure penalties.

This January, the Moscow Commercial Court declared OOO Energo Finance bankrupt. The core assets owned by Energo Finance are shares in Rusenergo Fund, which, in turn, owns shares in Russian energy companies. However, these shares were seized in the framework of a court enforcement action claimed by VTB bank.

Rusenergo Fund was established by financial corporation Otkritie to repurchase of shares owned by minority shareholders dissatisfied with reform of the Russian electrical power sector. The Fund’s financial resources are invested in shares of power generating and grid companies.