MOSCOW, June 9 (RAPSI) – The Commercial Court of Yamalo-Nenets region in northern Russia has ruled in favor of Czech Export Bank seeking to put a 16.3 billion rubles ($250 million) debt on the list of creditors’ claims to Energy Company Ural Industrial – Ural Polar (Company), a subsidiary of the Corporation of Development.

Earlier, this Czech bank has opened a credit facility for the Company needs and provided it with over 175 million euros in 2012 through 2013. However, the borrower had failed to repay the first portion of the debt till September 30, 2015, what made the lender lodge a respective claim with a court and later a claim in the framework of bankruptcy case.

On February 2, a commercial court introduced a monitoring procedure with regard to the Company pointing out that the amount of claims submitted by creditors within 30 days prior to the publication about this decision made 21.03 billion rubles ($322 million).

On May 16, 2005, President Putin set a task of developing project “Ural Industrial − Ural Polar” at the meeting on the development of the Ural Federal District. The main project objective was to provide economic accessibility and practicability as concerned the development of mineral resources of the Subpolar and Polar Urals in the Urals industrial production by creating a transport corridor along the eastern slope of the Ural Mountains.

The OJSC “Corporation Ural Industrial – Ural Polar” was established on August 30, 2006, in order to manage this project. In 2012 OJSC “Corporation Ural Industrial – Ural Polar” was renamed OJSC “Corporation of Development” as a result of a rebranding. The shareholders in the Corporation are Khanty-Mansi Autonomous District – Yugra, Yamal-Nenets Autonomous District, Tyumen Region, Chelyabinsk Region, Sverdlovsk Region, and DB International.