Russian Supreme Court upholds cancellation of businessman Ismailov’s bankruptcy
MOSCOW, September 12 (RAPSI) – Russia’s Supreme Court has upheld rulings of lower courts cancelling bankruptcy of prominent Russian businessman Ismailov, according to court records.
The court has dismissed an appeal filed by Ismailov who asked to transfer the case to the court’s economy board for further review.
In December 2015 the Moscow Region Commercial Court declared Ismailov bankrupt, according to the claim of a Russian citizen Boris Zubkov. The court ruled to begin restructuration of Ismailov’s property but the Ninth Commercial Court of Appeals cancelled this ruling based on lack of evidence for transfer of money from Zubkov to Ismailov. The Moscow District Commercial Court has upheld the court’s decision cancelling bankruptcy procedure.
Telman Ismailov, who controls AST Group and is one of Russia’s richest men, clashed with law enforcement authorities in 2009 over the Cherkizovsky outdoor market, which evolved from a mere flea market into an industrial-scale distribution hub for Chinese imports during the oil boom. The market was closed after sanitary authorities found major violations.
Ismailov’s overall debt to all creditors is estimated to be 20 billion rubles ($266 million).