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Recovery of $70,000 from Russian Basketball Federation upheld

13:42 19/09/2016

MOSCOW, September 19 (RAPSI) – The Ninth Commercial Court of Appeals has upheld a lower court’s ruling to collect over 4.5 million rubles (about $70,000) in debt from the Russian Basketball Federation (RBF) in favor of the Foundation for the Youth and Student Sports Support, according to court records.

On April 15, the Moscow Commercial Court granted a lawsuit by the Foundation seeking to recover principal debt totaling 3.49 million rubles (about $54,000) plus interest and penalty.

RBF appealed the ruling asking to overturn decision regarding recovery of penalty for late payment of interest on the loan in the amount of 28,600 rubles ($440).

The Russian Basketball Federation and the Foundation for the Youth and Student Sports Support concluded lending contracts in April and July 2015, according to court papers. Under the first agreement, the plaintiff transferred the defendant 7 million rubles ($107,700), which the Russian Basketball Federation had to pay back until June 20, 2015.  Under the second contract, RBF received 1.36 million rubles (about $21,000) from the Foundation for the Youth and Student Sports Support for the period until September1, 2015.

Parties failed to settle the dispute amicably.

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Recovery of $70,000 from Russian Basketball Federation upheld

13:42 19/09/2016 The Ninth Commercial Court of Appeals has upheld a lower court’s ruling to collect over 4.5 million rubles (about $70,000) in debt from the Russian Basketball Federation (RBF) in favor of the Foundation for the Youth and Student Sports Support.
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