VTB bank and Gazprom contractor reach amicable agreement in $272 mln dispute
MOSCOW, December 22 (RAPSI) – The Ninth Commercial Court of Appeals has approved amicable agreement in a lawsuit filed by VTB bank seeking to recover 18 billion rubles ($272 mln) from one of Gazprom’s major contractors Stroygazconsulting Group of Companies (SGC), RIA Novosti reported on Thursday.
On Thursday, the court was supposed to hear Stroygazconsulting’s appeal against the Moscow Commercial Court’s ruling to collect assets in favor of VTB, but parties presented an amicable agreement instead. Conditions listed in the agreement will be announced after the court’s ruling is published. The Moscow City Court’s ruling was overturned and proceedings in the case were closed.
In April 2015, the Bank of Moscow (VTB Group), initial plaintiff in the case, sued SGC, the contracted guarantor to pay off seven loans that were issued in 2012 and 2013 to its subsidiary, Gaztechleasing, before term. In August 2015, the Moscow Commercial Court granted the lawsuit in full. On September 21, the ruling was appealed.
SGC is a major construction holding that develops oil and gas condensate reserves and builds compressor stations, pipelines, highways and bridges, as well as railway and metro lines. In 2008-2012, SGC’s contract portfolio exceeded 800 billion rubles ($12 bln).
The Bank of Moscow is one of Russia’s largest universal banks providing financial services to corporate clients and individuals. The bank’s principal shareholder is VTB Bank (96.88%).