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Moscow court upholds recovery of $167M from Donstroy co-founder in favor of major bank

18:04 06/03/2019

MOSCOW, March 6 (RAPSI) – The Moscow District Commercial Court has upheld a ruling on inclusion of an 11.1-billion-ruble ($167 million) debt of ex-owner and co-founder of Donstroy construction company Maksim Blazhko to major Russian bank Vnesheconombank in the creditors’ demands list, the court ruling reads on Wednesday.

Blazhko has challenged in cassation appeal a decision of the Moscow Commercial Court, which ruled on the matter on September 28 2018.

In August 2018, Russia’s Deposit Insurance Agency (DIA) and several individuals and foreign companies filed claims against Blazhko seeking to include his 28 billion-ruble ($419.7 million) debt in the creditors’ list.

On May 18 2018, the court initiated a debt restructuring process against the co-founder of Donstroy.

In November 2017, the Moscow City Court overturned a ruling that put the businessman under house arrest. Blazhko is charged with abuse of office, which has led to grave consequences.

According to media reports, in 2011, Shyuka company managed by Blazhko took a $275 million credit from Sberbank and promised in return to transfer 80% of rent payments from the company’s trading center. However, Blazhko allegedly ordered to stop paying Sberbank and transferred money to other banks.

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Moscow court upholds recovery of $167M from Donstroy co-founder in favor of major bank

18:04 06/03/2019 The Moscow District Commercial Court has upheld a ruling on inclusion of an 11.1-billion-ruble ($167 million) debt of ex-owner and co-founder of Donstroy construction company Maksim Blazhko to major Russian bank Vnesheconombank in the creditors’ demands list.
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