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Demand to seize Russian Xiaomi reseller’s assets worth $11.6 mln dismissed

13:02 15/01/2020

MOSCOW, January 15 (RAPSI) – The Moscow Commercial Court has dismissed a petition of GPB Factoring company seeking to seize assets of Retentiva Distribution Company, a reseller of Xiaomi in Russia, in the amount of 714 million rubles (about $11.6 million), according to the court records.

The absence of provisional remedy, the claimant insisted, could hamper or prevent enforcement of a court ruling, since the defendant had failed to take any action as to repay its debt.

Nevertheless, the court dismissed the move citing the fact that the claimant provided no evidence of serious damages it was to suffer without the remedy it petitioned for. At the day of the hearing, the court noted, it had no reason to believe that dismissal of the seizure claim would prevent the enforcement of a court order or result in serious damages for the claimant.

Earlier, the same court said that would consider a bankruptcy claim against Retentiva Distribution Company filed by Bank Otkritie on March 6.

On November 26, the court granted a claim of Mobilidi and collected 201.7 million rubles of the principal amount outstanding under a loan agreement plus penalties from the reseller.

Retentiva Distribution Company is also an official distributor of Jinga smartphones, cell phones and original accessories in Russia and American smart watches Fossil.

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Demand to seize Russian Xiaomi reseller’s assets worth $11.6 mln dismissed

13:02 15/01/2020 The Moscow Commercial Court has dismissed a petition of GPB Factoring company seeking to seize assets of Retentiva Distribution Company, a reseller of Xiaomi in Russia, in the amount of 714 million rubles (about $11.6 million).
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