MOSCOW, December 20 - RAPSI. The Bank of Moscow withdrew on December 19 its lawsuit to recover $38.56 million from the Mikhailovsky GOK iron ore manufacturer, the bank's press service told the Prime news agency on Tuesday.

Mikhailovsky GOK, a subsidiary of Alisher Usmanov's Metalloinvest, is one of the largest iron ore producers in Russia. Its major shareholder is Alisher Usmanov with 50 percent through the Gallagher company, Vasily Anisimov owns 20 percent and Andrei Skoch - 30 percent.

The court received the lawsuit on December 15.

"The bank withdrew its lawsuit against Mikhailovsky GOK on December 19. We received the court's ruling on the lawsuit's withdrawal. The issue will be resolved out of court," the bank's press service reported.

According to the press service, the bank had no claims against Mikhailovsky GOK, as the iron ore manufacturer belongs to borrowers who fulfill their obligations in a timely manner.

The lawsuit was filed as part of the reclamation of credit granted to the UniverStroyLux development company, which is a third party in the dispute.

The Bank of Moscow is presently restructuring its finances with the help of the Deposit Insurance Agency and VTB Bank. The inspection initiated by the bank's new shareholder VTB has uncovered bad loans in the Bank of Moscow's credit portfolio. The Deposit Insurance Agency allocated a 295 billion ruble loan to the Bank of Moscow at the expense of the Central Bank's reserves. The loan was granted for 10 years at a discounted rate.

UniverStroyLux is a Moscow-based development company headed by Alexei Biryukov, the brother of Moscow Deputy Mayor Peter Biryukov. The developer is engaged in design, construction and renovation activities, as well as investments in foreign projects.