MOSCOW, December 29 - RAPSI, Natalia Belova. A court has upheld the Central Bank's lawsuit to levy execution on the shares in a major shipyard pledged as a security for Mezhprombank's loans, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com).

The Moscow Commercial Court ordered the foreclosure of 88,32% of shares in Baltiysky Zavod shipyard pledged on July 15, 2010 as a security for loans granted to Mezhprombank.

At the request of the Central Bank, the court ordered an evaluation of the shares in November and appointed Ernst & Young to carry it out.

It was earlier reported that Baltiysky Zavod's shares had been transferred to the United Industrial Company for trust management.

It became clear in early December that Baltiysky Zavod, which is presently burdened with a huge 15 billion ruble ($475.2 million) debt, will go bankrupt. Meanwhile, the new company has already been established to develop production, sign new contracts and pay the staff.