MOSCOW, March 11 - RAPSI. The Moscow Commercial Court set May 18 to hold primary hearings of a lawsuit by the Bank of Moscow to recover $39.4 million in credit debt from the Strakhovaya Gruppa insurance company, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com).
In total the bank filed three lawsuits for credit debts collection from the insurer.
On March 5, the Moscow Commercial Court ordered the insurer to repay about 480 million rubles ($16.3 million) in credit debt to the bank. The insurer fully recognized the bank's claims. The defendant and the plaintiff refused to comment on the dispute after the hearing.
The court will hear another bank's lawsuit for 1.418 billion rubles ($48.17million) against Strakhovaya Gruppa on March 13.
Strakhovaya Gruppa is a major shareholder of Stolichnaya Strakhovaya Gruppa, having a 50 percent minus one share stake. Stolichnaya Strakhovaya Gruppa manages an insurance holding that includes Strakhovaya Gruppa MSK, the Moscow Reinsurance Company and MSK- Life.
The Bank of Moscow is restructuring its finances with the assistance of the Deposit Insurance Agency and the VTB Group, which holds a 94.8-percent interest in the bank. An inspection initiated by VTB, as the bank's new shareholder, uncovered bad loans in its credit portfolio.
The Deposit Insurance Agency allocated a 295 billion ruble ($10 million) loan to the bank at the expense of Central Bank reserves. The loan was granted for 10 years at a discounted rate. The loan was then invested in federal loan bonds, which helped to close the gap in the banks finances.
In December, VTB raised its share in the Bank of Moscow from 80.57 to 92.22 percent by acquiring shares from Strakhovaya Gruppa MSK.