MOSCOW, July 9 - RAPSI. The Moscow Commercial Court will hear Foreign Economic Bank's (VEB) lawsuit to recover $142.5 million from the Don-Story development company on August 8, the court told.
The complaint was filed on July 4.
Don-Stroy's subsidiaries Soling and Complex-Stroy will act as co-defendants.
In December 2007, Svyaz-Bank provided Soling with a $115.5 million credit facility for a five-year term at a 10-percent interest rate per annum. In view of the financial crisis, the rate was increased on two occasions and reached 15 percent.
Don-Stroy and Complex-Stroy were the guarantors of the loan.
The claims under the facility were assigned to VEB in 2011, which then engaged in rehabilitating the lenders.
VEB and Don-Stroy have litigated the claims under the credit facility agreement several times.
Don-Stroy Invest is one of Moscow's largest developers. In partnership with VTB, the company implements projects at the highest market levels. Its 2011 proceeds were 10.407 billion rubles ($316.39 million) and it plans to increase them by 24 percent to 12.983 billion rubles ($394.7 million) in 2012.