MOSCOW, July 26 - RAPSI. On Thursday the Moscow District Federal Commercial Court again reversed the lower courts' decision to have the Foreign Economic Bank register Leramony Associates Inc as the holder of $104.2 million in claims owed to the company by the former Soviet Union and the order to award it the requested amount from the state budget, the court told the Russian Legal Information Agency.
The court has thus upheld the Finance Ministry's appeal.
The Supreme Commercial Court's presidium remanded the case for review in February.
The court reversed the previous decision passed in June 2011 on the Finance Ministry's request.
According to the case materials, Prodintorg and Italgrani SpA entered into goods supply contracts on foreign economic cooperation. However, Prodintorg defaulted in its contractual obligations and failed to pay for the supplies.
The lawsuit reads that Meinl Bank AG assigned Leramony Associates the rights previously acquired from Progetto Grano SPA, which received them from Italgrani SpA.
The Finance Ministry believes that Russia agreed to consider the debts on specific and established terms and that it is not bound to pay the debts.