MOSCOW, January 18 (RAPSI) – The Ninth Commercial Court of Appeals has overturned a ruling ordering recovery of 1.75 billion rubles (over $26 million) as liability for debts from Dmitry Fesik, ex-CEO of Yuzhny Krest (Southern Cross) Travel company, according to court records.

The court has therefore granted an appeal filed by Fesik against the October 5 ruling issued by the Moscow Commercial Court. The court in October held that Fesik failed to submit accounting documents and on and debtor’s reports to a bankruptcy supervisor of the tour operator.

Yuzhny Krest Travel was declared bankrupt on June 7, 2015. A total amount of the company’s debt to creditors including UTair air carrier was estimated at 607.3 million rubles ($9 million).