Citibank filed a complaint with the Supreme Court of the Russian Federation on a claim for foreclosure of a 49% stake in Russian Standard
[ad_1]
Citibank’s London division filed a complaint against the dismissal of a lawsuit against Russian Standard Company CJSC and Russian Standard-Invest LLC on foreclosure of a 49% stake in Russian Standard to the Supreme Court of Russia (SC RF). Complaint filed on 3 August follows from file cabinets Moscow Arbitration Court.
This is a retrial. At the first consideration in 2021, the Arbitration Court of the Moscow District sent the case for retrial.
In November 2021, the RF Armed Forces registered the complaint of Russian Standard against the decision of the cassation, in the middle of 2022 it rejected the complaint.
In December 2022, a new trial of the case took place. The ninth arbitration appeal upheld the decision of the Moscow Arbitration Court, which had previously dismissed Citibank’s claim.
Citibank is the trustee and collateral holder (39.88% of Russian Standard shares owned by CJSC Russian Standard Company and 9.12% of shares owned by Russian Standard Invest LLC). Creditors estimate debt at $757 million. Citibank filed lawsuit in September 2020 on behalf of Eurobond holders Russian Standard Ltd. The bank demanded foreclosure of 49% of the shares of Russian Standard.
[ad_2]
Source link
