The Moscow Arbitration Court recovered €10 million from Credit Suisse in favor of Transcapitalbank

The Moscow Arbitration Court recovered about €10 million (754 million rubles at the current exchange rate – “b”) from the Swiss bank Credit Suisse at the suit of Transcapitalbank (TKB). This was reported “RIA News” with reference to a correspondent from the courtroom.

In April 2021, TKB invested €10 million in a syndicated loan for the Uzbek car manufacturer Uzauto Motors. The London branch of Credit Suisse became the loan agent. In April 2022, Uzauto Motors repaid the loan, but TKB did not receive a refund of its funds.

A representative of Credit Suisse explained in court that the money for TKB was frozen by Citibank’s correspondent bank due to sanctions against TKB. The defendant also insisted that, under the loan agreement, Credit Suisse was liable only in the event of gross negligence or willful misconduct.

In turn, TKB insists that transferring money to a branch of an American bank after the imposition of sanctions against TKB was “unreasonable.” They also insist that Credit Suisse did not contact TKB until June 2022. Then the Swiss bank informed TKB about the blocking of funds.

Previously, according to TKB, there were arrested cash in the amount of the claim on accounts in the Russian “daughter” “Bank Credit Suisse (Moscow)”. Also, a ban was imposed on transactions with the defendant’s shares in the bank and the company “Credit Suisse Securities (Moscow)”. TKB owns about 100% there, RIA Novosti notes.

After the entry of Russian troops into Ukraine, Credit Suisse announced the reduction of its presence in Russia and the rejection of new business projects.

Olesya Pavlenko