Trust threatened the main shareholder of Russian Standard with bankruptcy for non-payment of debt

The bank of non-core assets “Trust” admitted that it would file for bankruptcy of the company “Russian Standard” (the majority shareholder of the bank of the same name) due to violations of debt obligations. The press service of the bank said that the holding violated the rules of restructuring by $85.7 million. Russian Standard denies the accusations.

“The debtor of the bank of non-core assets, Russian Standard Company CJSC Rustam Tariko, violates the terms of the restructuring provided by Trust in 2020,” the press service of Trust told RIA Novosti, adding that over the past year, “ Russian Standard” “systematically allowed delays on the loan.”

“Russian Standard” – the majority shareholder of the bank of the same name (88.58% of shares) – may lose a credit institution if an application is filed for its bankruptcy, the Trust explained.

Russian Standard said that the company adheres to the agreements reached and regularly makes payments on the loan. “To date, it has repaid almost a third of the original debt (in addition to debt from other companies in the group, which has been repaid in full). The company intends to continue to adhere to all agreements reached with Bank Trust PJSC,” the holding said.

“Trust” began to perform the functions of a bank of non-core assets in 2018. The structures of Rustam Tariko, the owner of Russian Standard, had obligations to Binbank. His non-core assets were transferred to the “Trust” from the Central Bank.

In May 2020, Russian Standard and Trust agreed to restructure the debt in the amount of $85.7 million: $15.3 million was repaid ahead of schedule, the rest must be repaid in equal installments by the end of 2023. As of September 2022, the balance of the debt was estimated at about $50 million.

Lusine Balasyan