Moscow Court arrested 41.6% of the share of "IBA-Moscow"

Moscow / 14.05.18 / Turan: The Moscow Arbitration Court, at the request of Savings Bank (Sberbank), has arrested 41.6% of the share in the Russian branch of the International Bank of Azerbaijan(IBA), Interfax reported. In the spring of 2017 the IBA announced the beginning of a restructuring of its debt obligations. Sberbank in April this year, appealed to the High Court of Justice of England and Wales with a lawsuit against the Azerbaijani bank on recovery of debt under a loan agreement of $ 21.3 million.

The materials of the Russian court indicate that the Federal Bankruptcy Court of the United States of New York has established a moratorium on IBA assets located in the United States, and also imposed a injunction to initiate or spook the enforcement acts in relation to obligations included in the restructuring plan. This means that any action against the IBA or its property will not yield results. In addition, in March this year, the IBA decided to liquidate the Russian IBA-Moscow bank. 41.6% of the share of IBA-Moscow was valued at 1.317 billion rubles. The decision of the court is subject to immediate execution.-0--