Habberton Group to sue Severnaya Kazna for $900m

12 January 2016 (09:36)

January 12, 2016. Sverdlovsk Region Arbitration Court is to consider a claim laid by Habberton Group Inc against Severnaya Kazna Insurance Company; the plaintiff demands to be paid $916.7m in compensation, the court reports.

‘The plaintiff asked for the acknowledgement and enforcement of the ruling pronounced by the Russian Federation Chamber of Commerce & Industry’s Marine Arbitration Committee on September 18, 2015. It was ruled that the insurance company would have to pay Habberton Group Inc $890m and $26.7m in legal fees. The plaintiff also asked for the enforcement order to be issued.’

The case is to be heard on February 1, 2016. According to the information that is publicly available, Habberton Group Inc is the owner of the Victoria, a vessel currently located in the Seychelles.

Sverdlovsk Region Arbitration Court pronounced Severnaya Kazna insolvent following a bankruptcy application submitted by a private individual on April 22, 2015. The Bank of Russia annulled the insurer’s license on April 23, 2015. In fact, the company’s license had been declared temporarily inactive due to ‘failure to meet legal requirements’ as early as March 5. The provisional trustee in bankruptcy was dismissed and a new one appointed at a later date.

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