Sberbank sues CIT Capital

8 April 2009 (10:01)

Sverdlovsk Region Court of Arbitration keeps looking into the claim laid by Sberbank of Russia against CIT Capital regarding the 87.88-million-ruble debt and mortgaged property.

Sberbank has claimed earlier that the defendant was not being very bona fide in terms of meeting its loan agreement obligations and paying off debt. The plaintiff feels that, since the company chose to go through the bankruptcy proceedings and to have its property alienated, CIT Capital currently has no means to pay its creditors back. This is why it seems essential that the security for the claim should be provided.

The court declared CIT Capital insolvent as early as December 2008 after the company itself placed a bankruptcy petition with the court, stating that their debts had already amounted to more than 3.98 billion RUR.

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