Alfa-Bank vs. SUAL to be heard in Moscow

Alfa-Bank placed its claims against United Company RUSAL’s SUAL and RUSAL Krasnoyarsk smelter with Moscow Arbitration Court. The claims amount to $8.7m, RIA Novosti reports.

Alfa-Bank’s Deputy Chairman Vladimir Tatarchuk had said earlier that the bank might consider laying claims against UC RUSAL’s two major plants; these claims would be related to fines for the loans SUAL and its loan guarantor Krasnoyarsk smelter had paid off

Moscow Arbitration Court ruled on May 26, 2009 that the enterprises must pay Alfa-Bank $73.8m (their debt). The appeals instance supported the court’s ruling, so the verdict came into full force.

However, the bank has not been paid until rather recently. In fact, on September 24, 2009 Alfa-Bank appealed to Sverdlovsk Region Arbitration Court, demanding that SUAL and Krasnoyarsk smelter be declared bankrupt, but the companies paid off their main debt and the loan interest on the same day. Nevertheless, the bank now insists on being paid the loan fines and fees as well, RIA Novosti says.

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