Uralvagonzavod disputes Russkiy Narodniy Bank’s note

Russkiy Narodniy Bank intends to make Uralvagonzavod Scientific and Production Corporation pay it over 10 million RUR.


The bank placed a claim against Uralvagonzavod and Uralvagonagro with Sverdlovsk Region Arbitration Court and now insists on being paid 10,000,000 RUR worth of the promissory note debt, 106,944 RUR worth of interest, and 106,944 RUR worth of fines (as stated in Paragraph 48 on the Provision on Bills of Exchange and Promissory Notes.


The defendant refused to agree with the claims since on the date the disputed promissory note was signed the company’s General Director Nikolai Malykh was actually away on a business trip. Uralvagonzavod therefore insists on a handwriting comparison procedure and a technical expert examination.


The court agreed to have these procedures carried out, so the next hearing has been scheduled for November 19, 2009.


In fact, Uralvagonzavod is involved in a similar suit already. Sverdlovsk Region Arbitration Court is now looking into the claim laid by AKB Rosbank’s Yekaterinburg subsidiary against Uralvagonzavod Scientific and Production Enterprise. The defendant refuses to pay its debt and claims that the date the disputed promissory notes for December 2008-April 2009 were signed, as well as the General Director’s signatures, can’t be authentic because the GD was actually away on business trips at that moment.


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