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Moscow court to hear USD 28 million lawsuit against Mechel affiliate on July 18

RAPSI reported that the Moscow commercial court has postponed the hearing of a RUB 947 million lawsuit filed by Rosbank against a company related to Russian mining and metals company Mechel until July 18th 2014.

Rosbank is part of the French banking group Societe Generale. The defendant is the metal trader Metallurg Trust. The court has also accepted a VTB24 lawsuit to collect RUB 1.969 billion from Metallurg Trust.

In June, the court ruled in favor of Markrose Limited which sued Metallurg Trust for over USD 40.2 million. The initial lawsuit was filed by Russia’s MDM Bank, which later assigned its claims to the Cyprus registered company.

According to Mechel’s financial statements, it launched transactions with Metallurg Trust in 2010, eventually gaining influence over the trading company within the framework of their business relations.

Mechel, which is one of the largest Russian mining and metals groups, announced on May 13 that its coal production in the Q1 decreased 13% Yoy to 5.565 million tonnes and that its steel output fell 21% to 1.03 million tonnes. As for February 2014, Mechel’s net debt amounted to USD 9 billion. Its net loss for the first nine months of 2013, calculated under US GAAP, reached USD 2.2 billion.

Source – RAPSI


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