The Moscow Commercial Court will consider on May 12 two Bank of Moscow lawsuits to collect from Premier Estate and TD Ramenskaya almost $7 million in loan debt.
On Monday, the court held a preliminary hearing of the lawsuits over loans provided to TD Ramenskaya and guaranteed by Premier Estate.
TD Ramenskaya was part of Inteco, formerly owned by Yelena Baturina, Russia’s richest woman and the wife of Moscow ex-Mayor Yuri Luzhkov.
One of the lawsuits concerns a 64.74 million ruble (($2.2 million) loan issued in several tranches between October 2009 and June 2010. Considering the penalties and interest, the amount in the claim is 77.114 million rubles ($2.6 million). The other lawsuit stems from a 109.45 million ruble ($3.7 million) loan granted in tranches from June 2010 to March 2011. Given the interest and penalties, the claim totals 127.758 million rubles ($4.3 million).
The repayment of the loans has been accelerated as the company has failed to pay interest on time and did not produce its accounting reports.
The defendants have not accepted the claims and will prepare its detailed arguments for the trial.
The Investigative Department opened a criminal case against former Bank of Moscow President Andrey Borodin and his deputy Dmitry Akulinin in late 2010. Borodin and Akulinin were charged with embezzling 12.76 billion rubles ($432 million) from the Moscow budget through a loan to Premier Estate.
Premier Estate used the funds to purchase a 58 hectare land plot from Baturina’s TD Ramenskaya in Moscow. Prior to granting the loan to Premier Estate, the bank issued new shares worth 15 billion rubles ($508 million). The stake was purchased by the Moscow government, the bank’s majority shareholder.
Investigators say the bank’s personnel were well aware of the false information that Premier Estate submitted about the pledge to secure the loan.
Inteco insisted that the land purchase deal was valid.
Borodin and Akulinin are under investigation in another case that was opened this winter. Now, they are suspected of stealing 6.7 billion rubles ($227 million).