Swiss investment company Pala Assets Holdings Ltd has submitted to Arbitration court of Moscow the claim to the two structures of “Russian standard”, the main owner of the holding, Roustam Tariko and all the members of the Board of Directors of the Bank “Russian standard” by 3.7 billion rubles, follows from the filing of arbitration cases.
The essence of the claims of the Swiss company was not disclosed, reports “Interfax”.
The representative of the holding “Russian standard” has confirmed receipt of the claim. “Acknowledge receipt of the claim. We believe that the claim is completely false and another mediapovod. Believe that the Russian court would give him a proper assessment. To comment on the suit because it won’t complete groundlessness” – he said “Interfax”.
Pala Assets is one of the holders of defaulted Eurobonds Russian Standard Limited (RSL). As security for the bonds RSL pledged 49% of the Bank “Russian standard”. These Eurobonds (with a volume of $545 million with maturity in 2022 and a coupon rate of 13% per annum) was released as part of the restructuring of subordinated debt of the Bank.
RSL fall 2017 defaulted in the payment of semi-annual coupon on the bonds. As previously noted, the representative of the holding “Russian standard”, the company was engaged in negotiations with the major holders of these securities.
Claim Pala Assets associated with the fact that this value decreased the value of the pledged shares of the Bank that brought the Fund losses, the newspaper “Vedomosti”. Lenders require the recovery of damages in proportion to the reduced value of the mortgaged shares. According to him, they consider all possible options repayment of investments, foreclosure on a pledge is one such scenario.
Pala Assets, according to the newspaper, needs to recover 3.7 billion jointly and severally from all the defendants. They are, in the opinion of the company, approved a number of deals on the certainly not profitable for the Bank the conditions that led to the decline in the value of the mortgaged shares.
The owner of Pala Assets is considered to be Vladimir Iorich the ex – partner Igor Zyuzin in Mechel.