VTB bank files lawsuits against borrowers for $22 million

Vestnik Kavkaza, Russia
Feb 15 2013

15 February 2013 – 4:06pm

Russian state-controlled bank VTB has filed a $22 million lawsuit
against air carrier Armavia and jet fuel supplier Mika Limited, owned
by Armenian businessman Mikhail Bagdasarov, Rapsi News cites the
Izvestia newspaper as saying.

The bank is seeking the return of funds issued to refinance the loans
Armavia took out to buy a Sukhoi Superjet-100 (SSJ-100).

VTB filed a $10 million suit against Armavia with the Armenian
Commercial Court, and a $12 million suit against Mika Limited with the
Royal Court of Jersey, where the company was incorporated.

Izvestia received confirmation that the companies are facing
litigation from Bagdasarov.

From: Emil Lazarian | Ararat NewsPress

Disclaimer: This article was contributed and translated into English by Emil Lazarian. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.

Direct link to this article: https://www.armenianclub.com/2013/02/17/vtb-bank-files-lawsuits-against-borrowers-for-22-million/

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS