Monday, January 27, 2014

Russian Businessman Sues Russian Bank for $600 Million in London

A Russian businessman has filed a $600 million lawsuit against Russia's second largest bank, VTB, with London’s High Court, a newspaper reported Monday. Russia’s Vedomosti business daily quoted a source as saying Konstantin Malofeyev, head of Marshall Capital, was claiming $600 million in lost earnings from an injunction previously imposed on a Rostelecom stake as part of a lawsuit by VTB. The injunction prevented Malofeyev from participating in the formation of the Garsdale telecom holding led by tycoon Alisher Usmanov. Malofeyev confirmed the report and said he had filed the lawsuit back in June 2013. Marshall Capital's assets, including a 10-percent stake in the Rostelecom state fixed-line operator, were frozen in August 2011 as part of a fraud case involving a $225 million loan that a VTB subsidiary issued to Rusagroprom in 2007 to finance the acquisition of assets from the Nutritek International Corp., a baby food producer registered in the British Virgin Islands. Rusagroprom defaulted on the loan. VTB then claimed that Malofeyev was the actual owner of Russagroprom and Nutritek. The businessman has denied the claims.

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