The court sought to lifeline 109 million Indian rupees in favour of Sberbank

The court sought to lifeline 109 million Indian rupees in favour of Sberbank

Moscow. 14 Oct. The Moscow arbitration court Thursday, October 13, satisfied the claim of Sberbank of Russia about collecting from JSC “Moscow Metrostroy” 109 million Indian rupees, reported the Agency “Interfax-AFI” in court. Money should be collected in rubles at the CBR exchange rate on the date of execution of the decision.

As of October 14, 109 million rupees is around 103,1 million. Representatives of lifeline requested to postpone the meeting due to the fact that the negotiations on the peaceful settlement of the dispute. The representative of the Bank confirmed the fact of negotiation, but opposed the adjournment of the hearing. She noted that a settlement agreement may be concluded at any stage of the process.

The application was registered on 26 Jul 2016. The amount of the claim is 109.1 million rupees. “Mosmetrostroy” won the tender for the construction of tunnels and metro stations in the Indian cities of Chennai and Mumbai.

“Mosmetrostroy” is the largest metrostroiteley Russia: from 1931 he built 181 station of the Moscow metro, and now is building another 12, and almost 22 km of tunnels. According to the data of Moscow’s construction sector, the share of MMS accounts for about 36% of all work on the construction of the subway.

In 2012, the owners of “Mosmetrostroy” are Andrey Bokarev and Iskander Makhmudov, two years later, they consolidated 100% of the shares. By this time, Moscow began a massive program of subway construction. The MMS received one third of orders, and for several years revenue has almost tripled – from RUB 10 billion in 2010 to 28 billion in 2014

However, the total debt of the group as at the end of 2014, according to base “SPARK-Interfax”, was in excess of 29.5 billion rubles, the Company finished the year with 848 mln net loss. And in summer 2015, operating one of the organizations of “Mosmetrostroy” – “SMU-5” – staged a protest action with the requirement to extinguish debts under the salary. This action “Mosmetrostroy” called illegal, but the workers ‘ wages paid. Sources of the newspaper Vedomosti reported in March that the difficult situation, which got “Mosmetrostroy” caused by large debts to the creditors (especially the Bank of Moscow), accumulated under the previous owners.