Feb 15, 2013

$22 million lawsuits filed against Armenian Armavia and Mika Limited

Russian Bank VTB filed a $22 million lawsuit against Armavia and Mika Limited; both belong to the Armenian businessman Mikhail Bagdasarov.
The Russian state-owned bank is trying to return the sum it has allocated to refinance loans taken by Armavia for purchase of the Sukhoi Superjet-100 aircraft, 7or.am reported, referring to Izvestia.
In an interview with the publication, a source close to the State Bank said that the proceeding against Armavia (for $ 10 million) has been lodged with the Armenian State Arbitration Court. Mika Limited, in its turn, is going to face a proceeding over $12 million at the Royal Court of Jersey, where the company has been registered.
According to the source, the VTB's Armenian branch had allocated over $7 million to Armavia with the purpose of refinancing a loan the company had received from Ardshininvestbank for purchasing a Superjet-100 airliner (nearly $ 30 million).
Lawyers believe that the VTB has good chance of winning in a dispute with the Armavia.

Source: trend.az

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