Almaty, 30 November 2016. Eurasian Development Bank (EDB) reports that the Kostanai Town Court (Kazakhstan), after having considered the case for the second time, satisfied the Bank's claim against Ivolga Holding's owner Vasily Rozinov for a total of US $300,000.
EDB has been trying to recover Ivolga Holding's debts from its owner and guarantor Vasily Rozinov over 2016. Vasily Rozinov did not comply with the court judgements to pay US $1.8 million to EDB and the Bank had to enforce them.
In July 2011, EDB provided a US $80 million loan facility to Ivolga Holding (borrower) until 20 August 2014. The borrower failed to repay the loan on time and disregarded EDB's claims for repayment. Over 2015, EDB tried to settle the issue out of court, however neither the negotiations, nor the postponement of repayment have resulted in the discharge of the Bank's claims. EDB had to enforce loan recovery.
Earlier, to protect its rights and the interests of its shareholders, EDB applied to a court to bankrupt Ivolga Holding. However, understanding the social importance of this company, EDB agreed to consider alternative dispute resolution options, including an assignment to third parties.
EDB is ready to consider assignment of its claims against the holding to third parties in accordance with the current laws and for the sake of Kazakhstan's agroindustrial sector.
Additional Information:
Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. EDB’s charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
Read more at https://eabr.org/
EDB Media Center:
+7 (727) 244 40 44 ext. 6147 (Almaty)
+7 (495) 645 04 45 ext. 2732 (Moscow)
e-mail: pressa@eabr.org
Related news:
EDB is ready to consider assignment of its claims against Ivolga Holding to third parties
EDB's official statement on its claim against Ivolga Holding
