Gradison Consultants Inc., the British Virgin Islands-based company managing famous Russian businessman Shalva Chigirinsky’s foreign assets, has been ordered by the High Court of London to pay the VTB Banking Group the sum of Rub3.24bln.
The order followed a suit filed by the bank against Russian Land, a development firm owned by Chigirinsky, for its failure to repay a loan of Rub3bln that was personally collateralized by the businessman himself and Gradison Consultants Inc. The loan was granted in 2007 by Deutsche Bank’s London branch, which passed the debt over to VTB in February 2009, after which Russian Land stopped to service the loan.
Consequently, VTB filed the suit as soon as repayment expired at the end of June. According to the Russian bank, the initial debt totaled Rub3,17bln, while the final sum of Rub3.24bln that was approved by the court, which included all the accrued interests and penalties for repayment defaults, has completely satisfied all the bank’s claims against the debtor.
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