VTB sues Inteco in court to collect over 870 mln roubles.

23/7 Tass 250 A

MOSCOW, July 22 (Itar-Tass) – The VTB bank has sued the Inteco Company in court to collect over 870 million roubles worth of credit, which VTB has given to Inteco for state guarantees, the Russia 24 news channel reported on Friday.

Vadim Sukhoverov, the head of the VTB press service, said that the bank had issued the credit to Inteco on December 1, 2009. The Sintez Company was a co-borrower and the Russian Finance Ministry was the guarantor.

“The borrower stopped meeting its credit commitments in the second half of 2011. Negotiations on pre-trial procedure for the settlement of this indebtedness ended with no result,” Sukhoverov went on to say.

“In this connection, VTB had to turn to court for help to protect its interests,” Sukhoverov said.

Inteco’s owner is Elena Baturina, the wife of the former Moscow Mayor Yuri Luzhkov. The company develops new modern home decoration materials and technologies for frontal works, produces cement, builds panel and monolith houses, does architectural design and is engaged in realtor business.

Leave a comment