Russian Bank's Fight Over $130M Loan Repayments Paused
Law360, London (January 3, 2019, 12:42 PM GMT) -- Legal proceedings brought by Moscow-based VTB Bank against the holding company of a Russian billionaire’s industrial business over $130 million in allegedly outstanding loan repayments have been stayed to allow both sides to continue talks outside court.
Judge Robin Knowles ordered that VTB Bank’s claim in the U.K. against Oleg Deripaska’s Basic Element Ltd. should be put on hold until July, after both sides requested a stay for “the purposes of settlement negotiations.”
“Either party may terminate the stay by giving 28 days’ written notice to the other party and the court,” Judge Knowles said in the order, which was filed...
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