RusBankrot
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05/12/2025
Friday
THIS DAY IN HISTORY:
5 December 
1936 The Stalinist Constitution of the USSR was adopted.
1936 the Stalinist constitution of the USSR was adopted.
1484 Pope Innocent VII initiated the "witch hunt".
1456 An earthquake that destroyed Naples occurred - 35 thousand people died.
1456 occurred an earthquake that destroyed Naples - 35 thousand people died.
5 December
1936 The Stalinist Constitution of the USSR was adopted.
1936 the Stalinist constitution of the USSR was adopted.
1484 Pope Innocent VII initiated the "witch hunt".
1456 An earthquake that destroyed Naples occurred - 35 thousand people died.
1456 occurred an earthquake that destroyed Naples - 35 thousand people died.
Nizhny Novgorod fair is trying to avoid collecting $6 million in a promissory note dispute
The Arbitration Court of the Nizhny Novgorod Region is considering a high-profile case (No. A43-4940/2025) on the recovery of over $6 million. The defendant in the lawsuit turned out to be Nizhny Novgorod Fair. The plaintiff is the foreign Luccio Enterprise Ltd. Previously, this organization from the Seychelles became the holder of debt dating back to the mid-1990s.
30 years ago, the regional authorities decided to repay the mistakenly transferred currency tranche. The funds ended up in the bankrupt Nizhny Novgorod. They tried to return them at the expense of borrowed money issued by a Russian organization in Inkombank. But it was not possible to pay off the loan with interest.
Over the years, the right to claim the debt has shifted from one structure to another. As a result, the bill was acquired by its current owner (Luccio Enterprise) for 369 million. The defendant insists that all the deadlines have already expired. The bill, according to the calculations of lawyers, had to be presented for payment before February 2023, and the possibility of judicial recovery ended in January 2025.
The regional Prosecutor's Office is also involved in the process. An employee of the supervisory authority said that such a deal, which includes offshore structures in Cyprus, may have signs of schemes that fall under the attention of law enforcement agencies, especially when working with unfriendly jurisdictions. It is Cyprus that appears as the country of registration of the two previous holders of the bill.
The Prosecutor's Office explained that it can enter into an arbitration dispute if there are grounds to suspect actions related to money laundering. The court granted the petition and allowed the prosecutor's office to participate.
However, the representative of Luccio stressed that the very fact of issuing the bill is not disputed by anyone. After all, the deal was legal. During the meeting, doubts also arose about the validity of the power of attorney issued by the previous creditor. The court doubted it, because it was not possible to find the document in the registry of notarial acts.
The hearing in the case is scheduled for August. The regional government does not comment on this situation. The former long-term director of the fair, Valery Barulin, under whom a significant part of the debt history was formed, will no longer be able to provide explanations. He died tragically in January last year.
30 years ago, the regional authorities decided to repay the mistakenly transferred currency tranche. The funds ended up in the bankrupt Nizhny Novgorod. They tried to return them at the expense of borrowed money issued by a Russian organization in Inkombank. But it was not possible to pay off the loan with interest.
Over the years, the right to claim the debt has shifted from one structure to another. As a result, the bill was acquired by its current owner (Luccio Enterprise) for 369 million. The defendant insists that all the deadlines have already expired. The bill, according to the calculations of lawyers, had to be presented for payment before February 2023, and the possibility of judicial recovery ended in January 2025.
The regional Prosecutor's Office is also involved in the process. An employee of the supervisory authority said that such a deal, which includes offshore structures in Cyprus, may have signs of schemes that fall under the attention of law enforcement agencies, especially when working with unfriendly jurisdictions. It is Cyprus that appears as the country of registration of the two previous holders of the bill.
The Prosecutor's Office explained that it can enter into an arbitration dispute if there are grounds to suspect actions related to money laundering. The court granted the petition and allowed the prosecutor's office to participate.
However, the representative of Luccio stressed that the very fact of issuing the bill is not disputed by anyone. After all, the deal was legal. During the meeting, doubts also arose about the validity of the power of attorney issued by the previous creditor. The court doubted it, because it was not possible to find the document in the registry of notarial acts.
The hearing in the case is scheduled for August. The regional government does not comment on this situation. The former long-term director of the fair, Valery Barulin, under whom a significant part of the debt history was formed, will no longer be able to provide explanations. He died tragically in January last year.
09.07.2025
