THE SUPREME COURT DID NOT SUPPORT VEB'S COMPLAINT.THE RUSSIAN FEDERATION ON THE RECOVERY OF 1.8 BILLION

An attempt by the state corporation VEB.The Russian Federation has not found understanding to appeal the verdicts of arbitration courts to the Supreme Court. Judge Denis Tyutin rejected an appeal containing a request for a review of the case in the Economic Board of the Armed Forces of the Russian Federation. This means that the state corporation failed to receive 1.8 billion rubles from four Russian insurers.

Litigation of the WEB.The Russian Federation with insurance companies (Rosgosstrakh, Consent, Guta-Insurance and VSK, as the legal successor of BIN Insurance) is connected with the bankruptcy case of Amurmetall (case no. A73-7519/2012). Ten years ago, the joint-stock company initiated the process of recognizing its own insolvency. Mikhail Kotov was assigned to perform the functions of the arbitration manager. It was reported that the company's debt to VEB.The Russian Federation has reached 5.4 billion rubles.

In 2009, the company "Amurmetall" (the only Far Eastern enterprise of ferrous metallurgy) was experiencing a financial crisis. VEB State Corporation.The Russian Federation bought 100% of the shares from the then owner – Duma deputy Alexander Shishkin. The firm received a 2.2 billion loan from the new owner. In total, about 5 billion were provided to the company on loans, the Insurance News Agency clarifies.

The Company has provided the rights of claim under seven export contracts as a means of security. The state corporation could foreclose on export earnings as collateral.

At the end of August 2012, Amurmetall was taken under surveillance, and on October 3, 2013, the company received the status of bankrupt. The total debt of the company to creditors amounted to 35.5 billion. The main plaintiffs were Sberbank, Gazprombank and VEB.RF.

By the time of the trial, the validity of five export contracts concluded by the company earlier had expired. Under two existing agreements, Amurmetall received $75.2 million from VEB in the period from October 2013 to September 2014.The Russian Federation demanded to transfer 80% of the proceeds ($60.1 million) to itself as financial security for the loan.

However, the manager Kotov refused to recover the state corporation. He considered that settlements with the creditor could be made only after the rights of claim under the contracts were realized. In addition, the fulfillment of the requirements of VEB.The Russian Federation would mean that the value of collateral items would decrease, and the work of the enterprise could be completely stopped.

The arbitration recognized Kotov's actions as contrary to the law, but did not force the manager to make a decision to transfer money. The appeal overturned this decision, supporting Kotov. The cassation recognized the manager's refusal as unlawful. As a result, Kotov was suspended, and VEB.The Russian Federation has achieved a decision on the recovery of losses in the amount of 1.8 billion.

Since Kotov's liability as an arbitration manager was insured, the state corporation tried to recover a large sum from insurers. However, the courts refused to satisfy the requirements of VEB.RF. Now this decision has found support in the Supreme Court.

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