Moscow Court gave back 46 million rubles of Crimean debts to Cyprian offshore company
Moscow City Arbitration Court upheld the claim filed by DRGN Limited to the Ministry of Finance of the Republic of Crimea because on the outstanding bonds. At that, the offshore company’s claims to the Russian Ministry of Finance, the State Council of the Crimea and the Council of Ministers of Crimea were rejected.
The court ordered the Crimean Ministry of Finance to pay DRGN Limited 18,3 million Ukrainian hryvnia, which is about 46 million rubles at the current rate, according to the decision published on the arbitration cases database. The lawsuit was filed in 2015 after the Crimean authorities could not repay the debt on the bonds, the maturity of which expired in June 2014.
"To recover from the Republic of Crimea represented by the Ministry of Finance of the Republic of Crimea in favor of DRGN Limited <...> overall 18 million 339.546 hryvnia in Russian rubles at the rate of the Central Bank of the Russian Federation (Bank of Russia) on the date of payment, as well as the costs of the state fee in the amount of 200 thousand rubles", said the decision.
The Court also found that the bond placement rules were violated only partly, so that claims of DRGN Limited to the Ministry of Finance of the Russian Federation, the State Council of the Crimea and the Crimean Council of Ministers were not justified in general.
Earlier, in May 2016, the Deputy of the Verkhovna Rada Vladimir Arefiev demanded to include DRGN Limited on the sanctions list of Ukraine. He explained that by filing a claim against the Crimean and Russian authorities, the company had thus recognized that Crimea belonged to Russia, with which the official Kiev did not agree.
Crimea had placed bonds with a total nominal value of 133 million hryvnia in the project for the collection and recycling of solid waste in Simferopol and Simferopol region in 2011, when the peninsula was part of Ukraine. Then, the bonds were distributed among companies and individuals, citizens of Ukraine and foreigners. The Kiev Dragon Capital investment bank was engaged in their sale, this very bank sold DRGN Limited 25,2 thousand valuable securities.
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