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Creditors demanded that Russian Standard Bank fulfill its obligations, despite the default

Creditors demanded that Russian Standard Bank fulfill its obligations, despite the default

The Pala Assets organization has filed a lawsuit against entrepreneur Roustam Tariko with a demand to pay 3.7 billion rubles, Forbes reported. The defendants in the count are also the board of directors of the Russian Standard credit organization, the company of the same name, which is the parent structure of the organization, and an investment fund.

Pala Assets is the owner of outstanding European bonds, which are listed in Bermuda Russian Standard and owned by Roust Holdings, which belongs to Tariko. In 2015, the organization issued bonds to the market in order to restructure subordinated European bonds of Russian Standard Bank for a total amount of $550 million. As a result, Pala Assets became the owner of 18% of the security par value, but in 2017 there was a default on bonds worth $545 million, after which the issuing company didn’t discharge the coupon.

In 2018, creditors, who had 25% of the issued securities, demanded that Tariko pay off obligations in the amount of $623.6 million and pay off the asset issue. Otherwise, they warned that they would sell the bank’s shares, which Tariko had left upon security. As a result, the parties didn’t come to an agreement.

In this case, the interests of the creditors are represented by Mikhail Fridman and A1. Russian Standard Bank is representing a third party, as 49% of its securities were raised to secure the value of the bonds. In addition, Citibank acts as a third party.

After the default, the management of “Russian Standard” and Roustam Tariko chose the tactic of ignoring investors, depositors and creditors, said the representative of A1 Andrei Elinson. He claims that Pala Assets insists on keeping the bank’s shares, which are used as collateral.

Representatives of the defendant’s party confirmed the information about the receipt of the claim. They also insist on its groundlessness and call it an unnecessary media subject.

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