The court approved the settlement agreement and Alfa-Bank «Peresvet»

© Fotolia / FotolEdhar Business handshake. Archival photoThe court approved the settlement agreement and Alfa-Bank «Peresvet»© Fotolia / FotolEdhar

The Moscow arbitration court approved a settlement agreement between alpha Bank and Bank «Peresvet», one of the largest shareholders of which is the structure of the Russian Orthodox Church in a dispute at 10.6 billion rubles, the correspondent of RIA Novosti.

«In this edition of the approved settlement agreement,… the court terminates the proceedings», — announced the decision of the judge.

In turn, alpha Bank has issued a press release about this court decision, outlining the essence of the world: «the Bank «Peresvet» buys Alfa-Bank assets (promissory notes) that are not implemented in the market at the closing of the transactions value, which was determined through independent evaluation as at the date of termination of the obligations between the parties.» «Other aspects of the termination of transactions did not cause controversy between the parties. Thus, the situation was resolved on mutually agreeable terms,» — said Alfa-Bank.

The lawsuit was filed by «Peresvet», whose representative had previously explained that banks in 2015 entered into forward transactions to purchase securities including bills, bonds and Eurobonds of Russian companies. Under the terms of the contract, «Peresvet» on the two open to him, Alfa-Bank accounts had posted a security Deposit in the total amount of 5.6 billion rubles, Alfa-Bank made a purchase for the plaintiff securities due granted the plaintiff a loan.

According to the representative «Peresvet», October 20, 2016, the defendant demanded to execute the forward transaction, however, the plaintiff could not do so as against him by the Central Bank was imposed a moratorium on repayment of creditors. After that Alfa-Bank has sold acquired to «Relight» securities and deducted from his accounts of the security Deposit. In its lawsuit, «Peresvet» demanded to recognise the transaction void and to recover from alpha-Bank cash in the amount charged Deposit, value of securities and interest on borrowed funds.

The Central Bank since October 21 last year has appointed in the Bank «Peresvet» an interim administration and the moratorium on satisfaction of requirements of creditors of the Bank. In April 2017, the Central Bank announced the decision to start procedure of financial recovery of «overexposure» with the use of the mechanism of bail-in. Investor under the rehabilitation programme was the world Bank, and the amount of funding through Central Bank credit was 66.7 billion.

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