The London Court of International Arbitration (LCIA) has dismissed arbitration on the claim filed by Russia’s VTB Bank against the bankruptcy of Montenegro’s aluminium smelter KAP, broadcaster RTCG reported on June 13, quoting KAP’s receiver, Veselin Perisic.
Following the latest ruling, Montenegro’s commercial court can complete the bankruptcy proceedings of KAP, Montenegro's largest industrial company.
VTB Bank had filed a claim with LCIA, seeking a court ruling against the bankruptcy declared by the smelter, and to receive more than €30mn unpaid liabilities. Back in 2010, KAP stopped sending aluminium to its sole client Glencore after it established that the sales revenue paid by Glencore into KAP’s account at VTB had been seized by the lender.
In April last year, the High Court of Justice in England also dismissed VTB’s claim and the bank went on to request the arbitration.
“Upon the request of bankrupt KAP’s legal advisor, on May 17 the London court took a decision to end the arbitration on VTB’s claim,” Perisic was quoted as saying in a statement to the media.
In 2014, Montenegrin privately-held firm Uniprom signed a deal to buy KAP for €28mn. However, a Cyprus court has banned the sale of KAP’s assets at the request of the company's former owner - Russia's En+ Group of businessman Oleg Deripaska. The ban concerns any transactions with KAP's assets, bank accounts and aluminium it has produced.
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