OREANDA-NEWS  Hong Kong-based Silver Basis filed for bankruptcy of Moskvich with the Moscow Arbitration Court, it follows from the file of cases. In turn, in Moskvich, RIA Novosti said that they had appealed against the recovery of money in favor of the Chinese company and its application for declaring the plant bankrupt was not subject to court proceedings.

According to the file, the application was registered on May 3. The Moskvich press service explained that the Chinese company's claims relate to the period when the current Moskvich was Renault Russia and belonged to French Renault.

"In accordance with the procedure established by law, JSC MAZ Moskvich has exercised the right to appeal against court decisions rendered in cassation. At the request of JSC MAZ Moskvich, the court of cassation suspended the execution of the decision of the court of first instance to recover funds in favor of the Hong Kong company, as its representatives were informed," Moskvich reported.

"In this regard, the submitted application for recognition of the Moskvich plant as bankrupt is groundless and is not subject to court proceedings. Until the moment of consideration of the cassation complaint of JSC MAZ Moskvich, in essence, numerous statements about the alleged evasion of the Moskvich plant from debt repayment are aimed at undermining the business reputation of the plant, and not at considering all controversial issues through constructive dialogue in the legal field," the press service added.

The automaker also stressed that Moskvich fulfills all requirements to its partners and all obligations under the law. The claims of the Hong Kong company directly against Moskvich, including an attempt to file for bankruptcy of Moskvich, are manipulation of public opinion and have no justification. Moskvich has a stable financial position and there are no grounds for its bankruptcy," the press service added.