OREANDA-NEWS. October 20, 2010. Kyiv Economic Court of Appeals declared the credit agreement between "T.M.M."- Ltd and PJSC "Corporate and Investment Bank Credit Agricole" to be unconcluded and ruled that PJSC "Corporate and Investment Bank Credit Agricole" is to recover the amount they had illegitimately charged off the account of "T.M.M."- Ltd without having grounds for that under any signed bilateral documents. "T.M.M."- Ltd applied to court after PJSC "Corporate and Investment Bank Credit Agricole" had taken legal action against "T.M.M."- Ltd in March 2010. Kyiv Economic Court of Appeals dismissed a claim of PJSC "Corporate and Investment Bank Credit Agricole" to "T.M.M."- Ltd regarding a loan recovery.

Nevertheless, TMM is ready to compensate for the expenses incurred by PJSC "Corporate and Investment Bank Credit Agricole" corresponding to the amount which was not returned to the Bank by a supplier of equipment. This compensation is not related to the credit agreement which was declared unconcluded by Kyiv Economic Court of Appeals.

Mykola Tolmachov, CEO of TMM Company: "In light of the Court decision, TMM Company sees the public announcements made by PJSC "Corporate and Investment Bank Credit Agricole" in March-July 2010 as unethical and giving subjective judgment of the Bank as to the legal proceedings prior to an official court resolution. By taking legal action, the Bank changed the relations between the companies from partnership to purely legal and thus making the court decision to be top priority for TMM."