OREANDA-NEWS. December 26, 2011. The Bank of Moscow and METALLOINVEST have stated that the action filed on 15 December 2011 with the Arbitration Court of Moscow against OJSC  Mikhailovsky GOK (incorporated in METALLOINVEST Group) to the amount of RUR 1.236 bln demanding repayment of the problem loan extended to Universstroylux, was revoked.

They have noted at METALLOINVEST that the company is a responsible partner duly performing under its obligations in a timely manner.

Mutually beneficial cooperation between the Bank of Moscow and the METALLOINVESR Group of companies has a long-term and successful history. A significant lending limit has been established by the Bank of Moscow for the Group’s companies.

The Bank of Moscow works in cooperation with many companies of the Group, such as OJSC Lebedinsky GOK, OJSC  Oskolsky Electrometallurgical Works, OJSC  Ural Steel and others. Mikhailovsky GOK has been a client of the Bank of Moscow since 2001 and has repeatedly used the loans extended by the Bank. The Bank considers the company a high class borrower and looks forward to further cooperation.

Claims against Mikhailovsky GOK resulted from the assignment of rights to receive proceeds under a service contract between Universstroylux and Mikhailovsky GOK. Universstroylux has failed to perform under its obligations and did not notify the Bank in accordance with the established procedure of terminating the contract with Mikhailovsky GOK.

All the contractual relations between Mikhailovsky GOK and Universstroylux have now been terminated.

Note:
METALLOINVEST — a world leading producer of iron ore and hot briquetted iron located in Russia
Biggest developed iron ore fields in the world
Regional leader among the five biggest producers of commercial iron ore products in the world
World’s baggiest supplier of hot briquetted iron
Strategically beneficial location in the European part of Russia
One of the world’s lowest costs of iron ore materials
On of the leaders in steel production in Russia