14:16 19.01.2017

DRGN Limited continues litigation to collect debt on Crimean bonds

Cypriot DRGN Limited continues litigation with the Finance Ministry of Russia, the State Council, the Council of Ministers and the Ministry of Finance of the self-proclaimed Republic of Crimea, demanding to pay on bonds of the Supreme Council of Crimea that matured in the period from June 20 to June 22, 2014.

DRGN Limited did not agree with a ruling of the Arbitration Court of Moscow dated July 12, 2016 when the court decided not to satisfy the request to collect the interest for the use of funds, including inflation loss, and when the court calculated the sum of the debt in hryvnias and ordered to pay it in Russian rubles. The claimant referred to the wrong application of the requirements of the material law, asked to change the ruling and satisfy its claims.

The company filed a claim to the Ninth Appeal Court of Moscow. The court on September 20, 2016 ruled to annul the ruling of the Arbitration Court of Moscow. However, the appeal court ruled not to satisfy the company's claim.

DRGN Limited on December 1, 2016 filed the counterclaim against the ruling of the Ninth Appeal Court of Moscow. The Arbitration Court of Moscow District accepted the claim on December 8, 2016.

During the first hearing of the counterclaim the Arbitration Court of Moscow District on January 17, 2017 decided to postpone the court hearing until February 1, 2017.

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