Cypriot company wants to file claim against Pravex-Bank for non-payment of interest on $14.1 mln loan

14:46, 17.08.2015 1 min read

Byrass Consultants Limited (Cyprus) plans to file a claim to court against Pravex-Bank (Kyiv) as the bank has not paid interest on a loan of $14.1 million provided to the financial institution.

Prove Group law firm told Interfax-Ukraine, with the reference to an official letter of the creditor, that Pravex-Bank stopped fulfilling its liabilities from July 2014, stating as an explanation that the bank had made no profit.

"With the purpose of protecting own rights and legal interests as a creditor and investor the Cypriot company is preparing documents to file them to court," the company said.

The law firm said that the loan was issued to the bank on the conditions of a subordinated loan before the bank's shares were sold to Intesa Sanpaolo.

Pravex-Bank was founded in 1992. Its only shareholder as of January 2015 was Intesa Sanpaolo S.p.A.

The bank ranked 33rd among 127 operating banks as of July 1, 2015, in terms of total assets worth UAH 4.257 billion, according to the National Bank of Ukraine.