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BTA Bank won trade center in Moscow region in court

08 june 2011, 15:08
0
Photo courtesy of odintsovo.info
Photo courtesy of odintsovo.info
Photo courtesy of odintsovo.info
Photo courtesy of odintsovo.info
Russian real estate development company RTM transferred the project of a trade center in Odintsovo (administration center of Odintsovo region of Moscow oblast) to Kazakhstan BTA Bank on the account of debts, Vedomosti reports.

Moscow arbitration court decided to transfer ownership of two land plots of the total area of 5.4 hectares to the bank. RTM was planning to construct a trade center at this territory. The company received a loan of $82 million from BTA Bank in 2007 to implement the project. Later financial challenges made the company suspend the construction and stop repaying the debt; this caused the bank to file a claim against RTM.

BTA is planning to sell the incomplete center at an auction. Initial price of the two land plots is around 554 million rubles ($19.5 million).

Earlier Samruk-Kazyna Kazakhstan’s Sovereign Wealth Fund announced its plans to sell BTA Bank. Currently Russia's Sberbank is the main candidate to buy the bank.

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