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23 December 2013

MZS secured judgment acknowledging validity of credits extended by a foreign bank to Russian borrowers for the sum total exceeding USD 100 million.

MZS team led by the partner Anton Aleksandrov has successfully represented the Savings Bank of the Republic of Kazakhstan (Halyk Bank) in the Federal Arbitrazh Court of West Siberian Circuit and the Federal Arbitrazh Court of Moscow Circuit in disputes concerning the validity of credit facilities provided to two Novosibirsk companies. The trial and appellate courts’ position that the credit facilities of the type breach Russian banking and civil law was considered unfounded. Apart from being of the utmost importance for MZS client, the cassation courts’ rulings generally contribute to the stability of the Russian cross-border lending market.