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Court Orders NK Rosneft' OAO to Pay Glendale RUB 2.53 Billion-Interfax


Wednesday, 14 Aug 2013 01:11am EDT 

Interfax reported that the Court of Amsterdam District at the end of May 2013 ordered NK Rosneft' OAO to pay Glendale Group Ltd. (Glendale) RUB 2.53 billion plus interest and penalties, NK Rosneft' OAO said in its quarterly report. This means the court rejected Glendale's demands for two out of eight promissory notes that are the subject of dispute, and it supported Glendale's demands in relation to the other six promissory notes. The court allowed NK Rosneft' OAO to transfer its debt under the court decision to an escrow account in expectation of an appeals decision. Glendale filed a lawsuit in an Amsterdam court in 2007 to recover approximately RUB 3.53 billion of principal debt, interest, penalties and costs from NK Rosneft' OAO. It justified its claims with eight promissory notes from Yuganskneftegaz OAO, the predecessor to NK Rosneft' OAO, issued in 2003.