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Moscow court orders Crimea to pay on its bonds to Cyprus company

Moscow court orders Crimea to pay on its bonds to Cyprus companyThe Arbitration Court of Moscow has partially satisfied a claim of DRGN Limited (Cyprus) against Russia's Ministry of Finance, 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.

The decision was made on July 12, 2016.

"To collect a total of UAH 18.34 million in Russian rubles at the exchange rate of the Central Bank of Russia on the date of payment from Crimea in the person of the Ministry of Finance of Republic of Crimea, as well as expenses on state tax of 200,000 Russian rubles," the court said in its decision.

The sum is set on the basis of the certificate provided by the claimant that the company as of June 30, 2014 had 17,103 Crimea's bonds on the account of Dragon Capital LLC (Kyiv), and the debt on payment of interest for the eleventh and twelfth coupon periods was UAH 618,273 and UAH 618,273 respectively.

The court decided to dismiss other demands of the claimant against the rest of the defenders.

The decision can be appealed in the terms set in the Procedural Code of Russia.

As reported, Cypriot DRGN Limited on April 6, 2015 lodged a claim with the arbitration court of Moscow against the Finance Ministry of Russia, the State Council of Crimea, and the Council of Ministers of Crimea, worth 82.096 million Russian rubles, demanding payment under liabilities for bonds of the Supreme Council of Crimea, issued in 2011 and which matured on June 20-22, 2014.

The claim is an individual claim made by the Cypriot company which bought bonds from Dragon Capital as the underwriter.

The claim is estimated at EUR 1.142 million without interest for the use of third parties' assets accrued by the date when the court's ruling will have to be executed.

The hearings have been rescheduled several times before.

The issue of the Crimean bonds was registered by Ukraine's State Securities and the Stock Market Commission on June 14, 2011.

A Series bonds were issued to the tune of UAH 133 million with a 14.5% interest rate per annum and quarterly coupon payments.

The funds raised from the placement of the bonds were used to develop local infrastructure in Crimea.
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