OREANDA-NEWS. February 20, 2012. Joint Stock Company Parex banka has recovered EUR 27,8 million by selling their right to demand from the department store Univermag Moscow and related companies, reported the press-centre of Parex Banka.

Thus the Bank has successfully recovered the remaining principal amount from the complex exposure in full. It took more than 17 months of professionally hard and demanding work. Univermag Moscow is a significant object located in the centre of Moscow with a great potential however due to the long-lasting disagreement and conflict between the shareholders it has been impossible to benefit from its potential. As a result of mutual disputes between the shareholders, Parex banka has been involved in several complex proceedings.

Jurijs Adamovics, member of AS Parex banka Executive Board emphasises: “Our major task is loan restructuring and debt recovery, and we have reached our target within this project fully. We are very satisfied as Univermag Moscow was one of our most complex projects which demanded a lot of energy and work. Methods that some stake holders used to protect their interests were rather unfavourable. Our success is a proof that out team is capable of solving specific and extraordinary situations.”

The right to demand from Univermag Moscow and the related companies has been sold to CIS investors. Terms of the agreement forbid disclosure of the buyer’s identity.
 
Additional information:
In 2011 Parex banka pleaded with the Ambassador Extraordinary and Plenipotentiary of Latvia to the Russian Federation regarding the proceedings related to Универмаг Москва in order to stop further legal discrimination of Parex banka as resident of Latvia by the Russian courts. Among other things Parex banka pointed out that that breach of internationally recognized principles would substantially harm bilateral relations of both countries.