The court recovered 31 million euros from Airbaltic in favor of the Investment Bank

AK&M 03 February 2023 15:02

The Ninth Arbitration Court of Appeal on the appeal of the DIA on January 30, 2023, overturned the ruling of the Arbitration Court of the City of Moscow and invalidated the loan agreements concluded between JSC Joint-Stock Commercial Bank "Investbank" and the Latvian technical company BAS. The court issued an order to recover 31 million euros from Airbaltic, the DIA said in a statement.

The basis for the decision was the evidence provided about the transit nature of the allocated loan funds and their direct use by Airbaltic, and not by the borrower company BAS.

Recall that the Bank of Russia revoked the license from the Investment Bank on December 13, 2013 due to "significant unreliability of reporting data" and a number of other violations.