The court ruled to arrest funds of the tank “Armata” maker


The Moscow Commercial Court seized the funds belonging to the Scientific and Industrial Corporation “Uralvagonzavod” (UVZ) and one of its subsidiaries – Chelyabinsk Tractor Factory (“Uraltrac”) – following the claim of Alfa Bank. This was reported by the press service of the court, reports Tass .

Security measures have been taken according the second claim of 523.5 million rubles. At the moment the claim is in production. A preliminary hearing is scheduled for June 5th.

Deputy director of Uralvagonzavod Alexey Zharich said to “” that the company believes the arrest was illegal and intends to appeal since the loan was serviced timely. “325 million rubles ($6.5 million) was already paid,” – he added.

At May 8th Alpha Bank posted an announcement in “Kommersant” newspaper about its intention to file a claim seeking for “Uralvagonzavod” bankruptcy. As Zharich explained, the bank’s actions were dictated by the payment delay made by one of subsidiaries “Uraltrac” and claimed such actions as unhelpful. “The Bank was officially notified that “Uraltrac” was awaiting the decision on government support also intended for restructuring of the company’s loan portfolio”, – he said.

Earlier on April 14 the bank filed a lawsuit in the Moscow Commercial Court to recover 6 billion rubles ($120 million) and 39.7 million dollars of loan payments from “Uralvagonzavod”. “Uraltrac” and “Technopark” Traktorozavodsky” are listed as co-defendants.  A preliminary hearing is scheduled for May 27. The second lawsuit was filed on April 24th.

As reported in February, “Uralvagonzavod” appealed to the Russian government for additional state guarantees of 15 billion rubles ($300 million) to support the Chelyabinsk Tractor Plant (“Uraltrac”).

Research and Production Corporation “Uralvagonzavod” is one of the world’s largest tank makers with about 60% of market share by the total number of units produced. It makes Russia’s main battle tank T-90, which is to be replaced by the tank “Armata”. The company is also one of the largest manufacturers of railroad carts.