RIA Novosti reported that the Bank of Moscow withdrew on December 19 its lawsuit to recover USD 38.56 million from the Mikhailovsky GOK iron ore manufacturer.

The bank's press service reported that “The bank withdrew its lawsuit against Mikhailovsky GOK on December 19. We received the court's ruling on the lawsuit's withdrawal. The issue will be resolved out of court.”

According to the press service, the bank had no claims against Mikhailovsky GOK, as the iron ore manufacturer belongs to borrowers who fulfill their obligations in a timely manner.

The lawsuit was filed as part of the reclamation of credit granted to the UniverStroyLux development company, which is a third party in the dispute. The court received the lawsuit on December 15.

Mikhailovsky GOK, a subsidiary of Mr Alisher Usmanov's Metalloinvest, is one of the largest iron ore producers in Russia. Its major shareholder is Alisher Usmanov with 50% through the Gallagher company, Mr Vasily Anisimov owns 20% and Mr Andrei Skoch with 30%.

(Sourced from rapsinews.com and RIA Novesti)