The Moscow District Federal Commercial Court has accepted the appeal filed against the dismissal of Ingosstrakh Investments management company's lawsuit against BNP Paribas and Russian Machines, a subsidiary of Oleg Deripaska's Basic Element.

Ingosstrakh Investments sought to invalidate the guarantee contract that Russian Machines issued to BNP Paribas in October 2008. The contract was signed to partially secure the USD 1.2 billion loan that BNP Paribas granted Russian Machines' subsidiary Veleron Holding BV in 2007 to acquire a 20% stake in the Canadian Magna international car parts vendor.

The Socium nongovernmental pension fund appealed the decision, as the company acts in the interests of the management company.

Ingosstrakh Investments manages Socium's shares in Russian Machines. The plaintiff reported that Russian Machines assumed responsibility under the unpaid loan worth USD 1.087 billion.

Veleron Holding BV has been attracted to the proceedings as a third party by the plaintiff. Consultrend Enterprises Limited and Alta Britt Interholding Limited, which are Russian Machines' shareholders, are third parties to the dispute.

(Sourced from www.rapsinews.com)