The founder of Marshall Capital, Konstantin Malofeev, has resolved a conflict with VTB that has been ongoing since 2007. To repay a $225 million loan taken out in 2007, the bank received 7.21 billion rubles.

Founder of Marshall Capital Konstantin Malofeev (Photo: RIA Novosti)

On Thursday, March 26, the press service of Konstantin Malofeev issued an official statement, talking about how the entrepreneur’s legal dispute with VTB was resolved. According to Malofeev’s representatives, a year ago the bank and the entrepreneur signed a settlement agreement, abandoning mutual claims in the London court. The VTB press service stated that the bank did not enter into any settlement agreements with Malofeev or the structures controlled by him.

The conflict began in 2007, when VTB issued a $225 million loan to Russagroprom LLC for the purchase of dairy plants from Nutritek International Corp. (part of the Nutritek group ), which was previously controlled by Malofeev through his Marshall Capital fund. As a result, the factories were not purchased, and Russagroprom declared default on the VTB loan. VTB held shares as collateral that turned out to be low-liquid . VTB contacted law enforcement agencies, which opened a criminal case under Part . 4 tbsp. 159 of the Criminal Code of the Russian Federation (fraud on an especially large scale committed by an organized group).

In the summer of 2011, VTB filed a lawsuit against Marshall Capital Partners in London, trying to seize the fund's assets for the amount of the debt. A source close to VTB said that the amount of the claim was about $270 million, including the loan principal and interest. “The bank tried to prove in court that fraudulent actions were committed against it,” added the RBC interlocutor. He argues that the London High Court has confirmed that there is a substantial basis for the fraud claim. “There was every reason for this - the bank was misled when concluding a loan agreement by providing data on the high value of assets. The deal was imaginary, and a significant part of the loan funds disappeared in the complex branched structure of offshore companies,” says RBC’s interlocutor.

In response, Malofeev filed a lawsuit in the High Court of London, demanding compensation for losses caused by the seizure of his property. He estimated the damage at $600 million. “At the time of the conclusion of the settlement agreement, this claim had not been considered,” Malofeev’s representatives said in a statement.

VTB was unable to collect the debt in the London courts. Malofeev's representative says that VTB lost the case in the London court. A source close to VTB says that in 2013 a British court ruled that the case should be heard in Russia. “VTB actually demanded in the London court to admit damages from fraud in this case. However, the High Court of London, recognizing that we were right on the merits of the issue, nevertheless refused to consider this case, considering that it falls under Russian jurisdiction,” an official representative of the bank confirmed the information.

In Russia, VTB filed similar claims for the same $225 million loan against Russagroprom LLC, which was declared bankrupt in January 2012. However, the Moscow Arbitration Court recognized only part of the claims. According to the court decision (available to RBC), only the principal debt was included in the register of creditor’s claims - 7.339 billion rubles. Claims for penalties and fines, the amount of which amounted to more than 4.1 billion rubles, were included in the third priority.

A VTB representative said that the bank received 7.21 billion rubles in repayment of the loan. A source close to VTB says that 6.28 billion rubles. was received by court decision, 780 million rubles. - through the sale of several dairy enterprises (they were pledged for the loan) and another 147 million rubles. the bank recovered from the accounts of companies affiliated with Nutritek. The loan was paid off by the offshore company Alverdine Investments Ltd., to which VTB assigned the rights of claim to Russagroprom.

RBC Pro development program Leadership: the first skill New leadership: how to manage a business in conditions of uncertainty The power of the environment: how a leader can grow together with the team Dictator's dictionary: what 6 phrases will betray an authoritarian manager Psychology in business: 6 types of destructive leadership A leader from whom people will not leave: how to earn the loyalty of subordinates Growing the pie. How great companies achieve their goals and make profits

“The company Alverdine Investments Ltd., which bought the rights to claim the VTB loan, has nothing to do with the VTB group,” the bank’s press service commented. Malofeev's official representative also stated that this company has nothing to do with the businessman.

Konstantin Malofeev paid off with VTB