The Federal Commercial Court of the Moscow District has upheld a previous ruling to reject Kazakhstan-based BTA Bank’s claim to recover 254.7 mln euros from Megagroup under a guarantee agreement.

The court has thus rejected the bank’s cassation appeal and confirmed the lower courts’ rulings.

According to the plaintiff, the bank signed a guarantee agreement with the Megagroup developer on January 31, 2008. Under that agreement, the company accepted liability for Jollastreet Enterprises Limited and Placehouse Enterprises Limited loan of August 8, 2007.

The bank went to a commercial court after the two borrowers failed to comply with their payment schedule and sought to collect the entire loan amount of 254.7 mln euros from Megagroup, as the guarantor of the loan.

However, the courts established that Megagroup General Director Dmitry Nastaskov did not sign the guarantee agreement of January 31, 2008, which makes the disputed agreement invalid.

BTA Bank is controlled by the Kazakh Government through its sovereign fund, Samruk-Kazyna (97.28%). It operates through nine branches and 22 additional offices and 204 branch offices in Kazakhstan, as well as offices in Russia, UAE, Britain and China.

Megagroup is a commercial property developer, focused on building warehouses and production facilities and property management.

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