The court dismissed the case against the head of Segezha Group against Credit Suisse for 89 million rubles. – Kommersant

The Moscow Arbitration Court terminated proceedings on the claim of Mikhail Shamolin, president of the timber industry holding Segezha Group, part of AFK Sistema (MOEX: AFKS), to the Swiss bank Credit Suisse. Mr. Shamolin demanded to recover 89 million rubles from the bank.

The consideration of the case at the final stage took place behind closed doors, so the court’s decision to terminate the proceedings was not published, it follows from card indexes case that drew attention “Prime”.

At a court hearing in August, a representative of Credit Suisse reportedthat the parties are negotiating a peaceful settlement of Mikhail Shamolin’s claim. The bank sent his representatives a draft settlement agreement.

As follows from the court ruling, Mikhail Shamolin demanded dividends from Credit Suisse in the amount of 89 million rubles. The lawsuit does not specify payments on the securities of which companies Mr. Shamolin is trying to recover. The Segezha group of companies and Rosbank are acting as third parties in the lawsuit.

March 19, 2023 Swiss National Bank announced on an emergency merger of the country’s two largest banks – UBS and Credit Suisse. The reason was long-term corporate scandals and financial problems of Credit Suisse, which showed a loss of $7.9 billion at the end of 2022.

Lusine Balasyan