VTB bank files lawsuits against borrowers for $22 million

Russian state-controlled bank VTB has filed a $22 million lawsuit against air carrier Armavia and jet fuel supplier Mika Limited, owned by Armenian businessman Mikhail Bagdasarov, Rapsi News cites the Izvestia newspaper as saying.

The bank is seeking the return of funds issued to refinance the loans Armavia took out to buy a Sukhoi Superjet-100 (SSJ-100).

VTB filed a $10 million suit against Armavia with the Armenian Commercial Court, and a $12 million suit against Mika Limited with the Royal Court of Jersey, where the company was incorporated.

Izvestia received confirmation that the companies are facing litigation from Bagdasarov.