August 3, 2010 / 6:47 AM / 9 years ago

Severstal sues Mezhprombank over $62 mln deposit

MOSCOW, August 3 (Reuters) - Severstal (CHMF.MM), Russia’s largest steelmaker, is suing International Industrial Bank for the return of a 1.9 billion roubles ($63 million) deposit, adding uncertainty to IIB’s $1.5 billion debt restructuring.

Moscow Arbitrage Court said on its Web site Severstal had filed a lawsuit against IIB — known in Russian as Mezhprombank and controlled by member of parliament Sergei Pugachev — to claim back a 1.869 billion roubles deposit the company had placed with the lender.

IIB was not immediately available to comment.

The court has scheduled a preliminary hearing on Sept. 14, proposing the bank demonstrates evidence it has returned the deposit to the company.

IIB, Russia’s first private bank to default on an external bond in more than 10 years, last month agreed to restructure 200 million euros worth of Eurobonds, as well as 32 billion roubles worth of debt to the central bank. [ID:nLDE6660AS]

However the loss-making lender may see its banking license revoked if Pugachev fails to sell major shipyards and a giant coal deposit to help the bank meet its obligations. [ID:nLDE66L0XD] ($1=30.19 Rouble) (Reporting by Dmitry Sergeyev; editing by Simon Jessop)

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