Professional actions of the Law firm "BIEL" team and willpower of the client led to the result! Moscow Oil Refinery (MOR) has paid the debt of $ 47 million to the client of the firm "BIEL"

8 August 2014

Larisa Ryabchenko, the representative of «BIEL» which protected the interests of Joy Lud in court confirmed that that the debt to be recovered in the amount of $ 47.41 million was received from the defendant on the penultimate day of July. It is interesting that initially, in 2005, when the debt appeared, its amount according to the award of the Stockholm court was equal to the sum of $ 28 million. But Moscow Oil Refinery persistently challenged this award, despite the fact that a year after its validity was confirmed by the Russian courts. As a result, during nine years of proceedings the interest accrued up to $ 47.41 million. However, within this period of time Joy Lud itself fell into the position of a debtor and part of the MOR’s debt was arrested and re-sold, while the rest of the MOR’s debt undergone the resale three times. In the end, gradually decreasing, the debt got in possession of one of the Cypriot companies with which the Refinery somehow quickly found a common language and paid without delay. This company demanded from Joy Lud the rights for, the MOR’s debt and won in the court of cassation appeal. However, the experts of the Law firm «BIEL», through the Presidium of the Supreme Arbitrazh (Commercial) Court achieved recognition of the sale by bailiffs of the court order for procedure illegal.

Thus, Moscow Oil Refinery has paid its debts both to the company Joy Lud, and the Cypriot company. Moreover, Larisa Ryabchenko said that the lawyers of «BIEL» are ready to achieve recovery from MOR of $ 3 million more arisen due to changes in exchange rates and $ 2 million as the interest for the time, when the money lay idle on accounts of bailiffs. And in addition, now in the court there is being considered Joy Lud’s suit to the Russian state, in which the company demands recovery of $ 150 thousand as moral damages for the procrastination with the award execution.