Reports in Russia have revealed that the Moscow Commercial Court has registered three lawsuits against Cargo JFC, a division of leading Russian fruit importer Joint Fruit Company (JFC).
According to rapsinews.com, the lawsuits have been filed by two banks for a total US$121m (€92m), consisting of one lawsuit from Sberbank as it looks to recover RR3.1bn (US$105.2m, €80m) and two from Raiffeisen Bank of RR317.6m (US$10.7m, €8.1m) and RR147.3m US$5m, €3.8m) respectively.
In addition, Sberbank is also filing another lawsuit against Cargo JFC with the St Petersburg Commercial Court for the recovery of US$47.7m (€36m), with parent company JFC Group named as a third party in the case.
It has been a turbulent 2012 for JFC, which filed for bankruptcy inFebruary in order to protect its creditors and keep its sizeable business operations afloat following ongoing global economic unrest and,in particular, the impact of the so-called 'Arab Spring' on its Mediterranean operations.
And in April, shipping group Star Reefers announced that it had reached a 'satisfactory solution' to a dispute with JFC that began last year, when the high court in London awarded Star Reefers US$16.5m (€12.6m), plus legal costs and interest,against JFC, following the unlawfulearly redelivery of three ships and wrongful termination of charters by JFC's chartering arm Kalistad Ltd ofCyprus.
'We have achieved a resolution to our dispute in respect of the JFC Group,' Star Reefers' CEO Simon Stevens had said. 'All parties have worked hard to achieve this and Iam pleased we have found a constructive and amicable solution.'
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