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. Last Updated: 07/27/2016

Sakha Loan Lawsuit




MOSCOW -- A London arbitration court will hear a case over alleged nonrepayment of a $75 million syndicated loan to Russia's Sakha republic on April 23, 2001, a foreign creditor said on Monday.


An Orion Russia/NIS Debt Fund official said Credit Suisse First Boston, which led the credit to the Siberian republic known for its diamonds, would represent creditors in court.


Sakha received a 10.5 percent one-year credit from a syndicate of banks led by CS First Boston (Cyprus) Ltd. in 1997.


"Until now the Sakha [Yakutiya] Republic has not made a single payment," Orion wrote last month in a letter to the presidential administration and the Finance Ministry.


The letter said Sakha officials had avoided negotiations with CS First Boston