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. Last Updated: 07/27/2016

VTB Sues Chigirinsky for $118M

VTB Group sued real estate investor Shalva Chigirinsky's Russian Land holding company, seeking a judgment for 3.5 billion rubles ($118 million) on an unpaid loan.

The lawsuit against Russian Land, filed Feb. 3 in the High Court in London and made public this week, follows previous judgments won by VTB against Chigirinsky and another of his companies, Gradison Consultants, which holds his stake in the Russian oil producer and refiner Sibir Energy.

"Getting a judgment can be pretty quick in the English courts — the hard part is actually getting the money," said VTB's lawyer, Bruce Johnston of the firm Dewey & LeBoeuf. "There are other creditors out there." Chigirinsky's lawyer, Neil Dooley of the firm Lovells in London, declined to comment.