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Grain Trader Must Pay $20M

The Moscow Arbitration Court said Friday that it had ruled that a former major Russian grain trader must pay more than $20 million to its creditor BNP Paribas.

The court decided on Thursday that Rosinteragroservice (RAIS) and its unit Kubankhleboprodukt should repay the bank a loan of $19.99 million with a penalty of about $80,000.

BNP Paribas filed the lawsuit against Krasnodar-based privately owned RIAS at the beginning of this year.

In March, two units of RIAS, 164th in Forbes’ Russian 200 private companies’ list, filed for bankruptcy.

RIAS was previously the country’s second-largest grain exporter before the severe 2010 drought, which forced Moscow to ban grain exports from Aug. 15, 2010 to July 1, 2011.

(Reuters)

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