KHUJAND, November 22, 2011, Asia-Plus  -- The Sughd Economic Court has sustained a lawsuit filed by the European Bank for Reconstructions and Development (EBRD) against three local enterprises over repayment of loans for a total amount of US$1.119 million, Ms. Mavjouda Sharipova, the deputy chairperson of the Sughd Economic Court said.

“Under the lawsuit filed in the court last April, the EBRD provided two loans to the Khujand-based OJSC “Lal” on October 31, 2007 and May 22, 2009,” said Sharipova, “The first loan in an amount of US$2.1 million was intended for purchase and installation of equipment for production of glass jars and bottles as well as refinancing of debt to OJSC Bank Eskhata, while the second loan in an amount of US$1 million was intended for needs of floating capital.”     

“Lal” that left its property as a deposit has failed to fulfill its obligations completely, and therefore, the Sughd Economic Court handed down a ruling to exact US$1,119,218 from OJSC Lal.  Besides, the EBRD asked in its lawsuit to declare OJSC Konibodom (Konibodom) and CJSC Zavodi konservabarori ba nomi Hasanov (Isfara) co-defendants.

“The court sustained the lawsuit filed by the EBRD and ruled that the mentioned amount be recovered from “Lal” at the expense of its property left as a deposit, but if these means are not enough, the remaining part will be recovered from the co-defendants,” Ms. Sharipova noted.