VEB.RF sues the majority owner of Asia Les LLC

The Arbitration Court of the Khabarovsk region will entertain the lawsuit of VEB.RF state corporation against the international trading company Songling (Suifenhe) on enforcement of pledge on July 2, 2020. A 99.96% share of Asia Les LLC (sawn timber capacity of 300,000 m³ per year) served as loan pledge.

VEB.RF asks to enforce “the 99.96002% share of Asia Les LLC’s authorized capital pledged to VEB.RF under a share pledge agreement No. 110 100/1389-DZD-3 dated 29.10.2016, as well as to set the initial share sale price at 17.5 million rubles.

VEB.RF filed a bankruptcy lawsuit against Asia Les LLC in December 2019. The company is currently under the first stage of the insolvency procedure – observation – until April 7, 2020. VEB.RF’s claim of 3.698 billion rubles (including 1.978 billion rubles as the principal debt, 1.297 billion rubles as interest, and 422.8 million rubles as penalty) has also been entered into the register of creditors’ claims.