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Russian court invalidates O1 Group's pre-bailout deals with Trust, Rost banks

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Russian court invalidates O1 Group's pre-bailout deals with Trust, Rost banks

A Russian arbitration court canceled 22.6 billion rubles of transactions carried out by Russian businessman Boris Mints' O1 Group Ltd., Public Joint Stock Co. Financial Group FUTURE and National Bank Trust PJSC shortly before Trust's 2017 bailout by the Russian central bank, Vedomosti reported.

In August 2017, Trust acquired bonds issued by O1 Group Finance, and proceeds from the sale were used by O1 Group and Future to pay off loans from Russian lender Rost. Also bailed out by the central bank in 2017, Rost was later merged with Trust, which now operates as Russia's bad bank.

The arbitration court ordered O1 Group and Future to return proceeds from the dealings to Trust and restored the two companies' debt on the loans.

Financial Group Future plans to appeal the court decision, according to the Aug. 21 report.

Trust and Otkritie recently launched a $700 million lawsuit against Boris Mints in a London court, also contesting 2017 transactions with O1 Group Finance bonds. The court already issued an order banning Mints and his sons from disposing $572 million of assets at Trust's request, Vedomosti said.

As of Aug. 21, US$1 was equivalent to 65.85 Russian rubles.