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Russian billionaire Abramovich in Swiss court over debt case

Russian billionaire Abramovich in Swiss court over debt case | iNFOnews.ca
Russian billionaire Roman Abramovich arrives at the opening of the civil proceedings brought by the European Bank for Reconstruction and Development (EBRD) against Abramovich, Shvidler and the Russian giant Gazprom, this Wednesday, May 2, 2018, at the District Court of Sarine in Fribourg. The EBRD is claiming 46 million Swiss francs (US$) plus interest since 2005. The shareholders and Gazprom contest this debt. (Anthony Anex/Keystone via AP)

GENEVA – Russian billionaire and Chelsea soccer club owner Roman Abramovich has appeared in a Swiss court as part of a 19-year-old legal case aimed to wrest 46 million Swiss francs ($46 million) in debts allegedly owed by him and others to a European bank.

Abramovich was in Fribourg court as part of a lawsuit brought by the London-based European Bank for Reconstruction and Development against Abramovich, Russian oil tycoon Eugene Shvidler, and the Russian energy company Gazprom Neft, a bank spokesman said Wednesday.

The suit aims to recover alleged debts left behind by Abramovich’s now-defunct Runicom trading firm, which was based in Switzerland until its bankruptcy in 2003.

The initial amount sought by EBRD was $17.5 million, but the claim has grown to $46 million to include interest and costs.

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