Court orders UIC to hand over Severnaya Verf’s shares to Central Bank of Russia
The Moscow Arbitration Court of Appeal ruled that United Industrial Corporation (UIC) should transfer the shares of St. Petersburg-based Severnaya Verf (Northern Shipyard) to the Central Bank of Russia as collateral for trust management, the court press office said. The court's ruling may be appealed within a month.
Shipbuilding assets of UIC include Baltic Shipyard, Northern Shipyard and the design office "Iceberg”. UIC got an asset-based loan from MezhPromBank, which was later denied a license (on Oct. 5, 2010) and on November 30, 2010 declared bankrupt. The Baltic Shipyard’s securities are in trust management of the Central Bank, which has turned over the enterprise to United Shipbuilding Corporation.
OJSC Shipbuilding Plant Severnaya Verf (Northern Shipyard, St. Petersburg) is a leading shipbuilding company of the Russian defense industry. The firm had been part of Moscow-based United Industrial Corporation since 2004. The shipyard specializes in building cruisers, destroyers, minesweepers, patrol and antisubmarine vessels, research and passenger vessels, timber cargo carriers, trawlers, container ships and Ro-Ro vessels for the Russian Defense Ministry and foreign customers.