Filaret Galchev, the owner of the Eurocement Group, has repaid a €490m debt owed to Pavel Krotov. It is alleged that Galchev had to take out a loan from Sberbank to do this.
Krotov became a creditor of Galchev in March 2010, when he bought the debt from Krasnyansky, who sold his stake in Eurocement in May 2007 for €816m on the basis of five year payments to Krasnyansky’s GLK Investment. However, Galchev failed to pay in 2009 and had previously paid only €326m.
It is estimated that Galchev’s debt to Sberbank could be as much as €1.3bn.
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