CC confirmed the liability of Stati and other guarantors on Moldindconbank loan
The loan was obtained in 2014 from Moldindconbank and was due for repayment at the end of 2017. To ensure the proper fulfillment of loan obligations, the bank entered into guarantee agreements with V.V.P. – Valea Sâncului JSC, Garanție JSC, Eldar Kasumov and Anatoly Stati, the president of ASCOM JSC Group.
In 2018, the bank went to court to recover the debt, which at that time amounted to more than EUR 5.2 million, the amount was later increased to EUR 7.6 million.
The court of first instance ruled to collect the debt jointly from the debtor and all guarantors.
Thereafter, the representatives of Garanție SA attempted to challenge the provisions of the Civil Code regulating liability under the guarantee. It was argued that the provisions of the law were too vague, created legal uncertainty, gave courts wide latitude of interpretation and limited the rights of the guarantor, and that there were no specific deadlines for notification of delayed performance.
The Constitutional Court found that the claims for exclusion were not reasoned and that the challenged provisions were in accordance with the Constitution. The law balances the interests of the creditor and the surety, provides for informing the surety of the delay and the possibility to object, and does not violate the rights of the parties. The surety agreement was concluded voluntarily,” the CC stated.
The decision of the Constitutional Court is final and has already entered into force.
