Reports from Russia indicate The Moscow Arbitration Court is requiring Taganrog Automobile Plant or TagAZ and vehicle manufacturer Russlegavto to repay around US$70m of money owed to State-controlled VTB Bank.
Prime-Tass News in Moscow says the debt came about due to a US$52.7m loan taken out in 2008, with Russlegavto guaranteeing the deal.
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The Russian agency added Russlegavto and TagAZ are located in the Rostov Region and are controlled by financial investments group Doninvest
Established in 1997, TagAZ has produced Hyundai vehicles under licence from Hyundai Motors since 2001. It started production of cars under its own brand in 2009.
