U.S. Businessman Reportedly Buys Russia's Noga Debt

(RFE/RL) March 9, 2006 -- News reports from Moscow say a U.S. businessman has bought out Russia's debt toward the Swiss company Noga.

Russia's "Vedomosti" business daily today quotes Alexander Kogan as saying he agreed to buy out the nearly $70 million debt "in Russia’s interest." The newspaper says it has obtained confirmation of the deal from Noga owner Nessim Gaon.

"Vedomosti" and other Russian media outlets identify Kogan as the owner and president of IPD Capital, a company based in St. Louis, Missouri.

In the early 1990s, Noga signed with Russia a barter deal agreement under which it supplied food and other goods in return for oil products.

In 1997, the company won a court case it had filed against the Russian government for breaking the deal. During the long legal battle that followed, Noga repeatedly attempted to force Moscow pay its debt by seizing Russian assets abroad.

("Vedomosti," "Kommersant," newsru.com)