Lürssen Queen K in Venice

Moscow-based Alfa Bank has launched a legal case against the Russian oligarch Oleg Deripaska in a bid to protect itself against the possible default of a $1bn (€780m) loan.

It comes as Deripaska faces a struggle to restructure his outstanding debt to other creditors.
Mr Deripaska is the a member of the Board of Directors and CEO of UC Rusal, a Russian aluminium industry company.

Mr Deripaska, who was last year ranked as the country’s richest man, is also the owner of the 72m superyacht "Queen K" (ex Queen M) built by Lürssen in 2004.