The Arbitration Court of the Kaliningrad Region ruled in favor of MCAO Rasperia Trading Limited in the dispute with Raiffeisenbank, obliging the financial institution to pay 195 billion rubles and transfer Strabag SE shares to its balance sheet. The bank reportedly expressed its disagreement with the court decision and announced its intention to appeal the decision. “Kommersant” said the bank’s press service.
Raiffeisenbank emphasizes that it is fully prepared for any developments and has sufficient liquidity and capital reserves. Therefore, the decision does not affect the operational activities and financial stability of the bank, nor does it affect the interests of customers.
Raiffeisenbank representative, lawyer Andrei Timchuk of the Delcredere Bar Association, described the case as “an attempt to force the sale of blocked assets through a Russian court with an unreasonably exaggerated demand.” According to him, Rasperia’s case concerns an internal dispute between Strabag SE shareholders and has nothing to do with the bank.
Timchuk also noted that the court rejected the request for an expert examination, taking into account the expert opinion from the plaintiff who inflated the value of the shares. He said that in another case Rasperia owners estimated the market value of SRTRABAG SE shares at between 0.8 and 2.1 billion rubles, which was significantly lower than the claim amount.
In December 2023, the Austrian group Raiffeisen announced its Russian subsidiary’s intention to purchase 28.5 million shares of Strabag SE from Rasperia. However, in May 2024, Raiffeisenbank’s parent structure canceled the deal “for reasons of necessity”. Later, the court took temporary measures against the bank’s shares and froze them as collateral for the receivable.
Last year a Russian court banned On any transaction with Raiffeisenbank shares as part of a legal process involving third parties, which complicates the sales process for Austrian Raiffeisen Bank International (RBI).
Formerly Raiffeisen jam in the Russian market.
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Source: Gazeta
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