A courtroom in St. Petersburg has ordered belongings, accounts, property and shares of Deutsche Bank and Commerzbank to be seized in Russia as a part of a lawsuit involving the German banks, courtroom paperwork confirmed.
The banks had been among the many guarantor lenders beneath a contract for the development of a gasoline processing plant in Russia with Germany’s Linde, which was terminated resulting from Western sanctions.
The lawsuits had been filed by St. Petersburg-based RusChemAlliance, a three way partnership 50% owned by Russian gasoline large Gazprom, which is the operator of the venture.
The St. Petersburg arbitration courtroom has barred Deutsche Bank from exercising its 100% curiosity within the approved capital of its Russian subsidiary, in addition to Deutsche Bank Technology Center LLC.
The courtroom has additionally imposed the seizure of as much as 238.6 million euros ($259 million) in securities, actual property and financial institution accounts of Deutsche Bank, in addition to its Russian subsidiary and Deutsche Bank Technology Center.
Deutsche Bank in Frankfurt stated it had already provisioned round 260 million euros for the case.
“We will need to see how this claim is implemented by the Russian courts and assess the immediate operational impact in Russia,” the financial institution stated in a press release.
The courtroom additionally seized Commerzbank’s belongings price 93.7 million euros ($101.85 million) in addition to securities and the financial institution’s constructing in central Moscow.
Commerzbank didn’t instantly reply to a request for remark.
The Russian courtroom on Friday ordered UniCredit’s belongings, accounts and property, in addition to shares in two subsidiaries, be seized as a part of a parallel lawsuit.
Source: www.dailysabah.com
