FX.co ★ Russia’s biggest bank accused of corporate raiding

A US law firm filed a suit over the case on a raid against a Russian company. It would be an ordinary case were it not for a famous name of the defendant. Sberbank, the biggest bank of Russia, and personally its CEO German Gref were indicted on a hostile takeover.

Reportedly, Sergei Poimanov and Irina Podgornaya, former holders of a controlling stake in Pavlovskgranit, applied to the court with claims of a takeover which were assigned to PPF Management LLC, based in Delaware. Poimanov and Podgornaya intend to get compensation of $750 million. There are 22 individuals and legal entities in the list of the defendants. Apart from Sberbank and Mr. Gref, the claimants brought a charge against the National Non-Metal Company, Promsvyazbank, NEO Centre, Oleg Gray, Ashot Khachaturyanets, and Yuri Zhukov. Moreover, Artem Chaika, the son of the Russian Prosecutor General, is suspected of being involved in the takeover. The defendants were accused of conspiring to destroy the Pavlovskgranit company. Remarkably, this company was declared bankrupt with a total debt of 3 billion rubles.