VTB received a notification from its German subsidiary about plans to deprive the organization of the right to ownership of the structure. We are talking about a subsidiary of OWH SE (formerly VTB Bank Europe).
According to the credit institution cited by Kommersant, OWH SE denies the parent company the right to own the bank. In addition, the structure made it a condition before February 29 the return of 2013 dividends: more than 433.8 million euros.
VTB itself described such actions of a subsidiary structure as politically motivated. They stressed that VTB’s property rights had so far not raised any claims from European regulators.
“We believe that the German side, in an attempt to deprive VTB of the legal rights of shareholders, deliberately conceals information about VTB’s compliance with legal requirements when acquiring shares of a European structure and the corporate reorganizations carried out by the bank during the period from 2001 to 2020, including the reorganization of VTB Bank (Deutschland) AG until 2017,” they said in the press service.
In 2022, German authorities established control over VTB Bank (Europe). Then, due to EU sanctions, VTB was prohibited from exercising the rights of a VTB Bank shareholder. The parent structure faced losses and the subsidiary was removed from its balance sheet.
As of April 2023, VTB Bank Europe is in the process of liquidation; In November, VTB Bank Europe changed its name to OWH SE.
In September last year, VTB filed a lawsuit against its European subsidiary demanding the collection of a debt amounting to 112.6 million euros.
The bank also previously filed lawsuits against the British subsidiary of VTB Capital Plc. in 22 million euros and in 52.6 million euros. As an interim measure, the bank managed to seize securities of Russian companies from the portfolio of VTB Capital Plc. In February of this year, the organization again filed a lawsuit against the British structure.
Author:
Natalia Gormaleva
Source: RB
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