PRESS: Russia’s VEB blocks Sochi resort sale by Sberbank

MOSCOW, Dec 18 (PRIME) -- Russia’s Vnesheconombank (VEB) has blocked a 35 billion ruble Sberbank’s deal to sell a 96.914% stake in resort Gorky Gorod in the mountainous part of Sochi, business daily Kommersant reported Friday, citing a source close to the negotiations.

“The deal is blocked by VEB which had approved a 52 billion ruble loan on construction of Gorky Gorod and received all real estate of the resort, including eight hotels of 1,630 rooms and a shopping mall as a pledge,” a source said.

Sberbank earlier signed an agreement to sell Gorky Gorod to company Kurort Plus, which market participants believe to be affiliated with the family of Agriculture Minister Alexander Tkachyov, Kommersant reported. VEB is unsatisfied with the non-transparent ownership of the future resort owner, the sources said.

(70.5806 rubles – U.S. $1)

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