PRESS: Sberbank offers 14 bln rbl amicable deal to Sukhoi

MOSCOW, Aug 29 (PRIME) -- Russia’s top lender Sberbank has sent a draft amicable deal to aircraft producer Sukhoi and to the Prosecutor’s Office of Moscow in a legal dispute between the bank and the company over option deals that inflicted 13.5 billion rubles of financial damage to Sukhoi, Vedomosti business daily reported on Tuesday.

The Prosecutor’s Office filed the suit on behalf of the Federal State Property Management Agency in September 2016 to the Moscow Arbitration Court, seeking to void five deliverable option deals in foreign currencies signed by Sberbank and Sukhoi in 2013–2014.

Under the deals, Sukhoi was to sell U.S. $248.4 million to Sberbank at 28.3 rubles per U.S. dollar if the ruble falls below 40.25 rubles per U.S. dollar.

Vedomosti reported citing the letter with the offer and a source close to Sukhoi that the bank offered the company redeem the sum in two years at an official ruble rate of the central bank on the third day after the agreement comes in force. At Monday’s rate the redemption would reach about 14 billion rubles.

The deal also stipulates that no interest will be accrued on the sum, and Sukhoi has an option of an early redemption. Sberbank also agrees to pay 7.8 billion rubles to Sukhoi under the deals, and the offset of the two sums is possible. Under the agreement, both firms will have no claims against each other, including claims connected to overdue payments, forfeits and interest for using money of other companies.

Sberbank and Sukhoi declined to comment.

Dmitry Magonya, a managing partner at legal company Art De Lex, said that the deal is beneficial to Sberbank, but Sukhoi may agree to it, as the legal practice does not tip the scale in favor of the company.

Sergei Konovalov, a lawyer at Saveliev, Batanov & Partners, said that Sberbank won an appeal under a 67 billion ruble option case against oil pipeline monopoly Transneft last week. Before the hearing, Sberbank also offered an amicable deal to the company. After the appeal against Transneft had been granted, Sukhoi’s chances for victory are slim, he said.

(58.5469 rubles – U.S. $1)

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