UPDATE: US co files case vs Russia’s Sberbank, CEO Gref over Pavlovskgranit

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WASHINGTON/MOSCOW, Jan 25 (PRIME) -- U.S. Delaware-based company PPF Management LLC has filed a U.S. $750 million case against Russia’s biggest lender Sberbank and its CEO German Gref over an alleged takeover of crushed granite producer Pavlovskgranit to a local court, according to documents seen by PRIME on Wednesday.

The case was sent on behalf of Sergei Poimanov and Irina Podgornaya, who earlier held a controlling stake in Pavlovskgranit. It lists 22 companies and individuals as defendants, including, apart from Sberbank and Gref, Promsvyazbank.

According to the claimants, the defendants wanted to destroy the company as a market competitor and take possession of its assets.

“The bank that the shareholders used and their largest competitor wanted to make use of a market downturn together in order to intervene in the negotiations that Poimanov was holding to refinance a loan,” the case read.

Poimanov took a 5.1 billion ruble loan from Sberbank to buy out a stake from his partner in 2008. The company found itself unable to service the loan in 2009, and Sberbank offered a refinancing in exchange for a sale of a controlling stake to Sberbank Capital. Poimanov turned down the offer and then Sberbank demanded that he return 4.5 billion rubles of the debt. The stake of Poimanov was sold to repay the debt and the asset ended up in hands of the competitor of Pavlovskgranit, according to the case text.

The first hearing of the case is scheduled for April 20.

A spokesperson for Sberbank said that the lawyers of the bank always act in accordance with the legislation. “The bank has information that Poimanov does not stop trying to escape the responsibility, including the criminal one. The lawyers of the bank always act in accordance with the current legislation.”

A source close to Sberbank told business daily Vedomosti that the loan was secured against the shares of Pavlovskgranit and a personal surety by Poimanov from the very beginning. When the restructuring negotiations failed, Poimanov was trying to contest the personal surety agreement of. The capitals of several affiliates of Pavlovskgranit were increased, and the revenue center of the holding was gradually shifted to the trade house controlled by structures of Poimanov.

A representative of Promsvyazbank said that the bank deems the claims against it unsubstantiated. “We know about the existence of the case in a U.S. court and we have been very surprised to find Promsvyazbank among the defendants. We deem the presented claims unsubstantiated and pointless.”

(59.2168 rubles – U.S. $1)

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