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U.S. company files suit against Sberbank, Russian national bank, and its CEO

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U.S. company files suit against Sberbank, Russian national bank, and its CEO

In November, 2016, PPF Management LLC, an American legal company, filed a suit to New York South District’s court against the state-owned Russia’s largest Sberbank, as well as against Herman Gref, CEO and Chairman of the Board at Sberbank, and a number of other Russia officials and legal entities.

PPF Management LLC accuses them of compliance with raiding and demands a compensation in amount of at least $750 million, TASS news agency reports on Wednesday. $500 million out of this sum is intended for a “compensation for inflicted damage” and $250 million more as a “compensation for moral harm.”

The suit was filed on behalf of Sergey Poimanov and Irina Podgornaya, who are the controlling shareholders of Pavlovskgranit, the company specialized in extraction of crushed stone and is Europe’s largest enterprise in this field. They accuse Sberbank is entering a secret deal for the purpose to carry out an illegal seizure of Pavlovskgranit and eliminate the company as a rival.

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