Raiffeisenbank Austria CEO Johann Jonach gives an interview.
Photo: Dmitry Dukhanin
| Other Photos |
 |
|
 |
Impexbank Former Director to Block Takeover
Impexbank’s takeover by Raiffeisenbank is due to be completed tomorrow. But the deal could be prevented by a lawsuit of Oleg Govorukhin, former BOD member of the Russian bank. Govorukhin received no compensation for the loss of the office and went to the law in an effort to deem null and void the agreement for Impexbank’s reorganization.
Impexbank’s takeover by Raiffeisen Group was declared in February 2006. The Austrians paid $550 million for the Russian bank, which was the biggest foreign investment in the bank sector of Russia at that time. Officially, the takeover’s completion will be announced Friday, i.e. Impexbank will be crossed out of the state register and merge into united Raiffeisenbank.
But Oleg Govorukhin, once the member of Impexbank BOD, does utmost to prevent the reorganization. Govorukhin lodged a suit to Moscow Arbitration November 20, seeking invalidation for the agreement on Impexbank’s merger into Raiffeisenbank.
The consolidation of two banks that was set into motion past year’s summer led to dismissal of top managers and BOD members of Impexbank. The victims were due to receive the compensation ranging from several thousand dollars to a million dollars. They all got their money, but for Govorukhin, who claimed $1.2 million. A year ago, the former director went to the International Commercial Arbitration of the Chamber of Commerce, and the case is still under consideration there.
The tricky point is that Oleg Govorukhin is Impexbank’s creditor. Under the laws, the creditor of reorganized company is unable to challenge the reorganization resolution of the general meeting of holders, but he may contest the deal - the takeover agreement.
www.kommersant.com
All the Article in Russian as of Nov. 22, 2007
|
|
|
