Sberbank appealed to the Supreme court the abolition of foreign exchange transactions with a “Dry”


www.vsyako.netPhoto: Alexey kudenko / RIA Novosti

The savings Bank has submitted in the Supreme court a cassation appeal against judicial acts of three instances, declared illegal, prisoners in 2013-2014, the transaction deliverable currency option for which the Aviation holding company “Sukhoi” was supposed to pay the Bank about 13.5 billion rubles. It is reported the Agency “Prime”.

As follows from the information in the files of arbitration cases, the complaint of Russia’s largest Bank came to the Supreme court of Russia on November 21. Sberbank asks to transfer the case to the Judicial Board on economic disputes for reconsideration of the March decision of arbitration court of Moscow and resolutions of the Ninth arbitration court of appeal and the court of arbitration of the Moscow district issued respectively in July and October. No judicial decisions on the appeal is still pending.

The Moscow Prosecutor’s office in interests of the Russian Federation in September 2016 was required to recognize a paltry five transactions deliverable currency option with a barrier condition. Sukhoi and Sberbank have signed them before the financial crisis in 2014 when there was the devaluation of the ruble. One of the conditions of transactions with the growth of the dollar above 40,25 ruble “Dry” has undertaken to sell Sberbank currency at the exchange rate of the ruble 28,30 for a total amount of 248,4 million dollars (“the currency amount for the purchase”).

The terms of the disputed contracts, in particular, the transaction deliverable currency option with a barrier condition, it was assumed write-offs “Dry” for a total of about 13.5 billion rubles until 2018. At the time of filing a claim with settlement accounts “Dry” the Bank has already written off 844,3 million rubles. The arbitration court of Moscow in 2016 took security measures at the suit of the Prosecutor, prohibiting the savings Bank to charge for these transactions from Bank accounts Dry.

The first instance in March this year, fully satisfied the claim of Prosecutor’s office to recognize the transaction invalid. The court of appeal in July rejected the complaint of the savings Bank on this decision, and it entered into force. Subsequently, the district court dismissed the cassation appeal of the Bank. Judicial acts was not published because the trial was held behind closed doors.

A similar argument deals with derivative financial instruments Sberbank led previously with the company “Transneft”, which suffered a loss of 66.5 billion rubles, attempting the same in 2014 to hedge against the depreciation of the dollar. The arbitration of Moscow has satisfied the claim, however then the court of appeal supported the savings Bank, and in January 2018 the dispute ended, the parties entered into a settlement agreement. The head of Sberbank German Gref said that it does not provide cash payments.

Video, photo All from Russia.


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