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Reports: 2 Russian companies sue Sberbank over option contract losses

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Reports: 2 Russian companies sue Sberbank over option contract losses

Russian companies Transneft and Sukhoi are suing PAO Sberbank of Russia for more than 88 billion Russian rubles over losses incurred on option transactions concluded several years ago, Banki.ru reported Jan. 30, citing Vedomosti.

Transneft is trying to challenge $2.7 billion put-and-call-option contracts and filed a lawsuit against the lender with the Moscow Arbitration Court earlier in January asking it to declare the deal invalid, the report said, adding that the deal in question, carried out in 2014, generated a loss of almost 75.3 billion rubles for the company.

Meanwhile, aircraft manufacturer Sukhoi is reportedly contesting a series of option contracts on loans worth almost 13.5 billion rubles, which date back to 2013 and 2014. Acting at the request of the Federal Agency for State Property Management, which indirectly controls Sukhoi, Moscow prosecutor's office asked the Moscow Arbitration Court to invalidate the deal in September 2016, according to the report.

Leading Russian companies lost around 290 billion rubles on similar transactions in 2014, but no one has so far made any attempt to challenge contracts for such large sums, Dmitry Magonya, a managing partner at Russian law firm Art de Lex, was cited as saying.

As of Jan. 27, US$1 was equivalent to 59.60 Russian rubles.