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Russian bank fails to settle dispute with World Anti-Doping Agency out of court — CEO

March 24, 2016, 17:08 UTC+3 MOSCOW

Last month VTB Bank demanded that WADA issue a public statement retracting information in its commission’s January report, which slanders the public image of the bank

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VTB President Andrei Kostin

VTB President Andrei Kostin

© Mikhail Japaridze/TASS

MOSCOW, March 24. /TASS/. Russia’s leading state-controlled lender VTB Bank and the World Anti-Doping Agency (WADA) failed to settle their disagreements out of court and the bank carries on with filing a lawsuit against the global anti-doping regulator, VTB President Andrei Kostin said on Thursday.

"We keep working on the lawsuit," Kostin told journalists. "We failed to settle the dispute out of court."

On January 22, Kostin said that VTB Bank had been in preparations of lawsuits against WADA, which earlier recommended a probe into bank’s membership in the IAAF’s (International Association of Athletics Federations) sponsorship pool.

Last month VTB Bank demanded that WADA issue a public statement retracting information in its commission’s January report, which slanders the public image of the bank.

On February 17 the bank announced that it "sent letters to WADA and Independent Commission’s three members, who signed WADA’s report, demanding to publicly retract report’s information, which tarnishes the business reputation of VTB."

"In case the demand is not met within 21 days from the day of the letters were received, the bank will initiate judicial proceedings against the persons at the issue in a Swiss court," the statement from the bank said at that time.

WADA’s Independent Commission published on January 14 its Part 2 report, which says, in particular, that a meeting was held in Moscow in 2012 with the participation of three representatives of the IAAF, including Papa Massata Diack (a son of IAAF’s ex-President Lamine Diack), ex-chief of All-Russia Athletics Federation (ARAF) Valentin Balakhnichev and a Russian television official, which discussed the cost of TV broadcasting rights for the 2013 Athletics Championship estimated at $6 million.

WADA’s report included an allegation concerning the legitimacy of Russian bank VTB sponsorship deal with the IAAF, initially inked in 2007 and extended for two more years in 2013, and the bank’s alleged acquisition of broadcasting rights for the 2013 IAAF World Championship in Moscow.

The Associated Press news agency reported in mid-January that as a result the cost of the broadcasting rights was increased from $6 million to $25 million after agreement between Papa Massata Diack and VTB Bank.

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