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VTB braces for legal battle in Germany over 300 mln euro dividend demand — executive

"We are working out our legal standing and intend to defend our interests in the court of this unfriendly nation," Dmitry Pyanov said

MOSCOW, March 27. /TASS/. VTB is going to defend its interests before a German court in the case of an ex-VTB subsidiary demanding a dividend payout worth more than 300 mln euro, First Deputy CEO Dmitry Pyanov told reporters.

"This case - no matter how it ends - in my opinion, will be in corporate law textbooks and best practices of holdings’ interaction with unfriendly foreign jurisdictions. The former VTB Bank Europe - by the way, we denied its right to use this name - filed an application against VTB to the Frankfurt regional court, referring to German laws. They claim from us under dubious grounds to refund dividends paid by them in the amount of over 300 mln euro. We are working out our legal standing and intend to defend our interests in the court of this unfriendly nation," the banker said.

Earlier reports said Germany’s OWH SE (earlier - VTB Bank Europe) denied VTB ownership rights to the bank and claimed repayment of dividends since 2013 in the amount of 433.8 mln euro by February 29, 2024. VTB noted that the Russian bank views these actions as politically motivated.

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